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Tag: EFCC

  • Governors promote insecurity to inflate Security Vote – Magu

    Is there a link between the security vote and insecurity in the country?

    This is the one million questions the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu tried to address when he interacted with the returning and newly elected governors.

    The occasion was the Induction program organised by the Nigeria Governors’ Forum Secretariat for the returning and incoming governors.

    Magu who was direct told the governors that some chief executive of states ‘now covertly promote insecurity as justification to inflate their security vote.’

    Though did not go into the debate on the constitutionality of security vote, he, however, warned the governors in the need to be transparent in the expenditure of public funds.

    The EFCC chairman, who presented a paper tagged “Imperative of Fighting Corruption/Terrorism Financing in Nigeria”  said, “we have also seen evidence of theft of public resources by some state governors – cashing on the insecurity in their states.”

    According to the anti-graft boss, “insecurity has also offered the required oxygen for corruption to thrive as evident in the $2.1bn arms procurement scandal involving top military commanders both serving and retired.”

    He further stressed that corruption can also not be divorced from the festering insurgency in the Northeast; explaining that the nexus between corruption and terrorism is that corruption promotes insecurity.

    Read also: Magu: I’m pained by values degeneration among youth

    According to him, “Mass poverty in the region due in part to corruption by the ruling elite, is largely to blame for the ease with which the islamists are able to recruit fighters to sustain their aggression against the Nigerian state.”

    Magu further pointed out that the militancy in the Niger Delta and insurgency in the Northeast are by-products of corruption.

    “As an investigator, I am shocked by the quantum of resources stolen from the Niger Delta Development Commission (NDDC) by those who run the intervention agency. It is so bad that even a mere personal assistant to a former Managing Director was charged for stealing over N3 billion,” the EFCC Chairman said.

    He, therefore, tasked in-coming and returning governors on the need to shun corruption.

    According to him, “whether we like it or not, corruption and terrorism have become the twin evils, undermining our collective efforts to make Nigeria a truly great country.”

    He further stated that Nigeria’s failure to take full advantage of its natural resources could also be attributed to corruption as public office holders are in the habit of constantly pillaging public resources.

    The anti-corruption czar observed that the country’s loss to corruption in the last decade runs into trillions of Naira, noting that a review of the recoveries between 2017 and now, shows that in 2017, the EFCC recovered N473.065billion, $98million, €7million and £294,000, while N236.16billion was recovered in 2018, which give just an insight into what had been stolen so far.

  • EFCC gets app to detect stolen funds

    The International Criminal Police Organisation, (Interpol) has provided the Economic and Financial Crimes Commission, (EFCC) with an application that will enhance intelligence sharing in the tracking of organised crimes, including money laundering and terrorism-financing.

    The Interpol, which receives billions of information yearly, will assist the anti-graft agency to set up a data base.

    The system will help to detect and interdict stolen and illicit funds by criminals.

    The application comprises a database to be supervised by the National Central Bureau (NCB), which is an interface between Interpol and national law enforcement agencies of countries through i24/7 Gemini Project global communications system.

    The application will be managed by its Information and Communications Technology Department.

    A statement by the Acting Head of Media and Publicity, Mr. Tony Orilade, said the Acting Chairman of the Commission, Ibrahim Magu, witnessed the demonstration of the new application at the EFCC’s headquarters in Abuja.

    The statement said that Interpol’s Project Officer, Noha Amer, who led the delegation of the global police, disclosed that the United States (U.S.) was funding the project in four African countries.

    The countries are Nigeria, Niger, Mali and Libya.

    Read also: EFCC charges governor-elect with ‘accepting gratification’

    The statement added: “It is a move that aims to detect and interdict stolen and illicit funds by organised criminals, mainly in the area of terrorism-financing, such as in the manner that it happened in Libya.

    “She explained that the project will see to the training of the Commission’s operatives on programmes that include Interpol policing capabilities and standard operations.

    “The training will commence after the installation of the NCB database.”

    According to Amer, the NCB plays an integral role and was at the heart of Interpol in terms of information gathering and sharing.

    She said: “NCB is the cornerstone of the Interpol in liaising with the law enforcement agencies of other countries, especially in terms of cross-border investigation, operations and arrest.

    “NCB serves as a tool for timely dissemination of information. The Interpol will equip the NCB with the necessary equipment to go with i247 extensions. The i24/7 accommodates IT database.”

    Christophe Nakobyan, Interpol’s Project Officer II, also explained that the i247 platform as a closed group for law enforcement agencies is a safer form of connectivity than Yahoo and Whatsapp.

    He said the platform gives access to information sharing, with optimal level of security.

    Noting the dangers law enforcement agencies face from hackers, he disclosed: “We have 10,000 attacks by hackers per day but at the moment it is very safe as no hacker has been successful.”

    He said the Interpol receives over five billion requests in a year in the database for information.

    Nakobyan said: “The database will further advance countries’ cooperation to the extent that it will allow each organisation to share information.

    “The information shared will be strictly owned by the sharing commission which will be at liberty to decide what kind of information to share whom to share with and which service to render to other law enforcement agencies.”

    Other members of the delegation were: Eleyatt Nahah, an ACP with Interpol, Sylvester Uzoefuna Jnr, C Udendi, Emmanuel Handan, Akubo Jerry and Chuks Nwaogbo.

  • EFCC charges governor-elect with ‘accepting gratification’

    The Economic and Financial Crimes Commission (EFCC) has filed a criminal charge against Bauchi State governor-elect, Senator Bala Mohammed, at the High Court of the Federal Capital Territory (FCT).

    He is charged with accepting gratification in form of a house valued at N550 million on 2599 & 2600 Cadastral Zone, AO4 Asokoro District, Abuja, from Aso Savings & Loans Plc in 2014.

    EFCC’s prosecuting counsel Mr Wahab Shittu said the alleged gratification was accepted as reward by Mohammed “for performing your official duties”.

    The offence, EFCC said, contravened Section 18 (b) of the Independent Corrupt Practices and Other Related Offences Act 2000. It is punishable under Section 18 (d).

    Among the six-count charge is an allegation that the governor-elect made a false statement to an EFCC investigating officer, Ishaya Dauda, that he acquired the Cadastral Zone property through a mortgage facility from Aso Savings & Loans.

    Mohammed was also accused of failing to make full disclosure of his property at 54, Mike Akhigbe Street, Jabi, Abuja, in the course of filing his asset declaration form at the EFCC.

    The commission said the offence is contrary to Section 27 (3) (a) of the EFCC (Establishment) Act 2004 and punishable under Section 27 (3) (c).

    The prosecution also accused Mohammed of failing to declare a property on Agwan Sarki Kaduna in Kaduna State.

    EFCC said the governor-elect made a false declaration that a property on CITEC Kwara House 5, AP Street, Mbora, Abuja belongs to him.

    The commission said the property actually belongs to Abubakar Abdu Mohammed.

    EFCC said Mohammed, in 2014, “did use your office and position to confer corrupt and undue advantage upon your associates by allocating four numbers of fully detached duplexes and eleven numbers semi-detached duplexes valued at N314million only through the Presidential Tax Force on Sale of Government Houses to them…”

    The offence contravenes Section 19 of the ICPC Act 2000.

    A source said Mohammed would be arraigned today in Court 26, FCT High Court, Maitama.

    The charge is numbered CR/177/17.

    Mohammed of the Peoples Democratic Party (PDP) defeated incumbent Governor Mohammed Abubakar of the All Progressives (APC) in the last elections.

  • EFCC charges Bauchi governor-elect with accepting gratification

    The Economic and Financial Crimes Commission (EFCC) has filed a criminal charge against Bauchi State governor-elect, Senator Bala Mohammed, at the High Court of the Federal Capital Territory.

    He was charged with accepting gratification in form of a house valued at N550million on No 2599 & 2600 Cadastral Zone, AO4 Asokoro District, Abuja, from Aso Savings & Loans Plc in 2014.

    The commission, through prosecuting counsel Mr Wahab Shittu, said the alleged gratification was accepted as reward by Mohammed “for performing your official duties”.

    The alleged offence, EFCC said, is contrary to Section 18 (b) of the Independent Corrupt Practices and Other Related Offences Act 2000 and punishable under Section 18 (d).

    Read also: EFCC nabs 32 suspected fraudsters

    Among the six-count charge is an allegation that the governor-elect made a false statement to an EFCC investigating officer, Ishaya Dauda, that he acquired the Cadastral Zone property through a mortgage facility from Aso Savings & Loans.

    Mohammed was also accused of failing to make full disclosure of his property on 54, Mike Akhigbe Street, Jabi, Abuja in the course of filing his asset declaration form at the EFCC.

    The commission said the offence is contrary to Section 27 (3) (a) of the EFCC (Establishment) Act 2004 and punishable under Section 27 (3) (c).

    The prosecution also accused Mohammed of failing to declare a property on Agwan Sarki Kaduna in Kaduna State.

    EFCC said the governor-elect made a false declaration that a property on CITEC Kwara House 5, AP Street, Mbora, Abuja belongs to him.

    The commission said the property actually belongs to Abubakar Abdu Mohammed.

    EFCC said Mohammed, in 2014, “did use your office and position to confer corrupt and undue advantage upon your associates by allocating four numbers of fully detached duplexes and eleven numbers semi-detached duplexes valued at N314million only through the Presidential Tax Force on Sale of Government Houses to them…”

    The alleged offence contravenes the Section 19 of the ICPC Act 2000.

    A source said Mohammed will be arraigned on Monday in Court 26, FCT High Court, Maitama.

    The charge is numbered CR/177/17.

    Mohammed won election on the platform of the Peoples Democratic Party (PDP).

  • EFCC nabs 32 suspected fraudsters

    Operatives from the Ibadan Zonal Office of the Economic and Financial Crimes Commission (EFCC) yesterday arrested no fewer than 32 suspected Internet fraudsters, popularly called ‘yahoo-yahoo boys.

    During the operation, six posh cars, laptops, phones, documents containing false information and fetish objects were recovered from the suspects.

    The suspects aged between 15 and 39, were nabbed at Liberty Estate, Laderin, Abeokuta, the Ogun State capital, during an early morning operation by men of the commission.

    The suspects were taken by surprise when the EFCC operatives swooped on them at their hideout due to the timing.

    Read also: EFCC arrests 32 suspected Yahoo-boys in Ogun

    Fourteen of the suspects claimed to be undergraduates, while 18 others said they are self-employed.

    The arrest followed a petition detailing their alleged fraudulent activities, including Internet fraud through which they obtained money from their victims.

    EFCC spokesman Tony Orilade said the suspects were already helping the operatives with useful information, adding that “they will be arraigned after investigation.”

     

  • EFCC nabs 32 suspected internet fraudsters in Ibadan

    The Economic and Financial Crimes Commission (EFCC) Ibadan Zonal Office, has arrested 32 suspected internet fraudsters also known as “Yahoo-Yahoo Boys.”

    The commission’s acting spokesman, Mr Tony Orilade, made this known in a press statement in Abuja on Thursday.

    He said that the suspects were arrested at Liberty Estate, Laderin area of Abeokuta, Ogun during a sting operation.

    According t him, the suspects who ranged between the ages of 15 and 39 years, were taken by surprise when EFCC operatives swooped on them at one of their havens in the estate.

    “Fourteen of them claimed to be undergraduates, while 18 others said they are self-employed in various vocations.

    Read also: Alleged N7b fraud: EFCC freezes Galaxy boss’ 16 accounts

    “Their arrest was sequel to a petition detailing their alleged fraudulent activities, including internet fraud through which they obtain illicit funds from unsuspecting victims.

    “Items recovered from them include six exotic cars, laptops, mobile phones, several documents containing false pretences and fetish objects.

    “The suspects are already helping operatives of the Commission with useful information.

    “They will be charged to court as soon as investigations are concluded,” Orilade said.(NAN)

  • Alleged N7b fraud: EFCC freezes Galaxy boss’ 16 accounts

    The Economic and Financial Crimes Commission (EFCC) has blocked 16 accounts traced to the Chief Executive Officer (CEO) of Galaxy Transportation and Construction Services Limited, Babagana Dalori, who has been accused of defrauding 27,400 Nigerians of about N7 billion.

    Dalori is being detained by the EFCC for interrogation by the agency’s operatives.

    The suspect has allegedly agreed to part with some of his properties.

    But Dalori, who insisted that he is not a fraudulent businessman, blamed his company’s fortunes on economic recession.

    According to a top source, the EFCC decided to investigate Dalori and his company, following the receipt of a petition by 63 Nigerians who complained of being defrauded by the suspects.

    The source said: “The 63 petitioners alleged that they invested in a company named Galaxy Transportation & Construction Services Ltd for a period of one year with fixed percentage of return on investment.  It was further alleged that at the end of the investment period, the company neither paid the interest nor the capital.

    “On receipt of the petition, the following actions were carried out:  all the 16 accounts linked to the suspects were traced and blocked; and 22 documents of various properties were recovered.

    “Investigation into this case is still at preliminary stage as the team is intensifying efforts to trace all assets that belong to the 1st suspect (Galaxy Transportation and Construction Services Limited) and the 2nd suspect (Dalori).

    “So far, twenty two (22) properties have been traced to the suspects including Six (6) filing stations and five quarries across different states.

    “Also, responses from banks and Corporate Affairs COmmission (CAC) are being awaited. Preliminary investigation has so far revealed the possibility of the suspects to have diverted the funds of various investors to other business rather than the businesses they invested in.

    “At the end of the investigation, we may have a case of criminal breach of trust and obtaining money under false pretence.

    ”Furthermore, the suspect express willingness to part with his properties to settle settlement with the petitioners.”

    A document gave insight into the business activities of the suspects.

    It said:  ”Due to the trust reposed in him, investors keep on investing in his Galaxy scheme. He used flyers, advertisements in the television and radio stations in order to convince the investors.

    “He even went to the extent of organising Nollywood to act a movie for him over the scheme. He specifically organised some actors and actresses in Kannywood to act in a movie called “Zero Hour” to show the need for people to invest in Galaxy.

    “Unfortunately, his gimmicks paid off as different people took their hard earned savings, inheritance, pensions and other source of income and invested in Galaxy.

    “Now, the scheme has crashed and investors can no longer get their money.

    “Though the agreement signed by the investors with Galaxy was specific- transportation and construction services. But he has now diversified into other areas in contrast to the agreement.

    “At the moment, he has used the investors’ money to incorporate different entities without getting their consent. He now has Galaxy Global Energy Concept Ltd, Galaxy Miners Concept Ltd, Galaxy Global Farms, Galaxy Computers, Galaxy Block Making Factory, Galaxy Hospital and Galaxy Hotel.”

    Contrary to the claim of Galaxy spokesman that the matter was civil and not criminal, the business of deposits taking under Nigerian legislation can only be undertaken by a licensed deposit- taking financial institutions as enshrined in Banks and Other Financial Institutions Act (BOFIA), CBN Act and the NDIC

    But a statement by the spokesperson of the company, Mr. Cletus Onoja, said the arrest of Dalori was not based on fraud.

    Onoja said Dalori was merely taken for investigation by the EFCC following a petition by the company’s clients.

    He said what was at stake was that the company could no longer meet its obligations to its clients within the time expected of it for reasons beyond its control.

    “As such, some investors who were not satisfied with our explanation and efforts currently put at recovering the loss petitioned the EFCC even though the matter was civil and not criminal.

    “As an obedient citizen of the country, the MD/CEO turned in and gave himself to the Commission’s interrogations,’’ he added.

    ”It is on record that even when the country was in recession in 2016 and 2017, our company did not fail to meet its obligations to pay its clients and business partners.

    He said the company runs a legitimate transportation and construction services business in over five states in the country with its headquarters in Abuja for the last nine years.

    .”The company’s management is working round the clock to overcome the challenges; it is sad that it has already caused serious worries in the minds of our clients and affected our cordial relationship.’’

  • EFCC holds Jonathan’s associate King Turner

    The Economic and Financial Crimes Commission (EFCC) has detained King Turner, a close associate of former President Goodluck Jonathan, over N240 million Universal Basic Education Commission (UBEC) contracts.

    The suspect was flown to Lagos last night from Abuja for another round of grilling in respect of a separate case.

    It was learnt that he will be returned to Abuja later on Wednesday.

    Turner is a former chairman of the Board of UBEC when the alleged N20billion fraud was perpetrated.

    A  former UBEC Executive Secretary, Mallam Suleiman Dikko and a principal officer of the House of Representatives, have been quizzed by the anti-graft agency in connection with alleged N20 billion fraud at the commission.

    The N20billion was allegedly siphoned through the purchase of science and technical  equipment and MDGs’ books for some 104 Unity Schools between September  2012 and 2014.

    EFCC detectives are believed to have been told by the principals of the “beneficiary” schools that they never got the books and equipment listed against their schools.

    The EFCC is working on clues that part of the funds may have been diverted to the prosecution of 2015 general elections.

    Turner was arrested before the Easter holidays and detained for interrogation.

    Read also: EFCC probes 45 persons, 13 firms for capital market fraud

    A source, who spoke in confidence with our correspondent, said: “Turner is being detained because he needs to account for about N240 million. He has undergone interrogation in the last four days in connection with some contracts in UBEC.

    “But this is the first stage of probe into UBEC activities. Turner will still spend more days in custody in view of other isolated allegations against him.”

    The contract scandal in UBEC is in many folds, the source said, adding that many contracts were abandoned between 2012 and 2014.

    The source said: “Some fake contracts were awarded in order to acquire slush funds for purposes known only to the former UBEC Secretary and the accomplice directors.

    ”There were also reckless awards of contracts under the guise of constituency projects between 2012 and 2014.

    “For instance,  many  unexecuted constituency projects  were awarded by UBEC  to some companies owned by some members of the National Assembly.”

    Responding to a question, the source, who pleaded not to be named because of the “sensibility” of the probe, added: “We just flew Turner to Lagos from Abuja because he was needed for questioning on a separate case being investigated by some detectives.”

  • EFCC arrests, Dalori, CEO Galaxy Transport, over N7bn Ponzi scheme

    The Economic and Financial Crimes Commission (EFCC) has arrested the Chief Executive Officer of Galaxy Transportation and Construction Services Limited, Mr Babagana Dalori.

    Dalori was arrested for defrauding no fewer than 27, 400 Nigerians to the tune of about N7 billion through fake promises of mouth-watering returns on their investment in his companies.

    The commission’s Acting Publicity secretary, Mr Tony Orilade, made this known in a statement in Abuja on Tuesday.

    According to the statement, Dalori, who is currently undergoing interrogation in the Commission, had incorporated the firm in 2012 with one tricycle (Keke NAPEP), which through pool investments by members of the public later boasted of 50 tricycles.

    “The entrepreneur later diversified into other business ventures while promising mouth-watering returns to investors.

    “The commission’s investigators discovered that Dalori initially paid 200 per cent interest on investors’ deposits in the firm and later reduced the interest to 135 per cent before the scheme crashed in 2018.

    “To get as many unsuspecting victims into his ponzi net, Dalori engaged in massive advertisements on radio and television, including a production of a movie by A-list Nollywood actors.

    “Unfortunately, his gimmicks paid off as different people took their hard-earned savings, inheritance, pensions and other source of income and invested in Galaxy.

    “Now, the scheme has crashed and investors can no longer get their money.

    “At the moment, he has used the investors money to incorporate different entities without getting their consent.

    “He now has Galaxy Global Energy Concept Ltd, Galaxy Miners Concept Ltd, Galaxy Global Farms, Galaxy Computers, Galaxy Block Making Factory, Galaxy Hospital and Galaxy Hotel.”

    According to Orilade, all bank accounts belonging to Galaxy have been frozen in order to prevent further dissipation of investors’ funds, pending the conclusion of investigation.(NAN)

  • EFCC probes 45 persons, 13 firms for capital market fraud

    The Economic and Financial Crimes Commission (EFCC) is probing 13 firms and 45 persons for allegedly engaging in fraudulent activities in the capital market. The investigation is part of collaboration between capital market regulators and the anti-graft agency.

    A list of cases under investigation obtained at the weekend by The Nation showed that EFCC is investigating 40 cases involving 13 firms and some 45 persons while the anti-corruption agency is already prosecuting another two firms and 12 persons for involvement in capital market fraud.

    Under a two-pronged strategy of deterrence and restitution, the capital market regulators and the EFCC had signed on to a working relationship that enables the EFCC to take up criminal investigation and prosecution after preliminary indictment by the adjudicatory organs of the capital market regulators.

    Although the full details of the cases and names of the firms and individuals could not be disclosed due to legal confidentiality and ongoing investigations, a review of the cases indicated that they  relate to four broad categories of unauthorised sale of clients’ shares, diversion and misappropriation of clients’ funds, impersonation and operating phony or illegal investment schemes and services.

    Unauthorised sale of client’s shares and impersonation account for the largest number of cases under investigation. While stockbroking firms and their officials were mostly responsible for unauthorised sale of client’s shares, the review showed that individual syndicates and racketeers, sometimes in connivance with capital market officials, were responsible for the rampant cases of impersonation.

    The impersonators usually seek to take advantage of knowledge gap or absence of the owners of the shares. They seek to take advantage of the dormancy of some investors’ account as well as fraudulent conversion of shareholding estates.

    Some of the firms under investigation include Lakesworth Securities Limited, Bytofel Trust & Securities Limited, Gosord Securities Limited, Securities Solutions Limited, ITIS Securities Limited, Kingsway Securities Limited, Mact Securities Limited, First Equity Securities Limited, Omas Investment & Trust Limited, Mayfield Investment Limited, Cadington Securities Limited, GMT Securities & Asset Management Limited, Quantum Securities Limited and Giljohn Investment Ltd.

    ciplinary Committee and Securities and Exchange Commission (SEC)-through its Administrative Proceedings Committee (APC) run an active investigative mechanism that seeks to uncover malpractices, sanctions indicted operators and restitutes affected investors. However, both NSE and SEC lack prosecutorial powers.

    Capital market authorities had bridged the gap between their investigative powers and prosecutorial powers through Memorandum of Understanding (MoU) with the EFCC, which allows the organisations to collaborate on information sharing, investigation, prosecution and enforcement.

    SEC and EFCC had earlier in January 2017 signed a Memorandum of Understanding (MoU) that formally established the alliance between the two Commissions. The MoU seeks to promote the efficient investigation and conclusion of all cases reported by either of the institutions to each other and to promote the integrity, efficiency and soundness of the Nigerian capital market and the economy in general.

    It also seeks to promote collaboration in the areas of training and secondment of middle cadre officers of the SEC to the EFCC and those of the EFCC to the SEC; or in the alternative, the establishment of a liaison desk in both Institutions as well as promote collaboration in other areas beneficial to both Institutions.

    According to the MoU, the institutions shall provide each other with the utmost mutual assistance in any matter falling within their competences, including in particular the following areas: secondment of middle cadre officers, training to enhance the investigative skills and capacity of personnel of the institutions and consequently increase the general output and performance of the institutions and facilitate better understanding of each others’ functions through capacity building programmes and human capital development in the areas of investigation of fraud in the capital market.

    The institutions will also collaborate in the areas of exchange of information to assist the performance of the institutions’ respective functions, reporting, investigation and prosecution of fraudulent and manipulative practices in the Nigerian capital market and any other activity as agreed between the institutions from time to time.