Tag: EFCC

The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) are teaming up to stop shady trading practices in Nigeria’s virtual markets.

This disclosure was made by the Acting Director General, Dr. Emomotimi Agama at a meeting on Tuesday, May 14, with a group from the EFCC led by Ola Olukoyede.

Agama said the SEC is determined to work closely with the EFCC to keep illegal activities out of Nigeria’s financial system.

He said: “We want to strengthen our partnership and make sure it helps us tackle current issues.”

They’re particularly worried about illegal trading, especially online peer-to-peer deals, which they say are risky and harmful to the economy.

Agama also talked about setting up a new system to share information quickly among regulators, so they can respond faster to issues. According to him, “We want to create a hub where regulators can share requests and respond right away. Time is crucial in our work, so we need quick responses.”

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The SEC is also updating its rules to better control online trading and protect investors. Dr. Agama said the SEC is “working to fix any loopholes in our regulations to make sure people are safe when they invest online.”

Olukoyede of the EFCC commended the SEC for taking action against financial crimes.

He said the EFCC will “support the SEC’s efforts. We need to make sure everyone follows the rules to attract investments.”

Students of the Federal Polytechnic, Ede, Osun State on Friday went on a rampage to protest the arrest of their colleagues by the Economic and Financial Crimes Commission (EFCC).

The Nation learnt that EFCC had arrested some internet fraudsters on Wednesday while the student leaders of the polytechnic claimed the operatives of the anti-graft agency kidnapped their colleagues in the raid.

Meanwhile, the management of the school dispelled the kidnap allegation saying, “It’s yet to confirm the identity of those that were arrested by the operatives.”

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The students during the rampage destroyed cars and property within the school premises to protest against the management over its failure to secure the release of the release of arrested colleagues.

Subsequently, the school in a release by the Public Relations Officer, Sola Lawal condemned the vandalisation of property in the school including staff vehicles.

This is just as the EFCC on its verified X handle on Friday night confirmed that 64 suspected internet fraudsters were arrested in Ede, Osun State.

 “Items recovered from them include 18 exotic vehicles, 18 laptops, 112 mobile phones, three Play Station games, five motorcycles, and other incriminating documents among others. They will be charged to court upon conclusion of investigations.”

Investigators of the Ibadan zonal directorate of the Economic and Financial Crimes Commission (EFCC) have arrested 64 suspected internet fraudsters in Osun state.

The suspected cybercriminals were arrested in Ede, Osun state, following actionable intelligence on their suspicious fraudulent activities in their environs.

Read Also: Yahaya Bello: Lawyers drag EFCC chairman to UN, UK, threatens visa ban

Items recovered from them include 18 exotic vehicles, 18 laptops, 112 mobile phones, three Play Station games, five motorcycles, and other incriminating documents among others.

The head of media and publicity, Dele Oyewale, said the suspects will be charged in court upon the conclusion of the investigation.

The federal government has initiated criminal proceedings against a Chinese firm, SSL Industry Company Limited, its managing director, Liu Qiang; a director, Shi Shual and a Nigerian accountant, Babatunde Ayeni over alleged tax fraud.

In a four-count charge filed by the Economic and Financial Crimes Commission (EFCC), SSL Industry, Qiang, Shual and Ayeni were alleged to have evaded the payment of the Value Added Tax (VAT) between estimated N1,217,789,058 by falsifying audited account statements/income tax returns.

The charge, marked: FHC/ABJ/CR/30/2024 reads: “That you SSL Industry Company Limited, Liu Qiang (being the Managing Director of SSL Industry Company Limited), and Shi Shuai (being the director of SSL Industry Company Limited) between 2019 to 2021, in Abuja, being obliged by Section 16(1)(a) of the Value Added Tax Act, failed to deduct and pay to the Federal Inland Revenue Service within 30 days from the date the Vave Added Tax became due for the deduction, and thereby committed an offence contrary to Section 40 of the Federal Inland Revenue Service Act, 2007 and punishable under section 40 of the same Act.

*That you SSL Industry Company Limited (being In the business of the sale of aluminum coll), liu Qiang (being the Managing Director of SSL Industry Company Limited), and Shi Shual (being the director of SSL Industry) between 2019 to 2021, in Abuja, evaded the payment of the Value Added Tax in the sum of NI,217,789, 058 to the Federal Inland Revenue Service, and thereby committed an offence contrary to section 26 of the Value Added Tax Act, 2004 and punishable under Section 26 of the same Act.

*That you SSL Industry Company Limited, Liu Qiang (being the Managing Director of SSL Industry Company Limited), Shi Shuai (being the director of SSL Industry Company Limited) and Babatunde Ayeni (trading under the name and style of Babatunde Ayeni & Co) sometime in 2021, in Abuja, made, signed and delivered to the Federal Inland Revenue Service an audited financial statement, which is false as to the object of the company and the turnover and thereby committed an offence contrary to section 42(1) of the Federal Inland Revenue Service Act, 2007 and punishable under section 42 (3) of the same Act.

Read Also: JUST IN: EFCC arraigns ex-court registrar, Dandare for N3.8 million fraud

*That you Babatunde Ayeni (trading under the name and style of Babatunde Ayeni & Co), sometime in 2021, in Abuja, aided SSL Industry Company Limited to make or deliver a false audited financial statement/income tax returns under the Companies Income Tax Act and thereby committed an offence contrary to section 94 (1}(b) of the Companies Income Tax Act, 2007 and punishable under section 94 of the same Act.

At the mention of the case on Wednesday, the lawyer to the EFCC, Chiamaka Njoku said her client was still exploring moves to apprehend the defendants.

She prayed the court for an adjournment till a later date, a request Justice Inyang Ekwo was uncomfortable with.

Justice Ekwo noted that the prosecution gave similar excuses when the case last came up.

 The judge, however, elected to give the prosecution the last chance to produce the defendants in court, failing which he threatened to make the appropriate order as prescribed by the law.

Justice Ekwo asked Njoku to suggest a date that was sufficient to enable the EFCC to produce the defendants in court, following which the lawyer to the prosecution suggested October 22, which the judge adopted.

The Economic and Financial Crimes Commission (EFCC) has arraigned a former Registrar of the Upper Sharia Court 1 Gusau, Zamfara state, on a two-count charge for allegedly stealing the sum of N3, 837,634 according to the Sokoto zonal directorate office of the commission.

Abubakar Garba Dandare’s arraignment was a sequel to the offence he allegedly committed while as Registrar, Upper Sharia Court 1 Gusau, Zamfara state.

He was arraigned before Justice Bello Muhammad Shinkafi of the Zamfara State High Court.

Dandare was arraigned before Justice Bello Muhammad Shinkafi of the Zamfara State High Court.

The anti-graft directorate explained that the problem of Dandare began when a petitioner alleged that he dishonestly misappropriated the money being retention fee paid by the Ministry of Finance Zamfara State for the family of late Alhaji Ladan Mada, who was a contractor to the state government.

Mada, who died on 13th May 2010, was awarded a contract by the Zamfara state government for the construction of two student hostels at Government College, Talata Mafara.

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The family heirs approached the Registrar to know why the retention money was not disbursed to the family and the Registrar denied knowledge about the money.

A committee was constituted in 2022 by the Honourable Grand Khadi of Zamfara state, Dr. Dahiru Muhammad, to investigate the matter and it was established that a UBA cheque countersigned by Judge Almustapha Balarabe and Registrar Abubakar Garba Dandare was given to one Nasir Lawal (a Court Clerk) for the withdrawal of the said amount, which was given to Registrar Dandare, hence the petition.

The committee upon conclusion of investigations directed Dandare to refund the money meant for the heirs of late Alhaji Mada.

Forensic investigations further revealed that the purported signature of Aminu Ladan Mada being bandied by the then Registrar Dandare was fake as it was forged.

However, count one of the charges reads: “That you, Abubakar Garba Dandare, Male, Adult, while being the Registrar Upper Sharia Court 1, Gusau Zamfara State, on or about the 4th day of December 2010, at Gusau, within the Judicial Division of the High Court of Zamfara State, while, being entrusted with the sum of N3,837,634 (Three Million Eight Hundred and Thirty Four Naira) retention fee paid by Ministry of Finance Zamfara State for the family of late Alhaji Ladan Mada, did dishonestly misappropriated the money to your personal use in violation of the mode in which the trust is to be discharged and thereby committed the offence of Criminal Breach of Trust contrary to Section 311 of the Penal Code Cap 89 Laws of Northern Nigeria 1963 and punishable under Section 312 of the same law.”

Before taking his plea, the defence counsel, Bello Umar, drew the attention of the court that the charge under which the suspect was being arraigned was defective; but Prosecution Counsel, P. A. Attah, countered as he cited Court of Appeal decisions along with the ACJA 2015.

Justice Mohammad Shinkafi granted the accused bail with two sureties in the sum of N5 million each.

Accordingly, Justice Shinkafi also directed that a surety must deposit a Certificate of Landed Property within Gusau Metropolis, while both sureties must deposit their passport photographs with the Court.

The Judge further ruled that the accused be remanded with the Nigeria Correctional Services pending the fulfillment of the bail conditions and adjourned the matter to 6th June 2024 for trial.