Echotitbits – Nigeria News

Tag: Financial Crime

  • Alleged N7.7 Billion Telecom Fraud Leads to Arrest of Six Suspects

    Alleged N7.7 Billion Telecom Fraud Leads to Arrest of Six Suspects

    Reporting by The Punch indicates that Nigerian police uncovered a telecommunications fraud scheme involving the illegal diversion of airtime and data valued at N7.7 billion. Six suspects were arrested after an investigation into alleged compromise of a company’s internal systems to reroute digital assets, which were then liquidated through underground channels.

    The scale of the alleged theft has renewed calls for stronger cybersecurity controls in the telecom sector and tighter internal governance to reduce insider and vendor risks. Police said investigations are ongoing to determine whether additional collaborators exist within the industry.

    Daily Post also covered the arrests and Channels TV framed the incident as one of the largest digital-asset related thefts in recent memory—amplifying calls for stronger data protection and enforcement.

    Echotitbits take: As Nigeria digitizes payments and services, insider-enabled cybercrime is becoming a systemic risk. Expect regulators (including the NCC) to push tougher baseline security requirements—especially around privileged access, audit logging, and incident response disclosures.

    Source: Premium Times – https://www.premiumtimesng.com/news/top-news/852943-police-uncover-n7-7-billion-telecom-fraud-arrest-six-suspects.html 2026-01-29

    Photo Credit: Premium Times

  • Malaysia’s Najib convicted in fresh fraud case as courts revisit the 1MDB era

    Malaysia’s Najib convicted in fresh fraud case as courts revisit the 1MDB era

    Photo Credit: France 24

    2025-12-27 06:00:00

    According to Punch, a Malaysian court found former prime minister Najib Razak guilty in a fraud case tied to the long‑running fallout from the 1MDB corruption saga.

    The report said the verdict adds another layer to Malaysia’s anti‑corruption narrative, where legal outcomes have become intertwined with political realignments and public trust in institutions.

    Analysts say international investors watch these cases closely because they influence perceptions of rule‑of‑law stability, enforcement risk, and governance standards in emerging markets.

    Echotitbits take:
    High‑profile convictions matter, but what counts is consistency: whether enforcement is even‑handed across parties and eras. Watch sentencing, appeal processes, and whether the case triggers broader reforms in procurement and oversight.

    Source: France 24 — December 26, 2025 (https://www.france24.com/en/asia-pacific/20251226-former-malaysian-pm-najib-guilty-of-money-laundering-1mdb-corruption-case)

    France 24 December 26, 2025

  • Lagos court remands Nigerian sought by US in $1.24m fraud case

    Lagos court remands Nigerian sought by US in $1.24m fraud case

    Photo Credit: The Punch
    2025-12-24 07:12:00

    Reporting by Punch indicates a Lagos court has ordered the remand of a Nigerian man sought by US authorities over alleged fraud linked to about $1.24 million, as extradition-related legal processes begin to take shape.

    The case underlines the expanding pipeline of cross-border financial crime cooperation—where US agencies pursue suspects abroad and request provisional arrest or extradition through local courts.

    At the Nigerian end, the key issues often include identity verification, due process, and whether the alleged offences meet extradition thresholds under applicable treaties and Nigerian law.

    For diaspora watchers, the story is also a reminder that digital fraud cases increasingly leave multi-jurisdiction evidence trails—emails, transfers, and platform logs that enable prosecutions across borders.

    TVC News reported the suspect was “wanted in the United States” over fraud allegations, while Leadership similarly described the remand as part of steps tied to an extradition request in the case.

    Echotitbits take: Nigeria’s credibility in global financial policing matters—especially for banking access, correspondent relationships, and diaspora remittances. Watch for how fast courts handle extradition hearings and whether agencies improve prosecution capacity so more cases are tried locally where appropriate.

    Source: The  Punch — December 24, 2025 (https://punchng.com/lagos-court-remands-nigerian-wanted-in-us-for-1-24m-fraud/)
    The Punch 2025-12-24

  • US jury convicts Nigerian man in $7.5m charity fraud case as DOJ outlines sentence exposure

    US jury convicts Nigerian man in $7.5m charity fraud case as DOJ outlines sentence exposure

    Photo Credit: The Punch
    2025-12-20 14:20:00

    According to The Punch, a Nigerian national, Olusegun Adejorin, was convicted in a US federal court of defrauding two charities of more than $7.5 million, with prosecutors citing wire fraud, identity theft and unauthorised computer access.

    The report says the scheme involved compromising email accounts, impersonating staff, and manipulating withdrawal approvals to divert funds to accounts not linked to the charities.

    US authorities say Adejorin was extradited from Ghana, and sentencing is expected in 2026, with potential penalties that include lengthy prison terms for multiple counts.

    In its press release, the US Department of Justice said the defendant “faces a maximum sentence of 20 years in federal prison for each of the five counts of wire fraud.” TheCable also reported the conviction and noted he was found guilty after a six-day trial for “wire fraud, aggravated identity theft, and unauthorised access to a protected computer.”

    Echotitbits take:
    Expect NGOs and payment providers to tighten verification and anti-fraud controls, which can increase friction for legitimate transactions. Watch for sentencing, restitution orders, and whether investigators identify co-conspirators or linked networks.

    Source: The Punch — December 20, 2025 (https://punchng.com/court-convicts-nigerian-of-7-5m-charity-fraud-in-us/)
    The Punch 2025-12-20

  • $8.5 Scam: Alleged internet fraudster, Ikenna Onwuzruike returns to court

    $8.5 Scam: Alleged internet fraudster, Ikenna Onwuzruike returns to court

    The trial of alleged internet fraud kingpin, Omwuzuruike Ikenna Kingsley, who was nabbed by the Economic and Financial Crimes Commission (EFCC) continued on Monday, July 13, 2020.

    At the resumed hearing of the matter, which is before Justice A. T Mohammed of the Federal High Court sitting in Port Harcourt, Rivers State, the prosecution presented its first witness, Abbas Suleiman, an Assistant Detective Superintendent (ADS) of the EFCC, before the court.

    While being led in evidence by prosecuting counsel, MT Iko; Suleiman told the court how the Commission, on receiving an intelligence on the alleged fraudulent activities of the defendant, commenced investigation which later led to his arrest in Umuahia, Abia State.

    He stated that, the defendant was arrested with items such as a Samsung Galaxy Phone, iphone 11, black Dell laptop, 3 Nigerian international passports and an Accura car.

    He also said the defendant was taken to the Port Harcourt office of the EFCC, where he volunteered his statement in writing under caution.

    Furthermore, Suleiman disclosed that in the course of investigation, letters of investigation activities were written to the Egypt Embassy, Thailand Embassy, United States Embassy and some banks, such as United Bank for Africa, UBA, Polaris and Ecobank, who all cooperated.

    The prosecuting counsel, Iko, thereby sought the permission of the court to tender the letters of investigation activities in evidence and were accepted and marked as Exhibit A1 to E respectively.

    The defendant, Kingsley, is being prosecuted on eight -count charges bordering on conspiracy, impersonation, forgery, possession of proceeds and obtaining money by false pretence to the tune of Eight Million, Five Hundred and Two Thousand Dollars ($8,502,000.00).

    He allegedly represented himself as one Jeff Sikora, President/CEO of Prime Trust Credit Union Bank in the United States of America, USA and used the false identity to defraud his victims, including an Egyptian who was defrauded of the sum of $6,500,000.00 on the pretext that he was a beneficiary of Inheritance Funds in a fixed deposit account of Prime Trust Financial Bank.

    The defendant also received the sum of Two Thousand United States Dollars ($2,000) which was transferred to him by his syndicate member, one Obi Taxas, who is now at large, as part of his cut from the heist.

    Meanwhile, Justice Mohammed adjourned the matter to 16th and 17th July, 2020 for continuation of trial.

    One of the counts against the defendant read: “that you Onwuzuruike Ikenna Kingsley (aka Jeff Sikora) on or about the 28th day of December, 2019, at Umuahia, Abia State within the jurisdiction of this honourable court with intent to defraud did obtain the sum of $6,500,000.00 (Six million, Five Hundred Thousand United States Dollars) through web transfer from one Mr. Selah Elnagar Ali Ahmed, a citizen of the Arabic Republic of Egypt with the pretence that he is a beneficiary of Inheritance Funds in a fixed deposit account of Prime Trust Financial Bank, USA, a pretext you knew to be false and thereby committed an offence contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act”.

    Tobiloba Kolawole

  • Alleged N225M Fraud: SERAP, Budgit call on IGP as Senator Aduda’s loyalist threatens activist

    Alleged N225M Fraud: SERAP, Budgit call on IGP as Senator Aduda’s loyalist threatens activist

    By Tobiloba Kolawole

    The threat to the life of anti-corruption activist Garba Abdullahi over his role in exposing alleged misappropriation of N225 million constituency projects involving Senator Philip Aduda, representing the Federal Capital Territory (FCT) and the Federal Ministry of Water Resources has been condemned by the Socio-Economic Rights and Accountability Project (SERAP).

    The civil rights organization in a statement Tuesday urged Nigerian authorities including the Nigeria Governors Forum (NGF), Nigeria Police Force (NPF), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission and Federal Ministry of Water Resources (FMWR) to ensure the safety and security of Abdullahi.

    “We also urge authorities to promptly, thoroughly and transparently probe the alleged threats and bring to justice anyone suspected to be responsible”, SERAP demanded.

    The group reiterated the important role of activism IN checking corruption and executive recklessness in public office, which is backed by a United Nations (UN) Convention.

    “UN Convention against Corruption which Nigeria has ratified, recognises [in arts 5, 13 and 63] the important role activists play in the fight against corruption, impunity, and promotion of access to public services. They should never have to face threats to their safety or lives.”

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    Not loosing track of the uncovered corruption as alleged by Abdullahi, SERAP did not only challenged the relevant agency to investigate corruption allegations leveled against the Federal Ministry of Water Resources but to ensure that the suspects, including an undisclosed Senator are prosecuted.

    “We urge ICPC to promptly, thoroughly and transparently probe the alleged misappropriation involving @FMWRNigeria (Federal Ministry of Water Resources) and a Senator, find out where the public funds ultimately ended.

    “The ICPC should prosecute suspected perpetrators if there is relevant admissible evidence”, the group added.

    Trouble started for Garba Abdullahi, a community champion for Budgit, an independent civic organization when he shared a “Fraud Alert” article that implicated Senator Aduda and some officials of the Federal Ministry of Water Resources, which was initially posted on the organization’s Facebook page.

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    In a statement by the spokesperson for Budgit Tuesday, Iyanu Fatoba affirmed that Abdullahi has been reviewing threats since he shared the organization’s “Fraud Alert” article.

    While calling on the Inspector General of Police (IGP) for his intervention, Fatoba confirmed that the involvement of of Senator Aduda is true as her organization will not put out any unverified information.

    “We also maintain that we will not share false information with members of the public to incite misunderstanding between them and their representatives at any point. By issuing this press release, we are calling on The Inspector General of Police to investigate this issue and prevent any mishap from happening to any of our staff, community champions – Garba Abdullahi or affiliated persons” she stated.

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    Read Full Text by Budgit Below:

    Our attention has been drawn to a threat received by our community champion in Abuja as a result of a fraud alert post shared from our Tracka page to his Facebook page, sometime last week.

    The post, which was initially published on our Tracka page on the 30th of May, called out Senator Aduda and The Ministry of Water Resources for allegedly mismanaging financial resources to the tune of N225m and converting a public project into a personal project, by naming the constituency project after Jummai Aduda, Senator Aduda’s mother. The post which reads “Fraud Alert, Sen. Aduda aided by Min of Water Resources has converted a public project of N225M “mine.” The Constituency Project – gulped N100m (2016) N75m (2017) & N50m (2019) – is now JUMMAI ADUDA YOUTH CENTRE with engraved mother’s picture.” garnered several reactions from active citizens who joined BudgIT and Tracka in condemning the unacceptable and unconstitutional act.

    Following this post, Sunday Dogo Zaka – a loyalist to Senator Phillip Aduda issued a threat through his Facebook page that the Abuja South PDP youth forum would “take care” of him, after which we received a distress call from our Community champion, Garba Abdullahi. He claimed that he has been receiving calls from strange and unfamiliar people who also threatened his life. Another anonymous caller advised him to visit the Senator’s former aide because they plan to “do him something bad”. As we speak, our community champion, Garba Abdullahi, has gone into hiding as a result of these threats.

    As an organization, BudgIT, together with Tracka reaffirms our position that the naming of constituency projects is not left to the prerogative of the parties involved as there are laid down procedures to be followed when re-naming a project. This might have community inputs but the Honourable Senator is aware that there are laid down principles in re-naming a public project, as against what was stated in the Appropriation Act.

    We also maintain that we will not share false information with members of the public to incite misunderstanding between them and their representatives at any point. By issuing this press release, we are calling on The Inspector General of Police to investigate this issue and prevent any mishap from happening to any of our staff, community champions – Garba Abdullahi or affiliated persons.