TheNewsGuru

Tag: EFCC

  • Investment scam: EFCC docks 2 CBEX operators

    Investment scam: EFCC docks 2 CBEX operators

    The Economic and Financial Crimes Commission (EFCC) on Monday, arraigned two of the detained Crypto Bridge Exchange (CBEX)’s operators at the Federal High Court in Abuja.

    The defendants, Awerosuo Otorudo and Chukwuebuka Ehirim, were arraigned before Justice Mohammed Umar on allegations bordering on illegal financial operations and unlicensed investment activities.

    They were arraigned on amended three-count charge marked: FHC/ABJ/CR/216/2025.

    They were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.

    When the matter was called, EFCC counsel, Fadila Yusuf, informed the court that the case was fixed for arraignment and that an amended charge had been filed.

    She prayed the court to substitute the earlier one with the amended charge filed on July 7.

    “We still rely on all the proof of evidence and other documents filed to prove our case,” she said.

    The defendants’ lawyer, Justice Otorudo, did not oppose the application and the judge ordered that the charge be read to them for them to take their plea.

    Otorudo and Ehirim, however, pleaded not guilty to the three counts.

    Yusuf applied that the defendants be remanded in a correctional centre pending the hearing and conclusion of the case.

    But the defence lawyer urged the court to consider a bail application filed on June 30 on his clients’ behalf.

    He argued that the defendants had not been previously convicted and had cooperated with the EFCC since being taken into custody on April 25.

    Otorudo argued that the defendants voluntarily submitted themselves for investigation upon learning that the EFCC was looking for them.

    “Since they did not interrupt the investigation process, it is evidence that they will not jump bail,” he told the court.

    He also argued that the charges against them were bailable and that there was no evidence showing that members of the public deposited funds with the defendants.

    He said counts two and three carry a punishment of up to five years imprisonment or an option of a fine.

    He further told the court that despite a publication on the EFCC’s website, alleging the defendants obtained one billion dollars by false pretence, there was “no such charge” before the court.

    Yusuf, in response, opposed the application.

    The EFCC’s lawyer, who said a counter affidavit had been filed in respect of the application, told the court that charges could be amended at any stage prior to judgment.

    She urged the court to weigh the seriousness of the alleged offences and consider whether the defendants would appear for trial if granted bail.

    “They only submitted after the court forced them to do so. If granted bail, they might not be found again because we have not seen others till date,” she argued.

    When the judge indicated readiness to pick a date for ruling on the bail application, the defence lawyer prayed the court to allow the defendants remain in EFCC custody.

    But Yusuf objected, arguing that having been arraigned, the defendants were now in court custody.

    Justice Umar, who ordered the duo to be remanded in Kuje Correctional Centre pending the ruling, adjourned the matter until July 18.

    In account one, the defendants were alleged to have, between January 2024 and May 2025, invited the public to deposit funds either for a fixed period or payable on call through Crypto Bridge Exchange (CBEX), promising returns of up to 88 per cent.

    The commission said they did this without obtaining written consent from the Securities and Exchange Commission (SEC).

    It said the act violates Section 1 of the Investment and Securities Act, 2025, and is punishable under Section 96(5).

    In count two, the EFCC alleged that the defendants, while not being a bank or authorised entity, invited the public via advertisements to deposit funds with CBEX.

    The alleged offence is said to contravene Section 44(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020, and is punishable under Section 44(2).

    Count three accused them of operating a specialised financial service, specifically an investment management scheme on CBEX, without a valid licence.

    This offence, the EFCC said, is contrary to Sections 57(1) and (2) of BOFIA, 2020, and punishable under Section 57(5).

    Justice Emeka Nwite of a sister court had, on April 24, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.

    The judge, who gave the order after the EFCC’s lawyer, Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

    The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

    Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

    In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.

    She said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

    Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

    Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant) and Chukwuebuka Ehirim (6th defendant) had been in the EFCC’s custody on investigation.

    Justice Nwite had, also on June 30, declined to grant the bail application filed by the three detained promoters of CBEX.

    Justice Emeka Nwite, in a ruling, held it was obvious that from the totality of the affidavit evidence of both parties, it was glaring that the character of evidence against the defendants was strong.

    Justice Nwite also held that due to the nature of the case, the EFCC obtained an order of remand of the defendants by court of competent jurisdiction.

    The EFCC, in the affidavit in support of the motion ex-parte filed before Justice Nwite, said sometimes in April 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.

    It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

    The agency said the preliminary investigation into the intel revealed the following:

    “That Messrs.Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making advert and lured unsuspecting members of public to invest crypto currencies on CBEX investment platform.”

    The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.

    “That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.

    “That the victims were initially given full access to the platform to monitor their investment.

    “That following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.

    “That the victims later discovered that the said scheme is a scam.

    “That during the course of investigation, it was discovered that the said ST Technologies International Limited though registered with the Corporate Affairs Commission (CAC), it was not registered with the security and Exchange Commission (SEC) for investment purposes.

    “That it was also discovered during investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”

    The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.

    According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam. It said it would be in the interest of justice to grant the application.

  • Drama as prosecution tags EFCC’s case against Yahaya Bello as “political case”

    Drama as prosecution tags EFCC’s case against Yahaya Bello as “political case”

    There was a mild drama at the Federal High Court in Abuja on Thursday, as Kemi Pinheiro, SAN, counsel to the Economic and Financial Crimes Commission (EFCC), described the charge preferred against former Gov. Yahaya Bello as “a political case.”

    Pinheiro stated this while arguments were being raised before Justice Emeka Nwite on whether the defence lawyer, Joseph Daudu, SAN, could cross-examine the 4th prosecution witness (PW-4) shortly after the conclusion of evidence-in-chief or wait till Friday.

    While describing the importance of the case and the need to expedite proceedings, the anti-graft lawyer said it was the trial of a former governor of a state, hence, political.

    However, Daudu responded that the matter was not political one but a trial on allegations bordering on money laundering.

    Pinheiro insisted it was political, emphasising that he was not prosecuting a bank official, but a political figure, “one who had even aspired to contest for presidency.”

    “Political? If that is the case, then those handling political cases should prepare to take over the matter,” Justice Nwite said jokingly.

    Earlier, the judge, in a ruling, rejected the application by the EFCC to “‘cross-examine” its own witness in the ongoing money laundering trial of ex-Gov. Bello.

    Justice Nwite stated that there was no provision in law that permits the court to allow the prosecution to re-examine its witness in the manner proposed.

    It would be recalled that the lawyer who appeared for the EFCC in the last adjourned date, Olukayode Enitan, SAN, had sought to “cross-examine” their 3rd prosecution witness (PW-3), Mr Nicholas Ojehomon, an Internal Auditor with American International School, Abuja (AISA).

    The request was made after Daudu concluded his cross examination of Ojehomon.

    Daudu had asked specific questions regarding the judgment of the FCT High Court which was admitted in evidence as Exhibit 19 by the judge during the cross-examination.

    Shortly after the cross-examination, Justice Nwite had asked Enitan if he would re-examine the witness.

    Enitan, however, informed the court that he planned to also cross-examine Ojehomon based on the Exhibit 19.

    He told the court that he was not re-examining the PW-3, but cross-examining him on the document admitted in evidence during cross examination by the defence but the defence counsel opposed the request and the matter was adjourned for ruling.

    Delivering the ruling, Justice Nwite agreed with Daudu’s argument that the prosecution can only be allowed to cross-examine its witness after it must have declared it’s own witness as “hostile witness.”

    “The argument of the learned counsel to the prosecution is misconceived,” he said.

    According to the judge, this honourable court is not shutting the prosecution from re-examining the witness, but must restrict itself to Pages 1, 14 and 15 of Exhibit 19.

    “The prosecution is not allowed to re-examine the witness outside the pages prescribed,” he said.

    Ojehomon had,, on May 9, said there was no wired transfer of fees from the Kogi State Government or any of the local governments’ account in the state to the account of the American school.

    On cross-examination, he also read out part of a previous FCT High Court’s judgment that said there was no court order for AISA to return fees to EFCC or any judgment declaring the money as proceeds of money laundering.

    After the ruling, Pinheiro called the 4th prosecution witness (PW-4), Mshelia Arhyel Bata, a compliance officer with Zenith Bank.

    The witness, while being led in evidence by Pinheiro, confirmed that certificates of identification were attached to the statements of account provided by the bank in the seven set of documents presented, as requested.

    The court, thereafter, admitted the statements of account of Kogi State Government House Administration, and six others, as exhibits.

    The witness, who was on subpoena, explained to the court on the withdrawal limits allowed for individuals, corporate organisations and government.

    He said that before the cashless policy, it was pegged at N10 million for government.

    The prosecution then took him to the May 23, 2016 on the printed documents, and pointed at a transaction under the name, Abdulsalami Hudu.

    When the witness was asked to explain the transaction, he said, “It is a cash withdrawal of N10 million in accordance with the then maximum threshold allowed for cheque withdrawal per transaction.”

    He, however, said he had nine cash transactions on the same date.

    The witness was then told to go to the credit transactions of January 30, 2018, and he confirmed that there were 10 separate credits of various sums, totalling about N1.092 billion.

    When asked to mention the total amount of withdrawals, the defendant’s counsel cut in, saying, “He (Pinheiro, SAN), knows that they are for security votes.”

    The witness aggregated the total amount of withdrawals to N1.968 billion, saying they were on different dates.

    He also read out the inflow and outflow between May 2, 2018 and May 19, 2018.

    After the examination by the prosecution, the judge adjourned the matter until June 27 for cross-examination.

  • Ex-Gov Yahaya Bello: Court declines EFCC’s demand to cross -examine witness

    Ex-Gov Yahaya Bello: Court declines EFCC’s demand to cross -examine witness

    Justice Emeka Nwite of the Federal High Court, Abuja, has declined a move by the Economic and Financial Crimes Commission (EFCC) to cross-examine its third witness in the ongoing alleged money laundering case against the immediate-past Governor of Kogi State, Yahaya Bello.

    Delivering his ruling on Thursday, Justice Nwite noted that no provision in law permits the court to allow the prosecution to re-examine its witness in the manner proposed.

    On the ruling against the cross-examination of the third prosecution witness by the EFCC, the judge agreed with the learned counsel for the defendant that the prosecution can only cross-examine after it has declared the witness a hostile one.

    The judge said, “The argument of the learned counsel for the prosecution is misconceived. This honourable court is not shutting the prosecution from re-examining the witness but it must restrict itself to pages 1, 14 and 15 of Exhibit 19.

    “The prosecution is not allowed to re-examine the witness outside the pages prescribed.”

    After a brief re-examination, and the withdrawal of an earlier question posed to the witness, the EFCC lawyer, Kemi Pinheiro (SAN), told the court that the commission had three other witnesses for the day.

    During the examination, Mshelia Arhyel Bata, a compliance officer with Zenith Bank, confirmed that certificates of identification were attached to the statements of account provided by the bank in the seven sets of documents presented, as requested.

    The court, thereafter, admitted the statements of account of the Kogi State Government House Administration, and six others, as exhibits.

    The witness, on subpoena, educated the court on the withdrawal limits allowed for individuals, corporate organisations and the government, saying that before the cashless policy, it was pegged at ₦10 million for the government.

    The prosecution then took him to May 23, 2016 on the printed documents, and pointed at a transaction under the name, Abdulsalami Hudu.

    The court, thereafter, admitted the statements of account of the Kogi State Government House Administration, and six others, as exhibits.

    The witness, on subpoena, educated the court on the withdrawal limits allowed for individuals, corporate organisations and the government, saying that before the cashless policy, it was pegged at ₦10 million for the government.

    The prosecution then took him to May 23, 2016 on the printed documents, and pointed at a transaction under the name, Abdulsalami Hudu.

  • Mama Boko Haram gets fresh Jail term over alleged fraud

    Mama Boko Haram gets fresh Jail term over alleged fraud

    The Borno State High Court has convicted Aisha Alkali Wakil, known as Mama Boko Haram, along with Tahiru Saidu Daura and Prince Lawal Shoyode, sentencing each to 14 years in prison.

    TheNewsGuru reports that the Economic and Financial Crimes Commission (EFCC), through a statement issued by its spokesperson, Dele Oyewale, on Wednesday, disclosed that the defendants were brought to court on September 14, 2020, by the Maiduguri Zonal Directorate of the EFCC, facing a two-count charge related to conspiracy and obtaining by false pretences amounting to ₦11 million.

    The second count of the charge stated, “That you, Aisha Alkali Wakil, Tahiru Saidu Daura, and Prince Lawal Shoyode, while serving as Chief Executive Officer, Programme Manager, and Country Director respectively of Complete Care and Aids Foundation (a Non-Governmental Organisation), along with Saidu Mukhtar (who is currently at large), at some point in July 2018 in Maiduguri, within the jurisdiction of this Honourable Court, with the intent to defraud, obtained the sum of ₦11 million from Muhammed Ambare of Muhammed Ambare Ventures under the false pretense of executing a supposed contract for the supply, installation, and servicing of two units of X-Ray Machine Model 1800, which you knew to be untrue, thereby committing an offence contrary to Section 1(1)(b) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006, and punishable under Section 1(3) of the same Act.”

    The defendants, however, pleaded not guilty to the charges when they were presented, leading to a full trial.

    However, Justice Aisha Kumaliya of the after multiple adjournments requested by the defendants on Wednesday,  delivered the judgment, convicting and sentencing them to seven years of imprisonment each on counts one and two.

    The sentences are to be served concurrently.

    The judge ordered that the convicts must collectively and individually repay the petitioner a total of N8 million, or alternatively, serve an additional seven years in prison.

    The convicts’ journey to the correctional facility began due to their fraudulent actions in awarding fictitious contracts for the supply, installation, and servicing of two units of X-Ray Machine Model 1800 to the petitioner and his company.

    They coerced the petitioner into transferring ₦11 million into the account of a third party, Saidu Muktar, who is currently at large. Neither was the contract fulfilled, nor was the money returned to the petitioner.

    It will be recalled that six months ago, the Chief Executive Officer of the Complete Care and Aid Foundation, a non-governmental organization (NGO), Aishal Wakil, widely recognized as Mama Boko Haram, along with two other officials from her organization, were sentenced to five years in prison each for involvement in a fraud amounting to over ₦6 million.

  • Alleged $7.2bn fraud: Ex-NNPC Finance Chief denies EFCC’s arrest

    Alleged $7.2bn fraud: Ex-NNPC Finance Chief denies EFCC’s arrest

    Umar Isa, former Chief Finance Officer (CFO), Nigeria National Petroleum Company Limited (NNPCL), has denied the claim of his Monday arrest by the EFCC over alleged fraud.

    The former NNPCL CFO in a statement on Wednesday described his purported arrest over alleged 7.2 billion dollars fraud by the Economic and Financial Crimes Commission (EFCC) as false.

    Isa said contrary to reports, he voluntarily submitted himself to the commission, and at no time was he arrested in connection with the alleged 7.2 billion dollars relating to transactions at the Warri and Port Harcourt refineries.

    Isa and three others were said to have been arrested by the EFCC over alleged fraud at the nation’s oil company on Monday in Abuja. They were said to have been arrested in connection with an alleged 7.2 billion dollars fraud linked to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.

    “Nobody arrested me for any $7.2 billion in relation to any refinery fraud. I voluntarily submitted myself for questioning to the EFCC and thereafter I went home. To see in the media of stories of my arrest over fraud is unfortunate,” he stated.

    He said that he served at NNPC Limited and he left with his integrity intact.

    “Nobody has accused me of any fraud throughout my sojourn at the company. People who are pushing this false narrative of arrests and detention just want to tarnish my reputation,” he said.

    Isa said he was ready at any time to defend his reputation and years of service at the NNPCL.

    “I am in this country and any day and anytime the EFCC request me to appear before them I will be present,” he said.

  • EFCC arrests ex-NNPC top officials over botched rehabilitation of Warri, PH, Kaduna refineries

    EFCC arrests ex-NNPC top officials over botched rehabilitation of Warri, PH, Kaduna refineries

    The Economic and Financial Crimes Commission, (EFCC) has arrested former top officials of the Nigerian National Petroleum Corporation (NNPC) in connection with the botched rehabilitation of refineries in the country.

    Sources in the EFCC confirmed that a former Chief Financial Officer (CFO) of NNPC Limited and 6 other former top officers were arrested for alleged $7.2 billion spent on rehabilitation of the refineries.

    The sources disclosed the anti-graft agency has arrested Umar Ajiya Isa, the former Chief Financial Officer of the Nigerian National Petroleum Corporation.

    Isa was said to have been arrested in connection with alleged 7.2 billion Dollar fraud linked with the rehabilitation of the Warri, Port Harcourt and Kaduna refineries.

    The sources equally confirmed that the former Managing Director of Warri Refinery, Jimoh Olasunkanmi is also in the custody of the EFCC.

    Isa, as CFO,  was in charge of release of funds for the Turn Around Maintenance (TAM) of the three refineries.

    It was gathered that all the key officials involved in the botched maintenance and other key projects are being investigated for alleged abuse of office,  corruption, diversion of funds and kickbacks from contractors.

    Other officials allegedly involved are Tunde Bakare,  MD, Warri Refinery; Ahmed Adamu Dikko, former MD, Port Harcourt Refinery and Ibrahim Monday Onoja, former MD, Port Harcourt Refinery.

  • Gov Alia suspends aide arrested by EFCC

    Gov Alia suspends aide arrested by EFCC

    Governor Hyacinth Alia of Benue State on Sunday suspended his Special Adviser on Documentation, Research, and Planning, Dr Mkor Aondona, infinitely.

    This is contained in a statement by his Chief Press Secretary, Mr Tersoo Kula in Makurdi.

    Aondona, was arrested by Economic and Financial Crimes Commission (EFCC) on Friday, June 20 over alleged sextortion, cyberbullying, and blackmail.

    Alia in the statement, said the decision was is in line with his unwavering commitment to uphold integrity, discipline, and accountability in public service.

    He said that any official in his  administration found wanting in matters of criminality or unethical misconduct would face the full weight of the law.

    He assured the public that the law would take its full course without interference or bias, adding that  his administration would not tolerate any act that brings the government into disrepute or undermines public trust.

    The governor pointed out that public office was a call to serve with honour, transparency, and responsibility, and anyone who deviated from this path would have no place in his government.

    The suspended aide is expected to submit himself fully to the legal process to answer to the grave allegations levelled against him.

    The statement further indicated  that  Gov. Alia’s administration remained committed to protecting the rights and dignity of all citizens, especially women and vulnerable groups, and would continue to collaborate with law enforcement agencies to ensure justice was served.

  • Real reason we arrested Gov Alia’s aide – EFCC

    Real reason we arrested Gov Alia’s aide – EFCC

    The Economic and Financial Crimes Commission (EFCC) has confirmed the arrest of Dr Mkor Aondona, the Special Adviser to Gov. Hyacinth Alia of Benue on Documentation, Research and Planning.

    Mr Dele Oyewale, the EFCC Spokesman confirmed the arrest to newsmen on Saturday in Makurdi.

    He said Aondona was arrested by operatives of Makurdi Zonal Directorate of the Commission on Friday over alleged sexual expolitation and cyber bullying.

    According to him, some female students had accused him of unethical and criminal behaviour involving sexual exploitation,  cyberbullying and blackmail.

    “The petitioners alleged that Aondona was routinely recruiting slim and attractive girls for ushering jobs and insisted on sexual favours as a condition for selection.

    “Based on this, they became vulnerable to having sexual affairs with him but unknown to them, he had videos of every sexual act without their consent and was always threatening to leak the videos if they refused to continue having sex with him.

    “Aondona was also alleged to be involved in blackmail—sending explicit videos of the girls allegedly recorded without their knowledge or consent through several  messaging platforms. Some of the videos are said to be in circulation.” he said.

    He said the suspect would soon be charged to court.

  • EFCC arrests Governor’s aide for sextortion, cyber bullying

    EFCC arrests Governor’s aide for sextortion, cyber bullying

    Operatives of the Makurdi Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested Mkor Aondona, Special Adviser to the Benue State Governor on Documentation, Research, and Planning, on allegations of “s£xtortion and cyber bullying.”

    TheNewsGuru reports that Dr. Aondona was taken into custody on Friday, June 20, following claims of some female students accusing the governor’s aide of unethical and criminal behavior involving sexual exploitation, cyber bullying and blackmail.

    The students alleged that Aondona exploited his position to recruit “slim and attractive” young women for ushering roles, then demanding “sexual favours as a condition for selection.”

    According to the complaint, the students believed they were securing legitimate campus jobs, only to discover that Dr. Aondona had secretly recorded “every s£xual act without their consent” and threatened to release the footage if they refused further advances.

    “He would say, ‘If you refuse, I’ll leak the videos,’” one of the petitioners told investigators.

    The victims also allege that the aide circulated explicit recordings across various messaging platforms.

    “Some of the videos are already in circulation,” they warned, heightening concerns over their privacy and safety.

    The EFCC has confirmed that Dr. Aondona will be formally charged in court once its investigations conclude.

    A spokesperson for the commission stated, “We take allegations of s£xtortion very seriously and will ensure that justice is served.” 

    Dr. Aondona remains in EFCC custody pending his arraignment.

  • How I was scammed $10, 000 – Fish Farmer narrates

    How I was scammed $10, 000 – Fish Farmer narrates

    A Warri-based Fish Farmer, Mr Edafe Imirike, on Friday, told the Federal High Court in Abuja that he was deceived into investing the sum 10, 788 dollars and 64 cent  in Afriq Arbitrage System (AAS) Ltd, a cryptocurrency platform.

    The company is charged with advance fee fraud by the Economic and Financial Crimes Commission (EFCC).

    Imirike, the 1st prosecution witness (PW-1), told Justice Obiora Egwuatu while being led in evidence by the Economic and Financial Crimes Commission (EFCC)’s legal team led by Geraldine Ofulue with Martha Babatunde.

    The witness, who identified Mr Jesam Michael, the Chef Executive Officer (CEO) of AAS Limited, in court, said Michael assured him of the safety of his money before investing.

    “In 2022, October to be precise, my sister who resides in Canada told me about Afriq Arbitrage System (AAS) Limited and I joined the telegraph platform which was owned by defendant. He told me what to expect.

    “He showed me a CAC (Corporate Affairs Commission) document and EFCC certificate to show that the platform was legit. I invested the sum of 10, 778 U.S. dollars, 64 cent from my fish farming,” he said. He said he also invited two of his uncles into the platform.

    During cross examination by the defence lawyer, Uchenna Njoku, SAN, the witness admitted that he invested his money because he was convinced that the investment was genuine.

    “You will not have invested if you believe it was a crime?” the lawyer asked.

    “I invested based on the CAC and the EFCC certificates and that the platform was genuine.

    “That our capital will be secured. I never knew he has the spare key to take the money whenever he wishes,” he responded.

    When asked if his uncles and sister were still alive, the witness responded in the affirmative.

    “Did anyone of them gave you letter of authority to represent them,” Njoku asked.

    “I manage the account. I can’t remember if they give me letter,” he responded.

    When asked if he had received returns on his investment, he responded in the affirmative.

    “Just as you receive returns in the investment in your name, so your uncle and others did,” the lawyer asked, and Imirike said: “We received.”

    The witness said he indicated in his extra-judicial statement the returns on his investment.

    “I withdrew a total of 137 dollars,” he said.

    He agreed that he withdrew his first petition against the company at the police station, but based on the assurance that he would get his invested money back.

    When the lawyer put it to the witness that he wrote at the police station  that he invested the sum of 10, 788 U.S. dollars and 74 cent, Imirike said it was incorrect.

    When Njoku also confronted Imirike with a question that he collected the returns of 11, 910. 00 U.S. dollars, the witness said it was not correct.

    “It was because you realised you have withdrawn more than you invested that you decided to settle with the defendant?” the lawyer asked.

    “Not correct,” the witness said.

    “In full and final settlement of all your interest, the defendant undertook to give you the total sum of N1 million and a Toyota Corolla 2016 Model and he did,” the lawyer said.

    “Not correct,” the witness responded.

    Imirike, however, said that the N1 million and the car given to him were not for settlement but a compensation. He said he had sold the car.

    “I suggest to you that the only reason you filed your petition on May 8, 2025, was because you heard the defendant had been arraigned in court and you felt you can get a second bite,” the lawyer said, but the witness said it was not correct.

    Justice Egwuatu adjourned the matter until June 27 and July 4 for continuation of trial.

    Justice Egwuatu had, on June 10, ordered the remand of Mr Michael in Kuje Correctional Centre over alleged investment fraud.

    The judge, in a ruling in Michael’s bail application shortly after he was arraigned by the EFCC, refused his bail plea on the grounds of the gravity of the offence and weight of evidence against him.

    Justice Egwuatu agreed with the argument of the EFCC’s lawyer, Babatunde, that despite the instant charge, more petitions were still being received by the commission and other security agencies from victims of the ponzi scheme of the defendant.

    The judge observed that the anti-graft agency, in its argument, also submitted that its further investigation had revealed that there were over 50,000 investors in Michael’s failed investment scheme.

    He also held that the victims were aggrieved and it would be in his own safety to remain in government custody pending the conclusion of the trial.

    The judge, however, ordered accelerated hearing of the trial.

    The EFCC had, in the charge marked: FHC/ABJ/CR/134/2025, dragged Michael and his company, a cryptocurrency trading platform, to court as 1st and 2nd defendants.

    The commission, in the seven-count charge bordering on money laundering, advance fee fraud, among others, accused Michael of investment fraud involving 844,416.36 U.S dollars, N590 million and another 10,000 U.S. dollars.

    The EFCC alleged that Michael and his company, between September 2022 and June 2023 in Abuja, while not being a bank or an authorised entity to take deposits, invited the public through advertisements to deposit funds with Afriq Arbitrage System Limited.

    This, according to the commission, is in contravention of Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under the same Act.

    It was observed that at Friday’s sitting, crowd of victims stormed the court to observe proceedings.