Tag: Money laundering
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Money laundering: CBN goes tough; issues stiffer sanctions, warnings to banks
The Central Bank of Nigeria (CBN) has warned money deposit banks and their directors against aiding money launderers to avoid facing sanctions from the apex bank. The new regime of sanctions as released by the regulatory bank stipulates huge fines against financial institutions found culpable of any of 48 money laundering infractions. The new regime…
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EFCC arrests, parades four yahoo-yahoo boys
The Economic and Financial Crimes Commission (EFCC) has arrested four suspected Internet fraudsters aka yahoo-yahoo boys and recovered exotic cars and charms from them. The Lagos Zonal Head of the Commission, Akanninyene Ezima, made this known today, saying the diabolic Internet fraudsters were arrested in the Lekki area of Lagos State on Saturday. “It is…
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Why global money-laundering watchdog removed Libya from terror-financing watch list
The international Financial Action Task Force (FATF) lifted Libya from the list of countries unable to fight money laundering and terrorism financing, the Central Bank of Libya said in a statement. “A major achievement was made with a decision issued by the FATF, after Libya was included in the list of states subject to follow-up…
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EFCC arraigns Jonathan’s former minister, two others for allegedly laundering N450m
A former Minister of Water Resources under the Goodluck Jonathan’s administration, Sarah Ochekpe, and two others on Monday appeared before a Jos Federal High Court over alleged money laundering involving N450 million. Mrs. Ochekpe, who was arraigned by the EFCC, appeared along with Raymond Dabo, former PDP Chairman in Plateau, and Leo-Sunday Jatau, an evangelist…
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Money laundering: UK Court sentences Ontario Oil boss, Wagbatsoma to three years imprisonment
A court in the United Kingdom has sentenced Chairman of Ontario Oil & Gas Limited, Mr Walter Wagbatsona, to three and half years in prison. Wagbatsoma, 47 was also disqualified from being a company director for six years. It was learnt that some fraudulently obtained funds in the UK were laundered through an account in…
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EFCC urges court not to reverse firms’ guilty plea to money laundering
The Economic and Financial Crimes Commission (EFCC) has urged the Federal High Court in Lagos to refuse an application by four companies praying to reverse their guilty plea to laundering of $15,591,700. In its counter-affidavit signed by an investigating officer, Musbhau Yahaya, the Commission said the application was an abuse of court process and that…
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Alleged $15.5m laundering: Court reserves ruling on motion to reverse Patience Jonathan’s guilty plea
A Federal High Court in Lagos on Wednesday reserved ruling on a motion seeking to set aside the guilty plea of four firms allegedly used to launder 15.5 million dollars belonging to a former First Lady, Dame Patience Jonathan. The motion was filed by a lawyer, Amajuoyi Azubuike Briggs, who is standing trial alongside former…
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Court rejects Fani-Kayode’s bid to transfer money laundering trial to Abuja
A Federal High Court in Lagos on Tuesday, dismissed an application by a former Minister of Aviation, Femi Fani-Kayode, seeking transfer of a money laundering case against him. Fani-Kayode, who was also the Chairman of Media and Publicity Committee of the Peoples Democratic Party (PDP) Campaign Organisation during the 2015 general election, is standing trial…
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Court grants Bala, former minister’s son permission to travel for Hajj
Under trial former FCT Minister’s son, Shamsudeen Bala, was on Wednesday granted permission to travel for lesser hajj by a Federal High Court, sitting in Abuja. At the resumed hearing, the defence counsel, Kanayo Okafor, prayed the court to release the international passport of the defendant to enable him travel for the lesser hajj. The…
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N3.2bn money laundering: Court to rule on Kalu’s case June 6
A Federal High Court on Monday in Lagos fixed June 6 foe ruling on the objection by a former Governor of Abia, Orji Uzor Kalu, to the evidence of a prosecution witness in his trial. The Economic and Financial Crimes Commission (EFCC) had on Oct. 31, 2016, slammed a 34-count charge of N3.2 billion fraud…