TheNewsGuru

Tag: EFCC

  • Jude Okoye of defunct P-Square arraigned for ₦1.3 billion fraud (video)

    Jude Okoye of defunct P-Square arraigned for ₦1.3 billion fraud (video)

    The Economic and Financial Crimes Commission (EFCC) has arraigned the elder brother and former manager of Paul and Peter Okoye, Jude Okoye on charges of laundering ₦1.38billion, $ 1 million and £34,537.59.

    TheNewsGuru reports that Jude was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye.

    One of the counts read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

    Another count read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Lid to the naira equivalent and remitted into various bank accounts with the intention of concealing that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

    He pleaded “not guilty” to the charges.

    The prosecution counsel, Larry Peters Aso, in view of his plea, applied for a date for hearing as well as for the remand of the defendant in the correctional facility pending trial.

    However, the defendant’s counsel, Inibehe Effiong, informed the court of a pending bail application, after which,  asked for a short date for the hearing. Effiong also asked that the defendant be remanded in the EFCC’s custody pending the hearing of the application.

    Aso objected to the request for the defendant to be remanded in the EFCC custody. He argued that the EFCC custody was already congested with suspects awaiting arraignment. He urged the court to remand the defendant to the correctional facility since he had taken his plea.

    Justice Owoeye adjourned the matter till February 28 for bail hearing and April 14 for trial.

    He also ordered that the defendant be remanded in the Ikoyi correctional facility.

  • How former Anambra gov, Obiano stole N4bn through three unlicensed companies

    How former Anambra gov, Obiano stole N4bn through three unlicensed companies

    A witness for the Economic and Financial Crimes Commission (EFCC) on Monday, February 24, informed the FCT High Court in Abuja, that Willie Obiano, funneled funds through three unlicensed companies during his tenure as governor of Anambra State.

    TheNewsGuru reports that Obiano, is facing nine counts of diverting over N4 billion from the state’s security fund account during his tenure as Governor of Anambra State,  between 2014 and 2022.

    During cross-examination by counsel, the third prosecution witness in the case, Andrew Ali, a Central Bank of Nigeria, CBN, official and head of the licensing office told the court that three of the 23 company accounts linked to the alleged N4 billion fraud were not licensed by the CBN to operate Bureau De Change, BDC, businesses.

    Led in evidence by the prosecution counsel, Sylvanus Tahir (SAN), Ali identified the companies as Connaught International Services, SY Panda Enterprise, and Zirga Zirga Trading Company.

    He further stated that Zirga Zirga Trading Company had been delisted from the CBN’s licensing records before 2014, the year Obiano assumed office as governor.

    “Sometimes around April 2023, we received two letters from the EFCC regarding some 23 financial institutions to know if they were licenced or not, I recall forwarding the two letters to the desk officer, who upon review, said we have received such letters in the past before so we comprehensively replied the EFCC in a letter dated May 21, 2023 and as seen in the letter of our response, out of 23 companies, three of them were not registered,” he said.

    According to the EFCC, Obiano directed the diversion of the funds between April 2017 and March 2022, using companies that had no official business ties with the Anambra State Government. The anti-corruption agency alleged that the money was converted into dollars and handed to the then-governor in cash.

    The prosecution further claimed that over five years, Obiano instructed his Chief Protocol Officer and Deputy Chief of Staff, Uzuegbuna Okagbue, to withdraw and transfer various sums from state accounts.

    However, Obiano pleaded not guilty to all nine charges when he was arraigned in January 2024.

    During cross-examination by the defense counsel, Onyechi Ikpeazu (SAN), witness Andrew Ali confirmed that Zirga Zirga Trading Company had failed to meet the licensing requirements before 2014.

    “Once you do not meet the requirements, you are delisted.

    “It is in public knowledge that we only supervise the people that are licensed, once you are not on our list, we lose the power to supervise you,” he said.

    “We run a public notice to sensitise the public not to operate with unlicensed companies which is also on our website.”

    The witness further emphasized that the removal of companies failing to meet the criteria for license renewal was in accordance with Sections 15 and 19 of the CBN Revised Operational Guidelines 2015.

    “Our work is to regulate, and supervise them. Once you do not meet the requirement of renewable licensing, you will be delisted and we publish it on our valedictory list which is on our website.

    “BDCs also have operational accounts which they do business with, they are not allowed to do business without those accounts,” he stated.

    The EFCC’s eight-page letter, along with the response, was accepted as evidence and labeled as Exhibit A1-A8.

    Judge Inyang Ekwo postponed the case to February 26, 2025, for the continuation of the trial.

  • EFCC detains 59 suspected internet fraudsters in Abuja

    EFCC detains 59 suspected internet fraudsters in Abuja

    Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday apprehended 59 suspected internet fraudsters in Abuja.

    This is contained in a statement by the spokesman of the commission, Dele Oyewale, in Abuja.

    Oyewale said that operatives of the commission apprehended the suspects at Abacha Road, Mararaba axis of Nasarawa.

    He said the arrest was sequel to credible intelligence about their suspected involvement in fraudulent internet activities.

    The commission, he said, recovered 73 phones of different brands, adding that the suspects would soon be charged to court.

  • Alleged money laundering: Yahaya Bello’s name not on property documents – EFCC witness

    Alleged money laundering: Yahaya Bello’s name not on property documents – EFCC witness

    A prosecution witness, Segun Adeleke, on Monday, told the Federal High Court in Abuja that the name of the former Kogi Governor, Yahaya Bello, was not on the documents of the two property purchased from the company.

    Adeleke, who is also the General Manager of EFAB Properties Ltd, told Justice Emeka Nwite while being cross examined by former governor’s lawyer, Joseph Daudu, SAN.

    The witness, who was the Economic and Financial Crimes Commission (EFCC)’s 1st prosecution witness (PW-1) told the court that Bello did not appear throughout the period of the transactions.

    Earlier, EFCC counsel, Kemi Pinheiro, SAN, told the court that the matter was scheduled for trial and their witnesses were in court.

    While being led in evidence, Adeleke was asked to tell the court what he knew about a property located at  No 1, Ikogosi Road, Maitama and another one in Gwarinpa.

    Giving an account of what transpired, he said sometime in 2020, his Chairman, Chief Fabian Nwora, introduced him to a young man called, Shehu Bello, and that they had a discussion concerning the purchase of the property.

    “We had a discussion concerning the purchase of the property in question. And he told me that the young man would be coming back to make payment for the property at an agreed price of N550 million,” he said.

    When asked if he had seen Shehu Bello since that day, he said, “I saw him three times.

    “The first time was during introduction, the second time for payment and the third time was when he brought a legal document for the execution of the EFAB property.”

    The EFCC lawyer then mentioned another property at 5th Avenue in Gwarinpa and told the witness to tell the court what he knew about it.

    Responding, the PW-1 said the property was purchased by one Nuhu Mohammed for N70 million and was paid for through a bank transfer.

    He was asked if he remembered which bank the money came from, but he responded in the negative.

    On cross-examination, the defendant’s counsel, Daudu, asked if the witness’ actions were purely based on the instructions of his chairman and he responded in affirmative.

    Daudu further asked whether it was correct to say that he did not initiate any discussion with Shehu Bello on his own, to which he also answered, “Yes.”

    When asked if Shehu Bello signed the documents for the transaction in his presence, the witness said: “He did not my lord.”

    Daudu then asked him, “throughout this transaction, did you set eye on the defendant (ex-governor)?”

    “Not at anytime in the course of this transaction,” the witness responded.

    “Does hs name appear anywhere on the documents you said are with EFCC to the best of your recollection?” tye senior lawyer further asked.

    “No, my lord,” Adeleke responded.

    When Daudu also asked the witness if he saw Shehu Bello in court since morning before the proceeding began, he said: “My lord, in this court room, I did not see him.”

    However, when Pinheiro said they had another witness who was subpoenaed to testify in court, Daudu objected that they were being taken by surprise, arguing that the statements of the subpoenaed witness had not been made available to them.

    The defence lawyer, however, told the court that in order not to stall the trial, he would not object the EFCC calling the second witness.

    The 2nd prosecution witness (PW-2), who identified herself as Williams Abimbola, a compliance officer with the United Bank for Africa (UBA) Plc, confirmed that a subpoenaed letter was received by her office.

    She told the court that the subpoena was with her.

    When Pinheiro sought to tender the letter of subpoena, Daudu did not oppose the application and Justice Nwite marked it as “Exhibit 1.”

    The witness read out parts of the documents the subpoena requested from the bank which include the statements of account of Kogi State Government House, from Jan. 1, 2016 to Jan. 31, 2024.

    This also included the statements of account of Maselina Njoku, from Jan. 1 to Dec. 31, 2022.

    The documents were admitted in evidence and marked as exhibits by the court, including the account opening packages of American International School and the school’s statements of accounts, from Sept. 1 to Sept. 30, 2020.

    Justice Nwite adjourned the matter until March 6 and March 7 for continuation of trial.

    NAN

  • Isa Funtua loses bid to stop EFCC’s probe of alleged economic crimes

    Isa Funtua loses bid to stop EFCC’s probe of alleged economic crimes

    A Federal High Court in Abuja and presided over by Justice Emeka Nwite has thrown out a suit seeking to compel the Attorney General of the Federation and Minister of Justice, AGF, Mr Lateef Fagbemi, SAN, to stop the Economic and Financial Crimes Commission, EFCC, from investigating allegations of fraud and economic crimes allegedly committed by a businessman, Abubakar Samaila Isa Funtua.

    The presiding judge dismissed the case on Monday, February 24, 2025 on the ground that the request of the businessman lacked merit and substance.

    Delivering judgment in a fundamental rights enforcement suit against AGF and EFCC, Justice Nwite held that AGF has enormous power to take over proceedings in criminal matters but held that such enormous powers are not at large.

    Justice Nwite said that under Section 43 of EFCC Act 2004, the anti-graft agency was not under any obligation to take advice from any ministry or agency to drop its statutory powers to initiate investigation into any alleged economic crimes.

    The businessman had in his suit marked FHC/ABJ/CS/2024 sued the AGF and EFCC complaining of unlawful investigation into some business transactions involving him and others.

    He alleged that EFCC was biased and mischievous in the ways and manners he was being investigated.

    Specifically, Funtua alleged that EFCC was acting the script of his business adversaries to cause investigation against him without telling him the nature of his offence or show any petition against him.

    Funtua subsequently asked Justice Nwite to issue an order of mandamus against the AGF to order EFCC to drop the investigation and direct any other security agency of the federal government to take over the investigation.

    However, in his judgment, Justice Nwite held that Section 174 (3) of the 1999 Constitution upon which the case was predicated did not confer any power on the AGF to nominate any agency to conduct investigation into economic crimes or financial breaches.

    The judge held that in the exercise of its statutory duties, the EFCC was not under any obligation to obey directives from any ministry or government department.

    Justice Nwite said that Section 43 of the EFCC Act 2004, has no ambiguity to the fact that the anti-graft agency shall have powers to initiate investigation into alleged economic crimes and initiate prosecution of those indicted in the process.

    He subsequently dismissed the suit for want of merit and substance.

  • EFCC returns $120,548, N70m to foreign fraud victims

    EFCC returns $120,548, N70m to foreign fraud victims

    The Economic and Financial Crimes Commission (EFCC) have achieved a significant milestone in combating international fraud.

    TheNewsGuru reports that the commission successfully returned a total of $120,548.43 and N70,602,841.46 to victims of fraud from the United States, Spain, and Switzerland.

    The funds, recovered from local fraudsters, were handed over to the foreign victims as part of the anti graft’s commitment to ensuring justice and restitution for those affected by fraudulent activities

    The EFCC’s efforts have not only brought relief to the affected foreign victims but have also reinforced Nigeria’s commitment to upholding international best practices in the fight against financial crimes.

    The commission’latest recovery and restitution serves as a reassurance to the international community that Nigeria is committed to combating financial crimes.

     

  • EFCC sends strong warning to LG chairmen

    EFCC sends strong warning to LG chairmen

    The Economic and Financial Crimes Commission (EFCC) has warned council chairmen in Nigeria, including Gombe State, not to see financial autonomy as an opportunity to embezzle funds.

    Mr Ola Olukoyede, the EFCC chairman, gave this warning at the Gombe State Local Government Summit on Wednesday. He urged council chairmen and executives to resist the temptation of fraud.

    He emphasised that council chairmen and executives at the local government level do not have immunity. Any breach of financial law will be prosecuted without delay.

    With local government autonomy granted by the Supreme Court, Olukoyede said the commission would deploy more personnel to Gombe State to monitor fund management.

    “Only the Governor and Deputy Governor have constitutional immunity. Local council chairmen, you do not have immunity,” he stated.

    He added that the EFCC would not wait for officials to finish their tenure before ensuring accountability and transparency in financial matters.

    Olukoyede reminded council chairmen that financial autonomy does not come with constitutional immunity. Therefore, their use of public resources would be strictly monitored.

    He described the Supreme Court’s decision on local government autonomy and direct allocation of funds as a welcomed development that should improve council funding.

    However, he expressed concerns that such funds might not be used properly, given councils’ history of financial mismanagement and lack of accountability.

    According to him, council resources have often been misused, turning councils into ATMs for corrupt officials who divert public funds for personal gain.

    The EFCC chairman noted that councils’ financial struggles and inability to meet community obligations raised concerns about their fiscal viability and effectiveness.

    Many council chairmen have blamed inefficiency on state governors’ influence and the hijacking of local government resources, he said.

    With financial autonomy, such excuses would no longer be valid, and chairmen would be held responsible for mismanagement in their councils.

    He advised council chairmen to embrace accountability and financial integrity, using autonomy to implement life-changing projects in their communities.

    He also urged them to improve their capacity to manage resources effectively, ensuring transparency and compliance with financial laws.

    “Acquire more knowledge and build your capacity on relevant laws guiding financial management. Ignorance of the law is not an excuse,” he warned.

    The summit’s theme was ‘Local Government Autonomy, Fiscal Responsibility and Sustainable Development’.

  • Lagos banker sent to prison over fraud

    Lagos banker sent to prison over fraud

    One of the charges read: “That you, Ugenyi Kalu, sometime in November 2016 in Lagos, while serving in a bank, received a monetary benefit of ₦4,000,000 from one Obi Ogoh in connection with a loan granted to an Agro Mills by your Bank. This act is contrary to Section 8(1)(a) of the Corrupt Practices and Other Related Offences Act, 2000, and is punishable under Section 8(1)(b)ii of the same law.”

    The case proceeded to a full trial, despite pleading not guilty. The prosecution, led by G.C. Ofulue, presented six witnesses, including two former colleagues of Kalu from his bank, who testified against him.

    Justice Oshodi  on February 12, ruled that the prosecution had proven its case beyond a reasonable doubt, convicting Kalu on four counts.

    “The defendant is convicted on four of the charges and sentenced to four years and two months imprisonment or a fine of ₦20,850,000,” Justice Oshodi declared.

  • Man arraigned for refusing to accept Naira as legal tender

    Man arraigned for refusing to accept Naira as legal tender

    A Nigerian man, Precious Uzondu has been arraigned by the Economic and Financial Crimes Commission, EFCC,  on a two-count charge bordering on his alleged refusal to accept the Naira as a legal tender.

    The commission via its verified X handle made this known on Tuesday, where it disclosed that Uzondu, refused to accept Naira, Nigeria’s official currency, as a means of payment.

    Instead, he allegedly accepted the sum of $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment for the purchase of a Carter diamond bracelet with serial number 12345678. His actions were said to be in violation of Section 20 of the Central Bank of Nigeria Act, 2007.

    The statement said, “The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday, February 5, 2025, arraigned one Precious Chimaobi Uzondu on a two-count charge bordering on alleged refusal to accept Naira as a legal tender before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

    “One of the count reads: “That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $5700 (Five Thousand Seven Hundred USD) as a means of payment for a purchase of a Carter diamond bracelet with serial number (12345678) and you thereby lcommitted an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.

    “The defendant pleaded “not guilty” to the charges when they were read to him.

    “In view of his pleas, prosecution counsel, Hannatu U. Kofar Naisa, prayed the court for a trial date and for the defendant to be remanded in a Correctional Centre.

    “Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and prayed the court to adopt the same as her oral application.

    “Responding, Kofar Naisa informed the court about a counter-affidavit to the application and a written address. She prayed the court to accept the same and discountenance the application by the defendant.

    “After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5m, with two sureties in like sum. The sureties must own landed properties in Lagos, which must be verified by the court, and also swear to an affidavit of means.

    “The Judge also ordered the remand of the defendant in the Ikoyi Correctional Centre and adjourned till April 8, 2025 for commencement of trial.”

  • Alleged N6bn fraud: EFCC re-arraigns ex-minister of power

    Alleged N6bn fraud: EFCC re-arraigns ex-minister of power

    The Economic and Financial Crimes Commission (EFCC) on Monday re-arraigned former Minister of Power and Steel, Dr Olu Agunloye before a Federal Capital Territory(FCT) , high court Apo.

    He was re-arriagned on allegations bordering on award of contract for construction of 3,960MW Mambilla Hydroelectric Power Station in Taraba.

    The anti-graft agency re-arraigned him on an amended seven-count charge bordering on forgery, disobeying presidential directive and gratification.

    The EFCC alleged that Agunloye awarded contract for the Mambilla project in May 22, 2003 to Sunrise Power and Transmission Company Limited without any budgetary provision, approval and cash backing.

    The commission also alleged that the former minister received the total sum of N5.212million from Sunrise Power and Transmission Company Limited (SPTCL) and Leno Adesanya, through Jide Abiodun Sotinrin.

    It added that this was done through Agunloye’s Guaranty Trust Bank account, for conveying the Federal Government’s approval for the construction of the Mambilla Hydroelectric Power Station in favour of SPTCL while serving as minister.

    The former minister pleaded not guilty to seven-count amended charge when read to him in the court.

    Earlier, the second prosecution witness in the case (PW2), Adewale Agunbiade, a former Compliance Officer with GT Bank but now with Jaiz Bank Plc, testified.

    While being cross examined by counsel for Agunloye, Adeola Adedipe SAN, the witness told the court that there was no letter from Jaiz Bank permitting him to testify, while EFCC did not issue him with witness summons to testify in the case.

    Agunbiade told the court that when he informed the EFCC operatives that he longer worked for  GT Bank, he was told that he was the one who prepared the documents relating to the court’s proceedings.

    Asked if he presented his identification card to the court to show that he is a staff member of Jaiz Bank, the PW2, who had given his evidence-in-chief on Sept 23, 2024, said he did not do that.

    After cross examination of the witness, Justice Jude Onwugbuese adjourned further hearing until Feb 24.