The ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has encountered fresh challenges, as the prosecution appears to be grappling with the unavailability of a crucial witness. Reports indicate that the prosecution might inform the Federal Capital Territory (FCT) High Court that Jim Obazee, a special investigator appointed by President Bola Tinubu, is unable to testify in the case concerning an alleged $6.23 million discrepancy at the CBN’s Abuja branch. Sources close to the case suggest that this could lead to another request for an adjournment. Legal experts have pointed out that the court, under the leadership of Justice Hamza Muazu, has already voiced concerns over the repeated delays in the trial. In fact, several adjournments have been granted, some of which exceeded the statutory time limits, raising concerns about the efficiency of the proceedings. At the last hearing on March 17, Justice Muazu explicitly directed the Economic and Financial Crimes Commission (EFCC) to present its principal witness on the next adjourned date, cautioning that failure to comply could result in consequences. A judicial source, who preferred to remain anonymous, revealed that the prosecution had initially planned to call a police officer as a witness but later scrapped the idea. The decision to abandon this plan was reportedly due to concerns about the reliability and weight of the testimony in such a high-profile case. As the trial progresses, it has also been disclosed that EFCC officials have been in communication with Obazee, who, despite the current challenges, has reportedly expressed his willingness to testify—provided he is formally approached through the proper legal channels.
EFCC Unveils 58 Fraudulent Investment Schemes Defrauding Nigerians ABUJA – The Economic and Financial Crimes Commission (EFCC) has exposed 58 unauthorized investment platforms operating as Ponzi schemes, deceiving unsuspecting Nigerians and swindling them out of their hard-earned money. According to the EFCC, these companies, disguising themselves as legitimate investment firms, are not recognized by the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). This revelation comes after official reports from both regulatory bodies confirmed their unregistered status. EFCC’s Actions Against Ponzi Operators In a statement released on Tuesday, Dele Oyewale, EFCC’s Head of Media and Publicity, disclosed that the anti-corruption agency has taken legal action against several of these entities. Five companies have already been convicted, while another five have pleaded guilty and are awaiting further judicial review. Numerous other cases are in different stages of legal proceedings. This decisive move aligns with the EFCC’s commitment to sanitizing Nigeria’s financial environment and safeguarding citizens against fraudulent investment ventures. The commission reassured Nigerians of its relentless efforts to track economic crimes and uphold transparency in the financial sector. Full List of 58 Identified Ponzi Schemes in Nigeria The EFCC identified the following investment platforms as fraudulent: Protecting Nigerians from Financial Fraud The EFCC urges Nigerians to remain cautious when engaging with investment platforms, especially those promising unrealistic returns. Before investing, individuals should verify the registration status of any company with the CBN or SEC to avoid falling victim to scams. For a more in-depth look at investment fraud prevention, visit SEC Nigeria’s official website to verify licensed investment firms. Conclusion As fraudulent investment schemes continue to emerge, regulatory agencies like the EFCC are working tirelessly to bring perpetrators to justice. Nigerians are advised to conduct thorough research and report suspicious financial activities to the relevant authorities. For more updates on financial security and fraud prevention, follow the latest reports from EFCC Nigeria and stay informed. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Kindly Share:
The Economic and Financial Crimes Commission (EFCC), Kaduna Zonal Directorate, has arrested 11 suspected internet fraudsters in Niger State. The operation took place at White Hotel, located in the Chanchangi Local Government Area, following credible intelligence regarding their involvement in cybercrime activities. EFCC’s Raid on Suspected Internet Fraudsters According to an official statement from the EFCC, the suspects were apprehended on Thursday, February 27, 2025, in a coordinated daylight raid. The anti-graft agency disclosed that two vehicles and 13 mobile phones of various brands were recovered during the operation. “The Commission’s operatives carried out the arrest professionally with no motive or tinge of abduction,” the statement read in part. Conflicting Accounts Surrounding the Raid Despite the EFCC’s clarification, some local residents expressed concerns about the manner of the operation. A source, speaking anonymously, claimed that armed men stormed the hotel around 5 a.m., disabled the CCTV cameras, and raided the premises without identifying themselves as security operatives. “The armed men stormed the hotel very early in the morning, disconnected all CCTV cameras, and carried out the raid without any hindrance. After disarming the security guards, they moved from room to room, apprehending individuals and taking them to an undisclosed location,” the source stated. The source further speculated that some of the guests, possibly foreigners, might have been the target of the operation. “We gathered that some white men lodged in the hotel, and they may have been tracked to their rooms. Reports suggest that no fewer than ten persons were taken,” the source added. EFCC Dismisses Banditry Claims In response to the allegations, the EFCC categorically refuted claims that the operation was conducted by bandits or kidnappers. The Commission assured the public that all necessary legal protocols were followed and that the arrested suspects would be prosecuted in court upon the completion of investigations. For further verification, visit EFCC’s official website to read their latest updates on crime prevention and enforcement. EFCC Official Website READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Kindly Share:
EFCC Chairman Ola Olukoyede criticizes Nigerians for condemning corruption but defending corrupt leaders. He emphasizes the need for collective action to fight financial crimes in Nigeria. Nigerians Criticize Corruption but Shield Corrupt Leaders – EFCC Boss Olukoyede The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns about Nigerians’ conflicting stance on corruption. While many condemn the issue, they also defend corrupt individuals when they face legal action. During a meeting in Abuja on Friday with officials from the Centre for Crisis Communication (CCC), led by Chris Olukolade, Olukoyede emphasized that corruption remains Nigeria’s greatest challenge to development. Corruption: The Major Barrier to Nigeria’s Progress Olukoyede stated that addressing corruption and financial crimes is key to eradicating underdevelopment in Nigeria. “One of Nigeria’s biggest problems is corruption. If we can successfully tackle it, underdevelopment will become a thing of the past,” he said. He further stressed that the fight against corruption is a shared responsibility, not just the duty of the government. Citizens must actively commit to upholding integrity and accountability to ensure national progress. Contradictions in Public Reactions to Corruption Cases The EFCC chairman highlighted a major contradiction in how Nigerians respond to corruption. While many decry corruption, they often support and defend leaders accused of financial crimes when prosecuted. “People cry out about corruption, blaming it for destroying our system. Yet, when high-profile cases are investigated and suspects arraigned, the same people take to the streets with placards, defending the accused.” According to Olukoyede, such actions undermine the fight against corruption. He stressed that anti-corruption efforts should be a collective mission rather than a selective pursuit. EFCC’s Commitment to Combating Corruption Reaffirming the EFCC’s dedication to tackling financial crimes, Olukoyede assured that the agency would continue working within the limits of the law to hold corrupt individuals accountable. He also called for public collaboration in combating corruption and announced that the EFCC would partner with the Centre for Crisis Communication (CCC) to improve strategic communication and public awareness on issues of integrity and accountability. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
The Economic and Financial Crimes Commission (EFCC) has brought charges against 11 Chinese nationals and one Filipino over alleged involvement in internet fraud, including cryptocurrency investment scams and romance scams. The suspects were arraigned before Justice D.I. Dipeolu at the Federal High Court in Ikoyi, Lagos. Details of the Arraignment The individuals, alongside Genting International Co. Ltd, were arrested on December 19, 2024, by EFCC operatives. They were accused of cyber-related offenses, including: The suspects were identified as:? Wang Zheng Ming? Li Yin Hui? Xian Hong Will? Zhang Xiao Lei? Long Zhao Ming? Guo Xiao Fei? Yang Sheng? Wang Zheng Feng? Chen Wenyuan? Liu San Hua? Luo Jia You? Rheign Dela Vega Upon arraignment, all defendants pleaded not guilty to the charges. Legal Proceedings and Next Steps The EFCC prosecution team, comprising L.P. Aso, M. K. Bashir, T. J. Banjo, N. K. Ukoha, and B. Buhari-Bala, urged the court to:✔️ Set trial dates✔️ Remand the suspects in correctional facilities Following this, Justice Dipeolu scheduled the next hearings for February 7, 14, and 21, 2025. He also ordered that the accused be detained at Ikoyi and Kirikiri Correctional Centres pending further trial proceedings. Implications of the Case The EFCC’s crackdown on internet fraud underscores its commitment to tackling cybercrime, financial fraud, and digital scams. This case highlights the increasing role of international fraud syndicates in romance scams, crypto fraud, and online deception, which have become prevalent in Nigeria and beyond. With the upcoming court proceedings, all eyes are on how the case unfolds and the legal consequences for the accused individuals. Key Takeaways ? EFCC arraigns 11 Chinese nationals and one Filipino over internet fraud.? Charges include cyber-terrorism, identity theft, and false document possession.? Suspects pleaded not guilty and are remanded at Ikoyi and Kirikiri prisons.? Court adjourns hearing to February 7, 14, and 21, 2025. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
The EFCC has urged 2024 NYSC Batch C Stream II corps members to stand against corruption, emphasizing hard work over fraud and the role of youths in national development. Introduction The Economic and Financial Crimes Commission (EFCC) has called on members of the 2024 Batch C Stream II of the National Youth Service Corps (NYSC) to take a firm stand against corruption. During an orientation lecture at the NYSC Orientation Camp in Yikpata, Edu Local Government Area, Kwara State, the EFCC emphasized the critical role of youths in combating financial crimes and fostering national growth. Youth Empowerment in the Fight Against Corruption The Executive Chairman of EFCC, Mr. Ola Olukoyede, delivered this message through the Head of Public Affairs Department, Ilorin Zonal Directorate, Mr. Ayodele Babatunde. He encouraged corps members to serve as whistleblowers, intelligence-gatherers, and active foot soldiers in the fight against corruption. According to Olukoyede, corruption hinders Nigeria’s progress, affecting key sectors such as security, infrastructure, and economic development. He stressed that tackling corruption will unleash the creative potential of Nigerian youths, paving the way for a more prosperous society. Hard Work Over Fraud: No Shortcuts to Success Addressing the issue of cybercrime, popularly known as Yahoo-Yahoo, Olukoyede warned against seeking wealth through fraudulent means. He highlighted the long-term consequences of financial crimes, stating that: Corruption and National Challenges Olukoyede linked corruption to various national challenges, including kidnapping, banditry, and poor infrastructure. He urged the corps members to uphold integrity and contribute positively to society by rejecting corrupt practices. Conclusion: A Call to Action The EFCC reaffirmed its commitment to eradicating corruption in Nigeria and encouraged NYSC members to join the fight by reporting fraudulent activities and promoting ethical values. With the active participation of youths, Nigeria can achieve sustainable economic growth and national development. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
Three Nigerian nationals have been sentenced in the United States for participating in a prolonged fraud scheme that defrauded vulnerable elderly victims, according to U.S. authorities. Key Sentences and Penalties Fraud Scheme Operations The defendants collaborated with co-conspirators based in Nigeria to deceive U.S. residents, primarily targeting elderly and vulnerable individuals. Their strategy involved: The trio opened multiple bank accounts and managed P.O. boxes using aliases and shell businesses. The funds collected were circulated among themselves and sent to Nigerian partners. Some funds were also used by Okunola to assist in purchasing vehicles for export to Nigeria. Financial Impact and Timeline The scheme, active between 2017 and 2022, defrauded victims of over $2 million. Some victims faced severe financial hardships, including losing retirement savings and taking loans against their homes. Justice and Official Statement U.S. Attorney Mark Totten emphasized the devastating effects of the crime, stating that financial fraud is not a “faceless” crime. He highlighted the defendants’ exploitation of modern technology to target vulnerable victims. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
A Federal High Court in Abuja has approved the Economic and Financial Crimes Commission’s (EFCC) request to freeze 67 bank accounts linked to an alleged ₦52.9 million fraud case. Key Highlights:Justice Emeka Nwite granted the EFCC’s application after the agency’s counsel, Martha Babatunde, presented an ex-parte motion. The motion, filed under suit number FHC/ABJ/CS/1895/V/2024, sought permission to halt transactions in these accounts pending the conclusion of investigations. The accounts, domiciled in various banks, reportedly contain proceeds of a crime linked to unauthorized withdrawals and internet fraud. Details of the Case The investigation began following a criminal petition submitted to the EFCC on October 17, 2023, by Advance Development Services Engineering Limited (ADSEL). The complaint accused Taiwo Abubakar Oluwajuwon and Heasy Enterprises of fraudulent activities involving ₦52.9 million. According to the EFCC’s investigator, Ikenna Chukwueze, a preliminary investigation revealed: The EFCC presented several exhibits to support their findings, including account statements of the alleged beneficiaries and details of the transactions. EFCC’s Request The EFCC argued that freezing the accounts is essential to prevent the dissipation of the fraud proceeds while investigations continue. Justice Nwite approved the application, noting its merit, and set the next hearing date for March 24, 2024. Investigation Insights Chukwueze disclosed that a BVN search revealed additional accounts linked to the suspects, further complicating the case. Key findings include: The EFCC emphasized that freezing these accounts is critical to preserving the funds while investigations proceed. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
IntroductionIn an exclusive interview with the News Agency of Nigeria (NAN), Mr. Babatunde Olofin, Managing Director of Moniepoint Microfinance Bank, urged Nigerians to prioritize cybersecurity by refraining from publicly sharing their account numbers. With the festive season in full swing, Olofin emphasized the increased risk of falling victim to financial crimes and highlighted preventive measures to curb such activities. The Risks of Sharing Account Numbers Olofin stressed that public exposure of bank account details could lead to unintended consequences, including legal troubles. He revealed that some individuals have been imprisoned for unknowingly allowing fraudsters to misuse their accounts. “Some people are in prison because they had no idea what someone used their accounts for,” he said. Fraudsters often exploit public information to commit financial crimes, leaving innocent account holders to face the consequences. How Fraudsters Operate Babatunde outlined common tactics used by cybercriminals, including: “Fraudsters do a lot of things. They structure funds and know how internal systems work,” Olofin explained. Moniepoint’s Cybersecurity Measures To combat fraud, Moniepoint is collaborating with key agencies like the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC). Babatunde highlighted the bank’s efforts to enhance fraud detection and prevention: “We’ve built up a transaction monitoring and money laundering team that has set rules internally,” he stated. Fraud in Nigerian Banks: A Growing Concern Recent statistics from the Financial Institutions Training Centre (FITC) reveal an alarming rise in fraud cases across Nigerian banks: Despite these challenges, banks successfully reduced actual losses: Cumulatively, Nigerian banks lost an estimated ₦53.4 billion to fraud in the first nine months of 2024, underscoring the urgent need for heightened vigilance. Conclusion As cyber fraud continues to evolve, individuals must take proactive steps to protect their financial information. Avoid sharing account numbers publicly, remain cautious of suspicious offers, and report any suspected fraudulent activities. Together with robust institutional measures, these actions can help mitigate the growing threat of financial crimes. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
