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Tag: Money laundering

  • Court fixes date for ex-Gov Obiano’s trial over N4bn money laundering

    Court fixes date for ex-Gov Obiano’s trial over N4bn money laundering

    The Federal High Court (FHC) in Abuja on Thursday, fixed Nov. 25 for the trial of former Anambra Governor, Willie Obiano, in the alleged N4 billion money laundering case.

    The court adjourned the case after the new trial judge, Justice Mohammed Umar, rose after taking three judgments and a number of cases on the cause list.

    The nine-count charge, preferred against the former governor by the Economic and Financial Crimes Commission (EFCC), was re-assigned to Justice Umar recently.

    The former judge, Justice Inyang Ekwo, had fixed May 26, for continuation of trial before the case was re-assigned to Justice Umar by the Chief Judge of FHC, Justice John Tsoho in his May 18 press release.

    However, on May 26, Justice Umar, who was transfered from Enugu judicial division of the court, did not sit and the case was fixed for July 24 for mention. Obiano was Anambra governor between March 2014 and March 2022.

    The former governor, in the charge, was alleged to have among others, misappropriated over N4 billion from the state’s treasury.

    It would be recalled that the EFCC’s lawyer, Sylvanus Tahir, SAN, led two witnesses in evidence in the trial of the ex-governor on Oct. 7, 2024, before Justice Ekwo.

    A former commercial bank staff, Mr Ugochukwu Otubelu, had revealed how he managed the security vote account under Obiano’s government.

    Otubelu, the 3rd prosecution witness (PW-3), said though he was with the bank between Nov. 2, 2008 and March 24, 2023, he said he is now a businessman.

    He said that the signatories to the security vote account were the former Principal Secretary to the ex-governor, Willy Nwokoye, and the Accountant, Theophilus Nweze.

    He said he interfaced with them mostly on daily and weekly basis in processing their transactions.

    The PW-3, who admitted that funds from the security votes account went into six companies’ account, said the money did not go to the account holders.

    The EFCC also called Hayatu Hadejia, a Bureau De Change (BDC) operator as PW-4. Hadejia told the court that he is a businessman, who runs BDC companies.

    He said he had five companies and was invited by the EFCC as part of its investigations into the financial activities of the government of ex-governor Obiano.

    Another BDC Operator, Ayuba Tanko, on Nov. 13, 2024, said between April and December 2017, a total sum of N416 million was paid into a company’s account he used, by proxy, in the ongoing trial of Obiano.

    Ayuba, who was PW-5, said the N416 million which was received in tranches, was given back as 1.137 million US dollars equivalent.

    “I am a trader. I trade in forex exchange. I trade in USDs, Euros and pounce sterling. I do source for customers and I do exchange and collect commission,” he said.

    The PW-5 said he used two companies; Sauki Bureau De Change and Zigaziga Trading and Company Ltd for his business.

    He said he was invited by the EFCC, through its Investigation Department, in 2023 and was questioned about Zigaziga Trading and Company Ltd’s account domiciled in one of the commercial banks.

    When the senior lawyer asked him how much he received at the period, the witness said: “Between April 2017 to December 2017, the total money I received at that period was 416 million in naira.

    “And I gave a dollar equivalent as 1, 137, 000.00 US dollars,” he said.

    Ayuba said besides this transaction, he did not do any other business with the Anambra government under Gov. Obiano.

    Obiano’s lawyer, Onyechi Ikpeazu, SAN, during cross examination, asked the PW-5 if he had ever had any dealing with the ex-governor directly, Ayuba said: “I did not deal directly with the defendant.”

    The prosecution counsel also called three bankers, who gave their testimonies in the alleged money laundering charge.

  • N1.38 billion money laundering case: Jude Okoye’s bail fate to be sealed on Monday

    N1.38 billion money laundering case: Jude Okoye’s bail fate to be sealed on Monday

    The Federal High Court in Lagos is set to rule on Jude Okoye’s bail application on Monday, March 3, 2025.

    This development comes after Justice Alexander Owoeye heard arguments from Okoye’s lawyer, Inibehe Effiong, and the Economic and Financial Crimes Commission (EFCC) counsel, Mr. Fanny Anum.

    TheNewsGuru reported that Jude Okoye, the former manager of the hip-hop duo P-Square and elder brother of Peter and Paul Okoye, was arraigned on Wednesday by the EFCC over alleged money laundering involving N1.38 billion, $1 million, and £34,537.59 and was charged alongside his company, Northside Music Limited, on seven counts filed by the EFCC.

    The prosecution alleged that Okoye acquired a property worth N850 million in 2022, knowing or reasonably ought to have known that the money used for the purchase was part of the proceeds of unlawful activities. Additionally, the EFCC claimed that Okoye and his company used a Bureau de Change to convert $1,019,762.87 into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.

    Okoye pleaded not guilty to all the charges. His lawyer, Effiong, argued that the bail application was made under relevant legal provisions and was based on medical grounds. However, the EFCC opposed the request, arguing that Okoye was a flight risk and could interfere with witnesses.

    TNG understands that the EFCC is currently investigating Jude Okoye after Peter Okoye petitioned the anti-graft agency over a “secret company” he discovered that had “Jude Okoye and his wife Ifeoma Okoye as founder and director” and the whereabouts of some of P-Square’s royalties.

  • 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

  • Sterling Bank neck deep in money laundering, fraudulent deductions, police alleges

    Sterling Bank neck deep in money laundering, fraudulent deductions, police alleges

    The Nigeria police has accused Sterling Bank of alleged money laundering, fraudulent deductions and other financial crimes by its staff.

    This was contained in the report presented by Nigeria Police Force to the House of Representative Committee on Public Petition during the hearing of a petition by Miden Systems Ltd against Sterling Bank, Central Bank of Nigeria (CBN) and Shell Petroleum on Tuesday in Abuja.

    Miden System Ltd., had witten a petition to the Committee on the alleged mismanagement, fraudulent debit, and misappropriation of funds from its account domiciled with Sterling bank.

    Presenting the report before the committee, representative of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Superintendent of Police said after intensive investigation and arrest made on the matter, the bank was found wanting.

    “We need to understand it was restructured in 2017, with capital and interest to arrive at US$30 million.

    “Having regard to the account, we, a team of detectives, started seeing debits, debits from Miden System account for loan repayment. And we took it upon ourselves to ask the account officer that first came before us to explain the loan repayment but he said it was a mere narration adopted while applying funds to the company’s loan account.

    “We found this very vague and ambiguous.
    “We discovered that about US$28.3 million was debited from this company’s account for loan repayment but there’s no explanation.

    “Particularly, on the 29th, September 2016, the sum of US$2,413,000 was debited from the company’s account. Account number 00148517716 for loan repayment with reference FT16271UZYO. On 14th, November 2016, the sum of US$1.256 million was equally debited from this same account for loan repayment.

    “While on the 16th of January 2017, the sum of US$28,302,140.59 was debited from the company’s account for loan repayment. And like I said, we’ve waited for the bank to provide account officers who have managed this account to throw more light on this. It is not our document.

    “It is their own document. The facts are before them. If somebody has managed that account before and is no longer an account officer, they could call them, provide names since they are no longer in the bank.
    “One of the account officers specifically wrote that the outstanding balance was about US$27.25 million, while the executive director gave us a figure of over US$30 million. That is to say, nothing has been paid, nothing has been debited to clear the loan.

    “We equally discovered what the bank captured in the statement of account, in-branch transfer, account to account. And we asked, what does the bank or the account officers mean by in-branch transfer, account to account?

    “We have come up with the recommendation that, since the bank has failed to provide evidence for itself to debunk the allegation raised by Miden Systems , evidence as used so far from their own statement of account corroborates the offences alleged. Financial mismanagement, Fraudulent debit, misappropriation of funds and more importantly, when funds are being moved that way, if you go deeper, money laundering. We could not even go deeply towards the petitioner raising their petition”, he stated.

    In response, the Committee Chairman, Rep. Mike Etaba assured both parties that the report will be studied by the Commitee and justice served.
    “At the committee level, we will look at the Police report and I assure us that justice will prevail,” Etaba assured.

  • Court acquits ex-Lagos Speaker Ikuforiji of money laundering charge

    Court acquits ex-Lagos Speaker Ikuforiji of money laundering charge

    Justice Mohammed Liman of a Federal High Court in Lagos on Monday, acquitted a former speaker of the Lagos State House of Assembly, Adeyemi Ikuforiji and his former aide, Oyebode Atoyebi, of 54-counts of money laundering..

    Delivering judgment, Justice Liman held that the prosecution failed to discharge the burden of proof placed on it by the provisions of the law.

    Ikuforiji is charged by the Economic and Financial Crimes Commission (EFCC) alongside Atoyebi on a 54-counts charge bordering on alleged N338.8 million money laundering.

    They had each pleaded not guilty and were allowed to continue on an earlier bail granted to them in 2012 when they were first arraigned.

    On March 17, 2021, the EFCC had closed its case after calling the second witness for the prosecution.

    Prosecution called a total of two witnesses in support of its case.

    Meanwhile, Justice Liman was later transferred out of the Lagos division and the case suffered several set backs.

    On May 4, 2023, defence counsel Mr Dele Adesina (SAN), had opened the case for the defence.

    The defence had called three witnesses, ncluding the first defendant (Ikuforiji).

    Among others, Ikuforiji had testified how he was being prosecuted on a faceless petition.

    He had told the court that the instant case arose from a petition written by an unknown person, alleging that he had stolen about N7 billion from the Lagos House of Assembly.

    Parties adopted their final addresses on May 17, while the court reserved judgement.

    Justice Liman first struck out count one of the charge, on grounds of discrepancies in the timeline .

    The court then asked a pertinent question as to what was the substantive law at the time the defendant was charged.

    The court held : “Charging a person under a law that was non existent at the time of an alleged offence runs foul of the law.

    “The Money Laundering Prohibition Act of 2004/2011 requires clear ievidence of intent and the actual act of laundering money.

    “It is difficult to prove the offence of money laundering without the predicate offence; the prosecution has failed to prove this.

    “The prosecution has not proved the offence of money laundering beyond reasonable doubts.

    “Consequently, the defendants are acquitted of all the allegations of money laundering levelled against them in courts two to 54 of the charge,” he said

    NAN reports that the defendants were first arraigned on March 1, 2012 before Justice Okechukwu Okeke on a 20-count charge bordering on misappropriation and money laundering.

    They had each pleaded not guilty to the charges and were granted bails.

    The defendants were, however, subsequently re-arraigned before Justice Ibrahim Buba, following a re-assignment of the case.

    Buba had granted them bail in the sum of N500 million each with sureties in like sun

    On Sept. 26, 2014, Justice Buba discharged Ikuforiji and his aide of the charges, after upholding a no case submission of the defendants.

    Buba had held that the EFCC failed to establish a prima-facie case against them.

    Dissatisfied with the ruling, the EFCC through its counsel, Mr Godwin Obla (SAN), filed the Notice of Appeal dated Sept. 30, 2014 challenging the decision of the trial court.

    Obla had argued that the trial court erred in law when it held that the counts were incompetent because they were filed under Section 1(a) of the Money Laundering (Prohibition) Act, 2004 which was repealed by an Act of 2011.

    EFCC further argued that the lower court erred in law when it held that the provisions of Section 1 of the Money Laundering (Prohibition) Act, 2004 and 2011, only applied to natural persons and corporate bodies other than the Government.

    The commission had also submitted that the trial judge erred in law when he held and concluded that the testimonies of the prosecution witnesses supported the innocence of the respondents.

    In its judgment, the Lagos Division of the Appeal Court, in November 2016, agreed with the prosecution and ordered a fresh trial of the defendants before another judge.

    Following the decision of the Appeal Court, the defendants headed for the Supreme Court, seeking to upturn the ruling of the Appellate court.

    Again, in its verdict, the apex court also upheld the decision of the appellate court and ordered that the case be sent back to the Chief Judge of the Federal High Court for reassignment to another judge.

    According to the charge, EFCC alleged that the defendants accepted cash payments above the threshold set by the Money Laundering Act, without going through a financial institution.

    The commission accused the defendants of conspiring to commit an illegal act of accepting cash payments in the aggregate sum of N338.8 million from the House of Assembly without going through a financial institution.

    Ikuforiji was also accused of using his position to misappropriate funds belonging to the Assembly.

    The EFCC said that the defendants committed the offence between April 2010 and July 2011.

    The offences, according to the EFCC, contravenes the provisions of Sections 15 (1d), 16(1d) and 18 of Money Laundering Act, 2004 and 2011.

    NAN

  • EFCC arraigns TStv MD, executive director on money laundering charge

    EFCC arraigns TStv MD, executive director on money laundering charge

    The Economic and Financial Crimes Commission (EFCC), on Thursday, arraigned Bright Echefu, Managing Director and Chief Executive Officer (MD/CEO) of Telecom Satellites Limited (TStv) and three others on nine-count money laundering charge.

    Others arraigned alongside Echefu before Justice Inyang Ekwo of a Federal High Court, Abuja include the Executive Director of TStv, Felix Igboanuga; TStv and Briechberg Investment Ltd as 2nd to 4th defendants respectively.

    They, however, pleaded not guilty to all the counts.

    Upon their non-guilty plea, EFCC’s counsel, Tahir Sylvanus, SAN, prayed for an order remanding Echefu and Igboanuga in a correctional centre pending the hearing and determination of the case.

    Sylvanus hinged his application on the grounds that it took almost a year after filing the charge before the defendants could be arraigned.

    The lawyer, who said Echefu and Igboanuga were flight risk, alleged that the duo refused to turn up for arraignment after being admitted to adminstrative bail and the charge filed on June 9, 2023.

    He, therefore, asked for a speedy trial of the matter.

    But Eyitayo Fatogun, SAN, who appeared for the defendants, informed the court that bail application had been filed on his clients’ behalf in October 2023.

    He urged the court to admit them to bail, pledging that the defendants were ready to stand their trial.

    But Sylvanus disagreed with Fatogun.

    The prosecution lawyer said a counter affidavit was filed on Oct. 16, 2023 in opposition to their bail plea.

    He said though the court had a discretionary power to grant bail, the antecedent of the defendants had proven that they were flight risk.

    Justice Ekwo then asked if the defendants were earlier granted administrative bail and Sylvanus responded in affirmative.

    The judge consequently admitted Echefu and Igboanuga on the terms of the administrative bail earlier granted by the anti-graft agency.

    He ordered the defendants to deposit their international passports with the court registrar and not to travel outside the court jurisdcition without the prior leave of the court.

    Justice Ekwo, however, threatened to revoke their bail if they failed to show up in court for their trial.

    The judge, who adjourned the matter until June 15, June 16 and June 17 for trial commencement, threatened that Echefu and Igboanuga would remain in remand until their trial lasted if their bail is revoked.

    The News Agency of Nigeria (NAN) reports that the defendants were alleged to have, on or about May 18, 2020, committed the money laundering offence, including tax evasion, unremitted Value Added Tax (VAT) and Company Income Tax and Pay As You Eam (PAYE) deducted from the salaries of 165 staff.

    The offence is said to be contrary to the Money Laundering (Prohibition) Act, 2011 (as amended in 2012) and punishable under Section 15(3) and (4) of the same Act.

    In count five, Echefu, being the MD of Briechberg Investment Ltd on or about May 18, 2020 in Abuja, with intent to defraud, was alleged to have obtained the sum of N150 million from Mr Turaki Kabiru Tanimu, SAN, MD of Kalsiyam Farm.

    In count six, Echefu was also alleged to have defrauded Mr Tanimu, MD of Kalsiyam Global and also former Minister of Special Duties and Inter-Governmental Affairs, the sum of N380 million.

    The monies were said to have been paid into Briechberg Investment Lid account number: 1015561485 domiciled with Zenith Bank Pic under the false pretence of representing loan advance to Telcom Satellite for the purpose of enhancing the acquisition of modern technology.

    Echefu was alleged to have misappropriated and converted the said monies to his personal use, among other counts.

    The offence is contrary to Section 1 (1) (a) (b) of the Advance Fee Fraud and other Fraud Related Offences, Act, 2006 and punishable under Section 1(3) of the same Act.

  • Heavy ‘wahala’ for El-rufai as panel recommends probe of his admin, alleged money laundering

    Heavy ‘wahala’ for El-rufai as panel recommends probe of his admin, alleged money laundering

    The ad hoc committee set up by the Kaduna State House of Assembly to investigate all finances, loans and contracts awarded under the former governor, Nasir el-Rufai has submitted its report to the House.

    Presenting the report during plenary on Wednesday, the chairman of the ad hoc committee, Henry Zacharia, said that most of the loans obtained under el-Rufai’s administration were not used for the purpose for which they were obtained, while in some cases, due process was not followed in securing the loans.

    Receiving the report, the Speaker of the Kaduna House of Assembly, Yusuf Liman, said that a total N423 billion was siphoned by the el-Rufai administration while leaving the state with huge liabilities.

    The committee, therefore, recommended the investigation and prosecution of el-Rufai, some other indicted members of his cabinet by security and anti-corruption agencies for abuse of office through the award of contracts without due process, diversion of public funds and money laundering as well as plunging Kaduna State into heavy debt.

    The committee also recommended the immediate suspension of the Kaduna State Commissioner of Finance, Shizer Badda, who also served in the same capacity under the el-Rufai’s administration, as well the chairman of the state universal basic education board.

    It also recommended thorough investigation of some key appointees of the last administration by appropriate law enforcement and anti-corruption agencies.

    The committee set up by the Kaduna State House of Assembly was tasked with the assignment of examining loans, grants and projects implementation from 2015 to 2023 during which El-Rufai served as governor of the state.

  • CBN, fintechs and money laundering – By Etim Etim

    CBN, fintechs and money laundering – By Etim Etim

    By Etim Etim

    An important development that occurred in the financial services industry the other week went largely unreported in the press; perhaps because the media is still engrossed in all the corruption dramas of the last few weeks. On Friday, April 26, Central Bank officials, led by a director, met with the chief executives of major fintech companies in the country and ordered them to discontinue onboarding of new customers.

    The CBN, I understand, has been dissatisfied with the manner with which the fintechs have been handling KYC checks in opening accounts for their customers and is convinced that such loopholes could be or have been exploited by money launderers and terrorist financiers in moving illicit financial resources. KYC (Know your customer) is the mandatory process undertaken by a bank to identify and verify their customer’s identity and address when opening account.

    Periodically, over time, those requirements are reinforced by the banks. I recently had to forward new utility bills to my account officer and perform BVN confirmation just to reactivate an account.

    In addition to the provision of the utility bill by the customer, bank officials are expected to physically inspect the address provided by the customer. But the fintechs don’t have not been this diligent in verifying the identities and addresses of their customers and the authorities are convinced that these lapses could be exploited by the bad guys.

    A fintech customer only has to complete an online form and provide BVN, ID card and address. Among the top deposit-taking fintechs that attended the meeting with the CBN are Opay, Moniepoint, Palmpay and Kudak. Opay has however assured that it is committed to being compliant with all regulations. In a statement after the meeting, the company stated that it will ‘’support government efforts to clean up the financial industry’’.

    The CBN’s order is coming a few months after it directed all financial institutions to collect ID cards before opening accounts for customers, voiding its 2013 guidelines which waived IDs to encourage financial inclusion. The order also coincides with a major crackdown on suspicious bank accounts by the authorities.

    Just last week, a Federal High Court in Abuja granted the EFCC an interim order to freeze 1,146 accounts belonging to persons and organizations being investigated for unauthorized forex transactions, terrorism financing and money laundering. In giving the order, Justice Emeka Nwite noted that ‘’preliminary investigations reveal that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of the naira and launder proceeds of unlawful activities’’.

    The reason for all these feverish curbs is because authorities are worried that Nigeria’s fight against terrorism and money laundering has been poorly rated by the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.

    ‘’Nigeria has been grey-listed by FATF as of February 24, 2023 and this is very bad for us as a nation’’, a director at the CBN told this writer last week. South Africa and 22 other countries are also grey-listed. Grey-listed countries are those deemed to have deficient anti-money laundering and terrorist-financing mechanisms.

    There are two categories of grey-listed countries: those that are currently working hard with under FATF monitoring to address the lapses and those that are doing nothing about it for which stiff sanctions may apply. Obviously, our country is desperate to be taken off the grey list. But the hurdles are high.

    The country has suffered severe security challenges in the last 15 years and its currency has undergone significant devaluations in the last one year or so partly due to the trading activities on the cryptocurrency platforms. Nigeria’s inability to arrest financiers of terrorism and the recent escape of an executive of Binance, a cryptocurrency-trading platform, from detention in Abuja are pointers to gaps in the nation’s security framework.

    By ordering the fintechs to discontinue further customer acquisitions, the CBN is hoping to tighten its surveillance on this component of the finance sector. The bank should go farther and scrutinize their books as keenly as they examine the records of the banks.

    Across the world, the fight against financial crimes is not letting up. Financial crimes cause economic distortion, loss of control over economic policy, revenue loss and weakening of the integrity of financial markets.

    This week, the founder and former chief executive of Binance, Changpeng Zhao, was sentenced to four months in prison in the US after pleading guilty to violating that country’s laws against money laundering at the world’s largest cryptocurrency exchange. It is this same level of seriousness that the global community expects Nigeria to apply in its fight against money laundering and terrorism financing.

    Going after abusers of the Naira is good, but the nation will fare far better if big-time criminals are brought to book.

  • Ex-Gov Fayose’s trial for alleged money laundering stalled

    Ex-Gov Fayose’s trial for alleged money laundering stalled

    The alleged money laundering trial of a former Governor of Ekiti State, Ayodele Fayose, could not proceed on Thursday before the Federal High Court in Lagos, as the court did not sit.

    The trial Judge, Justice Chukwujekwu Aneke, was said to be on an official assignment.

    The case has been adjourned until July 1 for the continuation of trial.

    Fayose is being prosecuted by the Economic and Financial Crimes Commission (EFCC) for alleged N6.9 billion fraud and money laundering.

    He was first arraigned on Oct. 22, 2018, before Justice Mojisola Olatotegun, alongside his company, Spotless Investment Ltd, on 11 counts bordering on fraud and money laundering offences.

    He had pleaded not guilty to the charges and was granted bail on Oct. 24, 2018, in the sum of N50 million with sureties in like sum.

    The defendant was re-arraigned before Justice Chukwujekwu Aneke on July 2, 2019, after the case was withdrawn from Justice Olatoregun, following the EFCC’s petition.

    He had also pleaded not guilty to the charges and was allowed to continue on the earlier bail granted, while the case was adjourned for trial.

    The commission has since opened its case before Justice Aneke, and is still leading witnesses in evidence.

    Trial will now continue on the next adjourned date.

    According to the charge, on June 17, 2014, Fayose and one Abiodun Agbele were said to have taken possession of the sum of N1.2 billion for purposes of funding his gubernatorial election campaign in Ekiti, which they reasonably ought to have known formed part of crime proceeds.

    Fayose was alleged to have received a cash payment of $5m from the then Minister of State for Defence, Sen. Musiliu Obanikoro, without going through any financial institution.

    He was also alleged to have retained the sum of N300 million in his account and took control of the aggregate sum of about N622 million which he reasonably ought to have known formed part of crime proceeds.

    He was further alleged to have procured De Privateer Ltd. and Still Earth Ltd., to retain the aggregate sum of N851 million which they reasonably ought to have known formed part of crime proceeds.

    Besides, the defendant was alleged to have used the aggregate sum of about N1.6 billion to acquire properties in Lagos and Abuja, which he reasonably ought to have known formed part of crime proceeds.

    He was also alleged to have used the sum of N200 million to acquire a property in Abuja, in the name of his elder sister Moji Oladeji, which sum he ought to know also forms crime proceeds.

    The offences contravene the provisions of sections 15(1), 15 (2), 15 (3), 16(2)(b), 16 (d), and 18 (c) of the Money Laundering Prohibition Act 2011.

  • JUST IN: Ex-AGF Adoke acquitted of money laundering charge

    JUST IN: Ex-AGF Adoke acquitted of money laundering charge

    A Federal High Court, Abuja, on Friday, dismissed the Economic and Financial Crimes Commission (EFCC)’s money laundering charge filed against former Attorney-General of the Federation (AGF) and Monster of Justice, Mohammed Adoke.

    Justice Inyang Ekwo, in a ruling on Adoke’s no-case submission, said he found that the EFCC had been unable to prove the essential ingredients of the evidence adduced in counts one to four of the 10-count charge filed against the ex-AGF and his co-defendant, Aliyu Abubakar.

    Justice Ekwo, who held that the evidence were manifestly unreliable, consequently upheld Adoke’s no-case submission.

    He, therefore, declared Adoke discharged and acquitted of the money laundering charge.

    However, the judge held that the anti-graft agency had been able to make a prima facie case against Abubakar, the oil magnate, in counts five, six, eight and nine of the charge preferred against him.

    But he struck out counts one, seven and 10 against the businessman.

    The judge therefore adjourned until April 22, April 23 and April 24 for Abubakar to open his defence.

    The EFCC had sued Adoke and Abubakar on a 10-count amended charge bordering on money laundering offences. The matter, which began in 2017, had lasted for about 7 years.