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Tag: EFCC

  • EFCC arrests 19 suspected internet fraudsters

    Operatives of the Economic and Financial Crimes Commission ( EFCC ) Port Harcourt Zonal Office have arrested six suspected internet fraudsters at their hotel hideout in Rumuigbo, Port Harcourt, Rivers.

    A statement issued in Abuja on Sunday by the commission’s spokesman, Mr Tony Orilade said they were arrested in a sting operation.

    According to the statement, the suspects comprises four men and two women; Oghenekewe Akinnawo, Kemka Amadi, Revelation Macaulay, Damilola Oyinloye, Mary Ndubuisi and Jennifer Vandi.

    Orilade said that their arrest followed series of intelligence report linking them to alleged fraudulent activities ranging from love scam on numerous dating sites, obtaining money by false pretences and other fraud still being investigated.

    “Several items were recovered from them at the point of arrest which includes three exotic cars, four iPhones, four laptops; one iPad, one iron sealed stamp; cheque books, car number plates and two un-used bullets.”

    In a related development, the Enugu Zonal Office of the commission has arrested 13 suspects for allegedly engaging in cyber crime and internet fraud.

    “Three of the suspects were arrested at Awka, Anambra State, following intelligence reports and surveillance carried out on them.

    “Six were arrested at Ngwo in Enugu State, while four were arrested at an estate in Abakpa area of Enugu State.

    “Items recovered from them include nine exotic cars, laptops, printers, cameras, phones, expensive drinks and other personal effects.”

    The Zonal Head of the South East Zone of the commission, Ahmed Usman said: “we have resolved as part of carrying out the commission’s mandate to stamp out internet scams among others to help in rebuilding the image of the country.”

    “Apart from public corruption which affects us locally, and denies us access to basic social amenities, Nigerians are treated badly because of the activities of cyber criminals and this gives us a bad name internationally.

    “We are determined to stamp that out,” he said.

  • EFCC parades 13 suspected Internet fraudsters

    The Economic and Financial Crimes Commission (EFCC) at the weekend in Enugu paraded 13 suspected Internet fraudsters popularly called ‘yahoo yahoo boys’.

    The Southeast Zonal Head of the commission, Mr. Usma Iman, said the suspects were arrested following intelligence between January 17 and 31 in Anambra and Enugu states.

    He said the arrests were as a result of the commission’s avowed and renewed commitment to stamp out cyber-crime in the country.

    Iman said officers of the commission on January 17 raided the homes of suspected cyber criminals in Awka and arrested three suspects.

    The zonal head said that similar exercise was carried out in Enugu on January 30 and  31 during which six and four suspects were arrested.

    “We are convinced after our investigations that the suspects have cases to answer. They shall be arraigned next week,” he said.

    Imam said the image of the country had been battered due to activities of cyber criminals.

    “Nigerians are now treated as criminals by other countries due to activities of few individuals in our midst. The EFCC is determined to stamp it out,” he said.

    He said incriminating items were recovered from the suspects.

    “At the beginning of investigations the suspects denied committing the crime, but when we started analysing their phones and laptops, we established the offences.

    “We extracted mails and WhatsApp chats with their victims,” Imam said.

    One of the suspects, Obi Anikwe, denied being a cyber fraudster.

    Anikwe, a graduate, said he was arrested in Awka by officers of the commission.

    “We were sleeping in our room when someone told us that officers from the EFCC were in our compound. They searched my room and carried us to this place,” he said.

    Anikwe, who claimed to be a professional photographer, said his laptop, phone and camera were seized.

  • EFCC secured 40 convictions in January, says spokesman

    ECONOMIC and Financial Crimes Commission (EFCC) recorded 40 convictions last month, its spokesman Tony Orilade said yesterday.

    He said the number was cumulative convictions secured across the commission’s zonal offices.

    Orilade said a breakdown of the figure showed that the commission`s Lagos Office secured 20 of the convictions, followed by Abuja office which recorded nine.

    He said: “Six of the convictions were recorded by Port Harcourt and Kaduna offices with three convictions each, Kano recorded two, while Benin, Ibadan and Gombe offices had one conviction each.”

    Orilade said that the convictions included, that of two former officials of the Independent National Electoral Commission (INEC), adding that they were sentenced to 91-year-jail term and forfeiture of their properties to the Federal Government.

    Two INEC officials, Christian Nwosu a former Secretary of INEC at its Kwara State office and another official of the commission, Tijani Bashir, were on January 25 sentenced by a Federal High Court in Lagos.

    Orilade said: “The duo were found guilty of laundering N264.8 million in the build up to the 2015 general elections.

    “The sum was believed to be their share of the 115 million dollars illicitly dispensed by the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

    “Another conviction of interest is that of a fraudster, named Ibrahim Suleiman, who defrauded the former First Inland Bank, now FCMB Plc of the sum of N400, 700,000.

    “The money was fraudulently diverted from an account domiciled in First Inland Bank to the convict’s account from where he transferred various sums to different accounts. He bagged 32 year jail term.”

    The spokesman added that a Dangote Cement Group worker Adewale Dalmeida was sentenced to a five-year jail term.

    He said that Dalmeida was sentenced for the diversion of nine trucks loaded with 800 bags of cement each valued at N15 million each, which belonged to his employer.

    Orilade said that the enhanced counter-fraud strategies of the commission have also yielded good dividends following new trends in internet fraud.

  • EFCC arrests 19 internet fraud suspects

    Some operatives of the Economic and Financial Crimes Commission, EFCC, Ibadan zonal office, have arrested 19 suspected internet fraudsters at Ologuneru and Akobo areas of the metropolitan city of Ibadan, Oyo State.

    A statement by the Acting Head of Media and Publicity of the EFCC, Mr. Tony Orilade, said the suspects were arrested during a sting operation.

    The suspects are Bamidele Ayodele Samson, Bamidele Philip, Tunji Oladapo Sowale, Bolaji Olalekan and Abdulrauf Abiodun.

    Others are: Olaleye Pelumi, Anuoluwapo Olanrewaju, Paul Damilola, Olateye David Tobi, Arewa Adekunle Ibrahim, Oyesanmi Ayomikun Oluwaseun, Olaleye Israel, Adediran Kemisola, Omobolade Alarape and Olowolusi Oluwatomisin.

    The statement said: “The four other suspects arrested early hours of Friday, February 1, 2019 at their hideout at Akobo, Ibadan are Babatunde Afeez, Akorede Ahmed Olalekan, Adeleye Damilola and Moshod Richard.

    “In a sting operation led by Friday Ebelo, Ibadan zonal head, the suspects who are between the ages of 21 and 35 years were taken by surprise when operatives swept on them at one of their notorious havens in the city. Five of them allegedly claimed to be undergraduates, while the other 10 claimed to be self-employed in varied vocations.

    “They are already helping operatives with useful information.

    “The commission got wind of their activities, following a series of intelligence reports, alleging that they engaged in various fraudulent activities, ranging from obtaining money by false pretences through sending of scam emails to unsuspecting victims mostly in the United States of America, while others were engaged in romance scams on several dating sites.

    “At the point of arrest, EFCC operatives recovered four different models and brands of exotic cars, five laptops, 20 telephones (10 iPhones) and one small bag containing items suspected to be fetish objects (juju) from them. Several documents, including international passports, and ATM cards were recovered from them.”

    In a related development, the operatives also arrested four other suspects on February 1, 2019 at their hideout at Akobo, Ibadan. The suspected cyber criminals are between 21 and 30 years.

    The statement said: “Their arrest followed intelligence alleging that the suspected fraudsters engaged in fraudulent activities of obtaining money by false pretences from unsuspecting victims.

    “At the point of their arrest, EFCC operatives recovered SIM cards, one exotic car, laptops, telephones, female underwear and four bags of fetish objects (juju) from them. Several documents containing false pretences were also recovered from the suspects.

    “They will all soon be charged to court.”

  • EFCC, ABCON take fight against money laundering to MM2

    The Economic and Financial Crimes Commission (EFCC) and the Association of Bureaux De Change Operators of Nigeria (ABCON) have taken the campaign against money laundering and terrorism financing to Bureaux de Change (BDC) operators at the Murtala Muhammed Airport 2 (MM2), Lagos.

    Speaking during the sensitisation programme against money laundering and terrorism financing campaign at MM2, which was attended by many BDC operators, EFCC Chairman, Ibrahim Magu, called for continuous sensitisation on issues around Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) reporting  to improve transparency in BDCs operations. He said the EFCC will continue to campaign for financial integrity and transparency in BDCs’ operations.

    Other stakeholders at the event also spoke on the use of BDCs for illicit political transactions, illegal border cash evacuation, reporting of suspicious transactions, fraud accounts transactions and cash dollar deposits on domiciliary accounts.

    Independent sources alleged that the choice of MM2 was because the centre remains a major spot for illegal funds transfer and border cash evacuation in the country.

    Speaking at the event, ABCON President, Aminu Gwadabe, said the BDC sector is part of the financial system and is seen as the weakest link in the financil system. He appealed to the regulators to approve  the group’s request  for the establishment of the institute’s Training Centre  and building capacity of over 4,500 BDC operators for better understanding of the menace of money laundering and terrorism financing.

    Gwadabe, said the anti-money laundering sensitization programme  was intended to familiarize BDC operators with the process of money laundering – the criminal business used to disguise the true origin and ownership of illegal cash – and the laws that make it a crime.

    Gwadabe  said that the programme was also meant to help BDCs maintain minimum standard of record keeping and increasing level of investors confidence for the economy.

    He said the group will continue to pursue Nigeria’s admission into the Financial Action Task Force (FATF) due this year.

    The  FATF is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.

    The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

    Gwadabe said the sensitization of BDCs and other capacity building for BDCs will create awareness on the need to check money laundering and terrorist financing in this period of electioneering; ensure that BDCs are not used to launder funds by Politically Exposed Persons (PEPs). It will also upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Banks and Other Financial Institutions in Nigeria Regulations, 2013.

    ABCON has for years been an active group in the financial services sector, concentrating more on the BDC segment of the market and ensuring that global best practices are followed in BDCs operations.

    The association has on its own, organised trainings for its members, and also partnered with Nigerian Financial Intelligence Unit (NFIU) and the EFCC to build capacity for operators. BDC operators have been trained on how they can help in tackling money laundering, terrorist financing and the benefits of keeping records of their transactions.

    The anti-money laundering training that ABCON organised with NFIU in Lagos was meant to familiarize BDCs with the process of money laundering — the criminal business used to disguise the true origin and ownership of illegal cash — and the laws that make it a crime.

    The EFCC/ABCON goal is to ensure that BDCs are not used to launder funds by Politically Exposed Persons (PEPs) especially at this period of electioneering.

     

  • Magu warns bankers, says politicians now repatriate stolen funds

    …EFCC uncovers how top politician sold property abroad for general elections—Magu

     

    The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu on Thursday warned compliance officers in banks against colluding with politicians who are repatriating stolen funds for general elections.

    He said the EFCC has uncovered a top politician who sold a choice property abroad with plans to repatriate the proceeds for electoral inducement.

    He asked the officers to report suspicious transactions in a timely manner to anti-corruption agencies.

    Magu gave the warning in Lagos at a session with the Association of Compliance Officers.

    In the text of his speech which was released to newsmen in Abuja, he urged bankers to stop laundering funds for politicians.

    He said: “I deem this forum as very important to serve as a means to communicate to you the observations of the EFCC on the various activities of financial institutions and the deliberate connivance and collusion of most of the banks in laundering illicit funds for criminals as well as politicians.

    “We are not ignorant of the prevailing electioneering activities going on in the country today and the efforts being made by many politicians who had stolen our commonwealth to repatriate to Nigeria these stolen funds for the purpose of influencing the elections through vote buying and compromise of election officers to do their bidding, as well as engage in various other illicit activities calculated to undermined the integrity of the elections.

    “The impact of allowing these elements to compromise our elections will be grievous, and devastating, we must as such and as a matter of urgency team up together to ensure that these elections are not compromised in any form or manner.

    “We are all under a civic duty to comply with our various responsibilities and ensure that we do the needful to obey the laws and regulations governing the elections.”

    The EFCC chairman spoke on the desperate methods being employed by some politicians to repatriate illicit funds into the country.

    He said the anti-graft commission has received an intelligence report on how a top politician sold a property abroad to finance elections at home.

    He said: “Foreign properties bought with proceeds of crime are sold and the proceeds transferred to Nigeria through international banks as legitimate funds that can be used to finance several activities including elections.

    Recently we have received intelligence report from a sister agency in another country informing us of a top Nigerian politician who has sold his property in that country and intends to repatriate the proceeds of the sale of the property to Nigeria. This same individual had earlier denied ownership of the said property.

    “Goods bought with proceeds of crime abroad are sent to Nigeria to support empowerment programs during elections periods. The goods are mostly cleared with deficient trade documents processed through the international banks.

    “Moving proceeds of crime earlier taken across border to neighbouring countries back to Nigeria by depositing such funds in Banks with corresponding banking relationship with local banks in Nigeria. “These funds can be used to finance elections in the country by physical distribution of the funds for political inducement or financing empowerment schemes to solicit votes from citizens.

    “Private Bankers for international banks facilitate the movement of proceeds of crime i.e. physical movements of cash to the country via charted airlines in the guise of the Bank.

    “International Banks facilitate the purchase of assets such as airlines from foreign jurisdictions that are brought to the country for elections purpose.

    Magu said inducement of voters attracts a 12-month imprisonment or a fine of N100, 000.

    He added: “Let me remind you that the provisions of the Nigerian Electoral Act, 2010, Article 130, provide that:

    “A person who- Corruptly by himself or by any other person at any time after the date of an election has been announced, directly or indirectly gives or provides or pays money to or for any person for the purpose of corruptly influencing that person or any other person to vote or refrain from voting at such election, or on account of such person or any other person having voted or refrained from voting at such election; or

    “Being a voter, corruptly or takes money or any other inducement during any of the period stated in paragraphs (a) of this Section, commits an offence and is liable on conviction to a fine of N 100,000.00 or 12 months imprisonment or both.”

    The EFCC chairman pleaded with compliance officers to serve as responsible gatekeepers by reporting suspicious transactions.

    He said: “While vote buying is subject to punishment, the attainment of compliance to this legal obligation remains the challenge and it is our responsibility to prevent these crimes.

    “We have come to realize that political inducement has now taken other forms and tagged in different names, i.e. Stomach Infrastructure, empowerment schemes, non-interest yielding loans, outright cash handouts etc.

    “These inducements take place during or before the day of the elections, which makes it rather difficult for law enforcement agencies to track.

    “Because you are the gate keepers, you must keep your eyes open to these inducement schemes, your obligations are not different from your usual filing of suspicious transactions reports to the relevant authorities, and the prompt filing of currency transaction reports as well as foreign transaction reports.

    “We have also observed the upsurge of illicit financial flows into the country through the borders and it is disheartening to see the role financial institutions play in either facilitating the flows of these funds into the country.

    “It is obvious now that financial Institutions serve as intermediaries between law enforcement agencies and the criminals, at a simple push of the button so much is moved to any jurisdiction of their choice.

    “It is a known fact that no country can combat the flow of illicit funds without the cooperation of financial institutions, because in most cases it is the financial institutions that provide the means, logistics and strategy the criminals to tread on.

    “Some methods which we came across in the course of our various investigations on repatriation of funds back to the country, that were successfully moved off shore and are being ploughed back into the Nigeria Economy include;

    “These activities of the criminals can be checkmated by increase transaction monitoring by the Bank officers and reporting suspicious transactions to the relevant agencies timely. Establishing customer due diligence and enhanced due diligence for politically exposed persons.

    “It is our collective responsibility to make the system work and to ensure that criminals are not given the chance to take over government and by extension the economy of the country. Whatever you do wrong or allow today may come back to haunt you.

    “Be rest assured that, we on our part are committed to investigate and prosecute anybody or institution found breaching the provisions of the law but in the same vein we will work with you if you desire to partner with us.”

  • $43.4m Ikoyigate cash: Ex-NIA boss, wife’s trial begins Friday

    …EFCC: Flat bought for N596.8m

     

    The Economic and Financial Crimes Commission ( EFCC ) will on Friday arraign a former Director-General of the National Intelligence Agency(NIA), Amb. Ayodele Oke and his wife, Mrs. Folasade Oke before a Federal High Court in Lagos in connection with $43, 449, 947, 000 intercepted in a flat.

    The cash was allegedly said to have been concealed in Flat 7B, No. 16 Osborne Road, Osborne Towers in Ikoyi Lagos.

    A judge of the Federal High Court in Lagos, Justice Muslim Hassan, had on June 6, 2017 granted a final forfeiture order of the funds since no one appeared before the court to claim them.

    Although Oke had denied the allegation of concealment, the EFCC is proceeding ahead with his trial alongside his wife.

    The four-count charge against the couple was signed by prosecuting lawyers including Rotimi Oyedepo Iseoluwa; Nnaemeka Omewa and Idris Abubakar Mohammed.

    For the first time, the EFCC in the Proof of Evidence revealed how Flat 7B was bought for $1, 658,000 (N596, 880,000)

    Read Also: EFCC may probe ex-TETFUND boss’ tenure

    It said one Alh. Shehu Usman Anka will give evidence of the receipt of the sum of $1, 658,000 from the wife of the ex-NIA boss.

    The anti-graft agency also said the agency got about $289, 202, 382.00 from the Central Bank of Nigeria(CBN).

    It said one Benjamin Kiksenenso “ will give evidence of how he was instructed to go to the CBN to collect the $289, 202, 382.00.

    The charges against the ex-NIA boss and his wife read:

    “That you, Amb. Ayodele Oke, Mrs. Folasade Ayodele Oke on or about the 12th day of April 2017 in Lagos concealed the sum of $43, 449, 947, 000 property of the Federal Government of Nigeria in Flat 7B, No. 16 Osborne Road, Osborne Towers, Ikoyi Lagos which sum you reasonably ought to have known formed part of proceeds of an unlawful act to wit: criminal breach of trust and you thereby committed an offence contrary to Section 15 (2) (a) of the Money Laundering (Prohibition) (Amendment) Act 2012 and punishable under Section 15(3) of the same Act.

    “That you Amb. Ayodele Oke and Mrs. Folasade Ayodele Oke between 25th day of August 2015 and 2nd day of September 2015 in Lagos, within the jurisdiction of this court indirectly used the sum of $1, 658, 000 property of the Federal Government of Nigeria to acquire Flat 7B, No. 16 Osborne Road, Osborne Towers, Ikoyi Lagos which sum you reasonably ought to have known formed part of proceeds of an unlawful act to wit: criminal breach of trust and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prohibition) (Amendment) Act 2012 and punishable under Section 15(3) of the same Act.

    “That you Amb. Ayodele Oke and Mrs. Folasade Ayodele Oke between 25th day of August 2015 and 2nd day of September 2015 in Lagos, within the jurisdiction of this court directly retained $160, 777, 136. 85 property of the Federal Government of Nigeria which sum you reasonably ought to have known formed part of proceeds of an unlawful act to wit: criminal breach of trust and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prohibition) (Amendment) Act 2012 and punishable under Section 15(3) of the same Act.

    “That you Amb. Ayodele Oke and Mrs. Folasade Ayodele Oke between 25th day of August 2015 and 2nd day of September 2015 in Lagos, within the jurisdiction of this court directly converted $160, 777, 136. 85 property of the Federal Government of Nigeria to your own use which sum you reasonably ought to have known formed part of proceeds of an unlawful act to wit: criminal breach of trust and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prohibition) (Amendment) Act 2012 and punishable under Section 15(3) of the same Act.”

  • Breaking: FG files 10-count charge against ex-SGF Babachir Lawal, 5 others

    The Economic and Financial Crimes Commission ( EFCC ) on Wednesday filed a 10-count charge against a former Secretary to the Government of the Federation, Engr. Babachir Lawal and five others.

    Others are Hamidu David Lawal; Sulaiman Abubakar; Apeh John Monday; Rholavision Engineering Limited and Josmon Technologies Limited.

    All the suspects will face trial in the High Court of the Federal Capital Territory, Abuja.

    Read Also: Onnoghen at CCT: Appeal Court refuses to stay proceedings

    Part of the charges reads: “That you, Engr, Babachir David Lawal while being the Secretary to the Government of the Federation and a Director of Rholavision, Hamidu David Lawal being a director of Rholavision Engineering Limited, Sulaiman Abubakar being a staff of Rholavision Engineering Limited on or about the 7th of March 2016 at Abuja in the Abuja Judicial Division of the High Court of the Federal Capital Territory did conspire to commit an offence to wit: fraudulent acquisition of property and thereby committed an offence contrary to Section 26 (1) (c ) of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under Section 12 of the same Act.”

    …Details shortly

  • Kachikwu: EFCC begins oil vessels’ tracking

    vessels lifting crude oil from the country are being tracked,  Minister of State, Petroleum Resources, Dr.  Ibe Kachikwu has said.

    Kachikwu, who spoke at the ongoing Nigeria International Petroleum Summit (NIPS) in Abuja, said the government now has the capacity to determine the volume of oil produced in-country.

    The government has acquired the capacity to monitor vessels operating in the country and through its monitoring of these vessels, it has observed irregularities in the movement of some of the vessels mandated to lift crude oil from the country.

    The data observed from the activities from the movement of vessels, Kachikwu said,  would help determine the various loading points of the vessels, their deadweight and the volume of crude lifted from the country by the vessels.

    The tracking will be extended to the downstream sector, to determine the volume of  petrol imported into the country; the quantity brought in by each vessel; the depots the commodity are stored, up to the points of retail to motorists.

    Said the minister: “For the first time,  we know what we are producing in this country. As to when it is being produced, barrel to barrel, we can tell. We can see even vessels that are coming into Nigeria and their activities. We have seen some vessels go to a location and pick some cargoes, leave that point, go to another point pick something else and return to the first location, when they should be heading to Port Novo or the United States (U.S).

    “What we are trying to do with the EFCC is to gather data and track these vessels, to determine the owners; why did they leave this point? What happened along the way? What is the dead weight of the vessels at the time they were leaving Nigeria? And many more.

    “So, for the first time, we are going to soon  be able to tell on a day-by-day basis all the activities that took place in the sector and those of the players. We are even going to extend it to the downstream.”

    Speaking in another session,  the panelists of experts and a member of the legislature, identified lack of implementation of key policies and lack of transparency among others, as issues hindering investment and development of the oil and gas industry.

    Director, Department of Petroleum Resources (DPR) Mr.  Mordecai Ladan, said the  sector lacks synergy between policy development and implementation.

    Represented by his Technical Assistant, Mr.  Nuhu Habib, the Director said: “I strongly believe that transparency and accountability of doing business is a critical issue needed to be addressed for the industry to move forward. Why is this?  We must set a clear differential between what should be business and policies. Government must be very proactive in ensuring it operates also as a business entity and not just as a regulator.

    “Also,  there must be a collaboration between the government and operators. Though, steps are already in place and more stakeholders are been consulted for some policies,  but more is needed to be in place if we must scale through.”

    interference? It makes no sense for the industry and our economy. Government should hands off the business and focus on regulation,” he said.

    While arguing what should be a priority in the industry, Soji Awogbade, Principal Partner, AELEX, hinged on adequate government structures to drive the sector.

    He said, “I will say that until we have a good government structures in place, timely delivery on responses to operators on projects, there is still no light at the end of the tunnel for the industry.

    “The invisible barriers of how to do business in Nigeria has to be addressed.  We cannot have people chasing regulators to do their job or paperwork. The petroleum industry is done writing policies and laws, without addressing the key issues confronting it.”

     

  • Oil theft: Navy hands over 19 suspects, 21 Boats to EFCC

    The Nigerian Navy has handed over 19 suspects and two fiber boats laden with petroleum products to the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.

    A statement issued on Tuesday by Mr Tony Orilade, the commission ‘s spokesman, said that the suspects were arrested on Aug. 30, 2018, in Lagos and some parts of Ondo State.

    According to the statement, the suspects were involved in illegal dealing in petroleum products stolen from an hijacked vessel, MT MAMA ELIZABETH.

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    “The sum of N3,500,000.00 only suspected to be proceeds from the sale of the illegally acquired products was found on the suspects at the point of arrest,” he said.

    Idris Abubakar, an investigator with the EFCC, who received the suspects and the boats on behalf of the commission, assured the Nigerian Navy of diligent investigation and prosecution of the suspects.

    He said that the suspects would be arraigned in court as soon as investigation was concluded. (NAN)