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Tag: Ibrahim Magu

  • Anti-graft war: Saudi Ambassador meets

    The Ambassador of the Kingdom of Saudi Arabia  to Nigeria H.E Adnan bin Mahmood Bustaji on Thursday met with  the  Acting Chairman of the  Economic and Financial Crimes Commission ( EFCC), Mr. Ibrahim Magu on how to assist the nation in its anti-corruption war.

    The envoy  discussed  with Magu the ways of mutual cooperation between Saudi Arabia And Nigeria in combating corruption and malpractices.

    Read Also: EFCC arrests 15 ‘yahoo boys’ in Ibadan

    A statement from the embassy said the Ambassador commended the efforts of the EFCC in fighting corruption in Nigeria.

    He wish the commission’s boss  success in his job.

    On his part  Magu commended the Leadership of the Kingdom of Saudi Arabia in combating corruption decisively through the  establishment of Anti-Corruption Agency.

    He said he is hopeful that Nigeria will benefit from the wide experience of the Kingdom in curbing corruption.

     

  • RTEAN to partner with EFCC in fight against corruption

    Members of the Road Transport Employers Association of Nigeria (RTEAN) in Kwara state have expressed their readiness to partner with the Economic and Financial Crimes Commission (EFCC) in its anti-graft war in the country, just as the EFCC said preventive measure is the best way to succeed in its ongoing fight against corruption.

    RETAN chair in the state, Alhaji Abdulrahman Onikijipa revealed the association’s resolve when he led his executive to the Ilorin zonal office of the anti-graft agency at the weekend.

    Onikijipa hailed EFCC in its fight against corruption.

    Onikijipa said: “The union commends the acting chairman of the commission, Mr Ibrahim Magu for his leadership style since his assumption as the head of the leading anti-graft agency in Nigeria and pray God to guide and protect you.”

    He said that “you will agree with me that corruption is not a one man’s business because all hands need to be on deck in the fight against the menace and we urge Nigerians to be vigilant and report all cases of economic and financial crimes to the commission”

    He assured that RTEAN would do everything within its reach to support the commission in the fight against financial crimes in the country.

    In a remark, Ilorin zonal head of the commission, Isyaku Sharu said “our duty does not end in arresting and prosecuting people, we are changing lives for good, and we must look at preventive mechanism.

    Read Also: EFCC re-arraigns ex-FCT minister Akinjide over ‘Diezani cash’

    According to Mr. Sharu “Fighting corruption is not a one man’s business, it is a collective responsibility, we collect information from members of the public. Information is key, intelligence is key, you relate with the lowest, middle and highest, so you get information, I appeal to you to partner with the EFCC in the ongoing fight against corruption.”

     

  • ‘Why we invaded Magu’s farm house, killed policeman’

    Three Air Force (NAF) personnel and two civilians, who allegedly took part in the December 2017 attack on the Abuja farm house of Acting Chairman of the Economic and Financial Crime Commission (EFCC), Ibrahim Magu, have been arrested by operatives of the Inspector General of Police Intelligence Response Team (IRT).

    The robbery attack  was said to have caused the death of a police sergeant and the loss of two police rifles stolen by the five- man gang.

    Explaining how they were able to penetrate the farm, a source said the gang’s members claimed that they were trying to enforce the Federal Government’s whistle-blowing policy, which was aimed at recovering stolen or misappropriated government funds.

    The suspects were identified as Franklin Ochife, Inanegwu Omikpa, Awua Theophanous, Sunday Paul and Vincent Michael.

    They were arrested separately by IRT operatives over the incident, while they claimed that they were not aware that the farm in question belonged to the Acting Chairman of EFCC at the time they invaded it.

    They said they got the obviously wrong information that the owner of the farm, who they said was a top government official, stole government money and had kept the supposed  stolen money in a big container in his farm and ordered that the money be buried in septic tanks.

    The suspects also claimed that the owner of the farm allegedly ordered everyone working and staying in the farm not to use the toilets in the farm.

    They said further that they even tried to get the EFCC involved, but an official of the EFCC they spoke with warned them to be sure that money was truly buried inside the farm so as not to make the commission an an object of mockery.

    They explained that they decided that they would break into the farm and ascertain that there was money in it before bringing in the EFCC.

    Narrating how they got information about the money supposedly being kept in the farm house and how they brought in the three personnel of the Nigeria Air Force, 38-year-old, Frankly Ochife, a native of Otukpo, Benue State, said: “In November 2017, there was this bike rider living close to the farm, and he had easy access to the farm. One day, he came to me and said that a huge sum of money was being buried in a septic tank in the farm.

    “He asked if I knew how to contact whistle-blowers because the money in the septic tank was so huge and the owner of the farm had instructed the people on the farm not to use any of the toilets.

    “With that information, I became convinced that there was money hidden in the compound, and with the whistle-blowing policy still active, I believed that I would get 10 per cent of the money if I blew the whistle, which would be a very huge sum.

    “I contacted my friend, Inanegwu, and informed him about it, and he advised me not to contact the police. He equally said we would use the military, and once they discovered the money, we would expose it and government would do the needful.

    “He then brought one Cacidi and three soldiers. We had a meeting at Maraba and went to the farm house in two vehicles.

    “When we got there, I alighted from the vehicle because I reside close to the house. I came down and started monitoring events from afar.

    “But while I was there, I received a call from one Peter, the bike rider, and he told me to tell all the people at the farm house to leave, because one of the mobile policemen, who were posted to guard the house, had seen what was going on and had come to take him to the police station.

    “I quickly called Inanegwu (Omikpa) and informed him about the development and left the spot. I didn’t see them until the next day. But Peter, the bike rider, called me the next day and said he had been informed that one of the policemen guarding the farm was dead.”

    On his part, 35-year-old Omikpa, a native of Ohimini area of Benue State, said: “I am in business and schooling. I am married with two kids and was having a beautiful life until November 2017 when he told me that his friend  told him that there was a container filled with foreign currencies.

    “I thought it was a lie, but he kept disturbing me, saying that his informant was so sure of the money in the septic tank.

    “I then contacted my friend, an Air force personnel known as Anwa. I explained it to him and he showed interest.

    “Before then, I had told my friend, Cacidi, and he advised that if we informed the EFCC, the matter would die completely. Then Cacidi said he had a friend known as Vincent who was also an Air Force personnel and he could assist us in securing the place so that the authorities would come and see the money.

    “Awua (Theophanous) then said that he had a friend named Sunday, who had worked with the DSS before, and that he could bring him in. But he said we had to be careful and ensure that the money was truly in that farm before breaking into the compound.

    “On December 12, 2017, we went to the compound in two vehicles. Then Anawa and his friend entered the compound and they came out angrily.

    “When I entered, I saw a policeman tied to the ground. There was another civilian security guard coming and we also held him.

    “At this point, Vincent started breaking the septic tank, and I also received a call from Franklin that another policeman who was outside was calling the police to the farm house.

    Read Also: EFCC probe of Saraki not personal, says Magu

    “So, while we were leaving, two police rifles were on the ground; Casidi and Vincent took them. They said they would sell the rifles and give us our own share.

    “I did not know that the policeman who was tied was dead. I only got a call from Franklin, saying that one of the policemen was dead, and I saw the story in the news.

    “On January 25, 2018, I was on my way back from church when I was arrested. I was shocked and I wanted to know why, but was asked to keep quiet; that there would be enough time for me to know why I was arrested when we reached the police station.”

    In his own confession, Awua Theophanous (27), an indigene of Gboko, Benue State, said: “I am an Air Force personnel and I was enlisted in 2012. I am currently a corporal serving at the Defence Headquarters, Abuja, as an engineer in the Logistics Department.

    “He met me at the Mammy Market where I was drinking and told me that there was a farm where cows were reared and stolen money was buried there. He said he needed a whistle-blowing assistance and I told him that I didn’t know any one who worked at EFCC’s office, and that if I later found one, I would contact him. I didn’t know that the farm he was talking about belonged to an EFCC personnel.

    “On December 2017, I was called to rectify an electrical fault in an office, and while I was working, a Brigadier-General came in and was asking the chief clerk in DRDB, and he said he wanted someone to accompany him to the office of the EFCC to dispatch a letter.

    “The chief clerk called Sgt. Sunday Paul, who is also the clerk working in that office, and a friend, and asked them to follow the Brigadier-General to the office.

    “Then I called Sergeant Paul and told him that one Inenagwu told me about a farm where money was kept, and I said he should enquire how the whistle-blowing works. When he returned, he told me that when he spoke with an official of the EFCC about the whistle-blowing policy, he said he was advised to make sure that the allegation that money is kept in the farm is confirmed and it does not cause an embarrassment for the EFCC.

    “Then I called Inenagwu and told him that I had been able to establish contact with the EFCC, and they insisted that our information must be 100 per cent correct.

    “Then he said if I was in doubt, the person who brought the information worked in the farm and he was ready to take us to the spot where the money was kept.

  • 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.

  • Magu: I’m pained by values degeneration among youths

    The Economic and Financial Crimes Commission (EFCC) Acting Chairman Ibrahim Magu has expressed pains over the level of values degeneration among youths.

    He stressed the need for the nation to act fast to save its future leaders.

    A statement by the commission’s Acting Head, Media and Publicity, Tony Orilade, said Magu spoke through EFCC’s Ibadan Zonal Head, Friday Ebelo when he led a team of officers on a visit to the Oyo State Directorate of the National Orientation Agency (NOA).

    The EFCC chief sought NOA’s assistance to push the commission’s anti-corruption message to the larger society, especially to the youth, who are to take over the mantle of leadership.

    Read also: Governors promote insecurity to inflate Security Vote – Magu

    He regretted the rate youths engage in cyber-related crimes, adding that efforts to sensitise the public about the menace must be sustained.

    “We need to synergise on how to get back on track,” he said as he admonished parents to always guide and check their wards’ activities.

    NOA’s Oyo State Director, Mrs. Dolapo Dosunmu, reaffirmed the good and long-standing relationship between the two agencies.

  • Vote buying: EFCC arrests suspects, seizes huge cash

    The acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu on Tuesday said the commission arrested some suspects for vote buying during the just-concluded 2019 poll.

    He said the EFCC also seized cash running into several millions of Naira to prevent vote buying.

    He said the anti-corruption agency also engaged law enforcement agencies with anti-money laundering mandate in neighboring countries to check incidence of illicit financial flows before, during and after the general elections.

    Magu, who opened up at the National Policy Dialogue on Eradicating Electoral Corruption (Vote-Buying) at the Anti-Corruption Academy of Nigeria said electoral corruption is the worst form of corruption because it undermines the will of the people and invests power in illegitimate hands.

    Magu who spoke through the Secretary of the Commission, Ola Olukoyede said a government that pays its way into power is hardly expected to be accountable.

    He said: “Our officers made some arrests and seized money running into several millions of Naira.

    “While prosecution of a number of offenders are currently ongoing, we have secured the conviction of a local government councilor in Gombe State for vote buying and also finalizing arrangement to file charges against more offenders and those arrested for vote buying and others with large sums of money which purpose they could not explain.

    “But beyond the arrests, the presence of EFCC operatives at polling stations and collation centres was a major deterrence to vote buyers. We believe that the fear of possible arrest by the commission dissuaded many who would have turned such voting centers into trading posts for votes.”

    The EFCC acting chairman said the EFCC’s intervention was driven by passion to do something to engender public confidence in our electoral process.

    He recalled experience of financial infractions in previous elections and recommended a blueprint from participants at the dialogue to check vote buying.

    Read Also: EFCC arrests businessman for raking N7b from 20,700 investors

    He added: “This dialogue is critical to our collective aspiration to clean up the institutions and process of election management for the good governance of our nation”.

    “No doubt, there is a lot that the law enforcement community in Nigeria can benefit from such a blueprint, which should also clearly spell out rules of engagement agencies in the electoral process.

    “Such blueprint when formulated will, hopefully address some of the criticisms against the participation of security and law enforcement organizations in the electoral process.”

    Magu explained why EFCC took keen interest in 2019 poll and checkmated politicians from engaging in vote buying unlike the previous elections.

    He said: “It was in appreciation of the damage, which the incidence of vote buying does to the integrity of our electoral processes that we resolved to play a more active role in stemming the practice in the just concluded general election. The EFCC’s intervention was moderated by our understanding of the pattern of vote buying in the elections that were held in two states, Ekiti and Osun states, in 2018.

    “To stem the ugly practice, the Commission decided to employ a combination of preventive and enforcement strategies. Before the political actors became aware that the commission had become unusually interested in the electoral processes, the EFFC held sensitization meetings with critical stakeholders in the financial sector, impressing on them the need not to lend their institutions to be used as vehicles to subvert the will of the people. Some of the stakeholders included bankers and Bureau De Change Operators.

    “Our engagement with them was informed by our knowledge of the roles which some of them played during the 2015 general election, helping politicians to move huge sums of money which were intended to be used to compromise election officials and other actors in the electoral process”.

    He further explained that the Commission had to engage with law enforcement agencies with anti-money laundering mandate in neighbouring countries to check incidence of illicit financial flows before, during and after the general elections.

    He said: “Additionally, we stepped up surveillance of financial system, to track suspicious cash movement which led to some arrests. These measures, we believe, helped to reduce the amount of cash available to politicians for vote buying.

    “But the intervention that was most visible to politician actors and the electorates was the unprecedented step to physically police all the polling stations and collation centres to deter prospective vote buyers and sellers. From Birnin-Kebbi to Ilorin, from Sokoto to Awka, from Kano to Abeokuta, from Lafia to Port Harcourt, officers of the Commission were massively deployed across the country to polling units and collation centres to disrupt vote buying and arrest offenders. Some of the officers were kitted in customized EFCC jackets while many wore plain clothes.”

    The EFCC chairman pleaded with Nigerians to shun inducement from politicians.

    He said: “A government that pays its way into power is hardly expected to be accountable; its priority upon assumption of office would be how to recoup its investment.

    “That is the open sesame to corruption in public life, a phenomenon that has held us down as a nation.”

     

     

  • EFCC cautions bankers against money laundering, terrorist financing

    Acting Chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has cautioned bank officials in the country against aiding money laundering and terrorist financing.

    Magu gave the warning in a statement by EFFC Spokesman, Mr Tony Orilade on Tuesday in Abuja.

    Orilade quoted Magu as giving the warning at an interactive session with Chief Compliance Officers of banks in Maiduguri, the Borno capital.

    The EFFC chairman urged bankers to ensure strict compliance with the Money Laundering Act.

    According to him, bankers must endeavour to report to the anti-graft agency, cash movements that fall above the allowed threshold.

    “Nobody should carry cash above the threshold of above N 10 million for corporate organisations and N5 million for individuals.

    Read also: EFCC arrests railway staff, two others for fraud

    “Anything above the threshold must be routed through financial institutions,” he said.

    He further said that the issue of money laundering, terrorist financing and leakage of information would be eliminated by the commission with the help of bankers across the country.

    Magu said the EFCC would soon commence the profiling of Non-governmental Oragnisations (NGOs) in the North-East with a view to monitoring their financial activities.

    “We must profile all the NGOs in the North-East, I don’t know why an NGO will open more than 40 bank accounts.

    “We are going to ask your various banks to give us statements of accounts for each and every NGO,” he said. (NAN)

  • May 29: Governors, senators gang up against Magu

    Ahead of May 29 exit date, some governors, ministers, and senators are pushing for the removal of the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu.

    They are mounting pressure on some Presidency officials to prevail on President Muhammadu Buhari to “ease out” Magu.

    It was learnt that many governors are jittery about Magu’s retention, following the clinical investigation of the outgoing Chief Justice of Nigeria, Justice Walter Onnoghen.

    This is the third time in two years that attempt has been made to give Magu the push from office by some politicians who are opposed to Buhari administration’s anti-corruption campaign.

    There was a plot in January to send Magu on a course at the National Institute for Policy and Strategic Studies (NIPSS) on or before the conclusion of the general elections.

    The latest move is to sack Magu on or before May 29 when some of the governors would have completed their eight-year tenure.

    A source, who spoke in confidence with our correspondent, said those who wanted Magu out had been alleging that the EFCC chairman’s stay might not assist the interest of the All Progressives Congress (APC) in 2023.

    The source said: “The arrowheads, including outgoing governors, have begun smear campaigns to poison the minds of Buhari, Vice President Yemi Osinbajo and the First Lady, Mrs. Aisha Buhari, against Magu.

    “They are said to be relying on three bogus/ fake reports against Magu allegedly submitted to the Presidency by an unknown government agency.

    Read Also: Why we didn’t confirm Magu, by Saraki

    “They are also alleging lack of loyalty against Magu, claiming that he is working against APC’s interest from now till 2023.

    “They cite how EFCC’s probe led to Onnoghen’s sudden resignation. They allege that Magu can go to any length to expose them, especially the outgoing governors, when they leave office.

    “They are of the opinion that since they have skeletons in their cupboards, Magu can prosecute them once he is still in office.

    “The promoters of the plot have co-opted politically exposed persons in the APC and the PDP.”

    It was learnt that some Senators have also teamed up with aggrieved political office holders on the anti-Magu campaign.

    The source added: “Some senators are jittery over possible confirmation of Magu after May 29, as they are afraid that he may go after them once they lose their privileged positions.

    “They are aware that there are pending investigations against them, including over N1trillion unexecuted constituency projects. Magu is uncompromising in this regard.”

  • Why we didn’t confirm Magu, by Saraki

    Senate President Bukola Saraki yesterday explained the controversial refusal of the Senate to confirm Mr. Ibrahim Magu as the substantive chairman of the Economic and Financial Crimes Commission (EFCC).

    Saraki said that Magu’s appointment may have been confirmed but for the failure of the Presidency to explore the established channel of lobby.

    Besides, he said that “political solution” should have been applied after the Senate rejected nomination  twice.

    The Senate President spoke at the orientation programme organised for Senators-elect and House of Representatives members-elect ahead of the inauguration of Ninth National Assembly in Abuja.

    Saraki attempted to parry questions on why the National Assembly did not go to court for a definite pronouncement on the failed confirmation of Magu’s appointment as EFCC’s substantive chairman.

    He was forced to respond when the question was asked repeatedly.

    Saraki said that it is left to the Executive arm of government to find a replacement of any ministerial nominee rejected by the Senate.

    Talking specifically on Magu’s nomination, he said that there was no doubt that the Senate has the power to confirm or reject his nomination.

    On why the Senate did not go to court for a pronouncement on whether the Senate has the power to confirm the EFCC chairman, he said that there were over 12 court cases pending on the issue.

    Saraki, who said that some of the cases had been pending in court for over two years, added that he cannot explain why the cases have not been decided.

    He, however, noted that “in cases like the EFCC chairman, there is always the need for political solution and dialogue to solve such issue. But to say whether the Senate has the power to confirm, the Senate has power to confirm. The power of confirmation is there even in America which we copy.

    “When the Executive makes appointment, there is issue of lobby. This is why we want a particular nominee. It is done even in America.”

    On the election of presiding officers of the Ninth National Assembly, Saraki advised senators-elect and members-elect that they should be in the chamber on the day of inauguration.

    He insisted that the inauguration and election of presiding officers only take place on the floor of the two chambers of the National Assembly.

    The Clerk to the National Assembly, Mohammed Sani-Omolori, who opened the orientation, gave an overview of the National Assembly, including structure, functions and inter-parliamentary relations.

    In the course of his presentation, Sani-Omolori said that one of the functions of the Senate is the confirmation of nominees from the executive arm of government.

    The power of confirmation of nominees prompted questions on the confirmation of Magu and why he is still serving as Acting Chairman of EFCC when he was denied confirmation.

    Sani-Omolori said that he was not in a position to answer political questions and referred the question on Magu to Saraki.

    Saraki noted that the options are that the President can lobby the legislature or present someone else at the event of rejection of a nominee.

    Saraki said: “The point I am making is that we should not make too much news on the process of electing a presiding officers. What is important is for the members of the Senate to decide who is the best to lead them so that they can have stability.”

    On non-confirmation of Magu, Saraki said: “The truth really is that the issue of confirmation whether ministerial or other appointments, is done by the entire Senate. Generally, we have an unwritten practice that we would get the input of senators from the state where the appointee hails from before we start the screening process in the Senate. By the powers of the Senate, if such a nominee is rejected, then it is upon the executive to find a new replacement. The issue really is that the Senate has the powers to reject a ministerial nominee.

    “In the case of the appointment of the chairman of the EFCC, the powers of the Senate are very clear in the constitution. For any nominee, we are guided by the constitution.  It is an appointment made by Mr. President, subject to the confirmation of the Senate, which means the Senate has the powers to either say yes or say no.

    “In a situation where the Senate rejects, it is up to the executive at that time to send in a replacement or in some cases, when we have appointment rejected and the executive will re-present before the Senate but if the senators again, took a decision to reject the nominee, the appointment stands rejected.

    REad also: Independence of legislature non-negotiable, says Saraki

    “On getting judicial interpretations of their roles, there are 17 cases in court that have been on now for two years and for one reason or the other, those cases have not moved. I cannot explain what happened. They are cases that have to deal with asking the courts to give judicial interpretations to who has the powers to do one thing or the other. I am sure by the time the judiciary gives the interpretations, there is no doubt about it that it will be clear that it is the Senate that has the powers

    “In things like this in a democracy, there must be a political solution, there must be dialogue. I think that is the most important thing. The Senate has the power of confirmation. It is how to manage those issues that are the challenges. There will be many like that in the Ninth Assembly. The question is how the executive and the legislators will work together and find a solution. It is how the relationship between the two arms of government.

    “There is also a wrong perception that the leadership of the Senate has those powers. The powers of the presiding officers are in the members. It is the members that decide the leadership of the National Assembly. Most of the decisions especially confirmation, are usually taken by the members. In other countries, the executive there are seen to be lobbying the legislators. When they have a candidate, they will go and lobby to get in their preferred choice appointed.”

    Senate Leader Ahmad Lawan said:

    “We are reaching out to all our colleagues, regardless of their political persuasions. After all, we are supposed to work together. It is not just going to be a Senate for only the APC members. It is a Senate that will consist of the APC, PDP and YPP. Therefore, we need everybody to support the genuine and laudable course of making Nigeria better. “I will ensure that our administration is able to deliver laudable projects for Nigerians and the best way to achieve this is for all of us to work together.”

  • EFCC nabs man over N343.8m phoney investment scam

    A 40-year-old man, Ayodele Saheed Olaniyi, is currently cooling his heels in the custody of the Economic and Financial Crimes Commission, EFCC, Ibadan zonal office for allegedly duping people of sums totaling Three hundred and forty-three million, eight hundred and eighty thousand naira (N343,880,000).

    Olaniyi was arrested by the commission following a petition addressed to the EFCC’s Executive Chairman, and filed on February 13, 2018.

    Signed by a lawyer, Mr. Jimoh Ayofe Tijani of E.F.A. Adeola & Co, the petition was prepared at the instance of 89 individuals, who claimed to be victims of the suspect’s alleged fraudulent acts.

    The petitioner alleged that they were hoodwinked by Olaniyi into investing in a network business called Beerbanc Traders’ Network.

    The business required that they pool resources together to establish a beer retailing business with the promise that the proceed would be shared every month among the investors and the coordinating company.

    They further alleged that after collecting their money, Olaniyi neither share profits with them since October 2018 nor return their invested sums, even when it was apparent that the business would not fly.

    Upon receipt of the petition, the Acting Chairman of EFCC, Mr. Ibrahim Magu, had assigned detective officers to look into its merit, who later made shocking findings, according to a source in the Commission.

    In the course of their investigation, the detectives discovered that the suspect was operating eight different bank accounts through which he enlisted 114 people into the phoney scheme.

    It was also established that a total sum of N396.5m found in the accounts was never invested in any business as promised by Olaniyi when he was luring his victims into the ‘business idea’.

    READ ALSO: EFCC recovers five exotic cars, laptops from ‘Yahoo Boys’ hideout

    Again, EFCC investigators established that the company under which Olaniyi tend to operate the business was not registered with the Central Bank of Nigeria as other financial institution as required by law.

    After taking his statement and conducting a search on his house and business address at Oluyole, Ibadan, the commission granted the suspect an administration bail, of which he was yet to meet the conditions.

    However, having realised that the bubble had burst and there is likelihood of him facing the consequence of his actions, Olaniyi tried playing it smart on the commission.

    He feigned suffering from hepatitis B to aid his release without meeting the bail conditions. The lie failed as medical laboratory test conducted on him established that he never suffered from the health condition he simulated.

    The source however added that Investigators are fine-tuning their findings to prepare the suspect for prosecution.