Tag: Financial Crimes

  • EFCC Alleges Coordinated Media Campaign to Undermine Ongoing Investigations

    EFCC Alleges Coordinated Media Campaign to Undermine Ongoing Investigations

    Evidence compiled by Vanguard suggests the EFCC has raised an alarm over what it called a coordinated ‘campaign of calumny’ allegedly sponsored by suspects and other actors to discredit the agency and its leadership.

    The commission said the narratives are designed to frame investigations as politically motivated and to pressure the agency away from prosecutions and asset recovery efforts.

    EFCC officials urged the public to be cautious about unverified claims circulating online.

    **Echotitbits take:** Public smear campaigns often spike when investigations get close to sensitive targets. Watch for whether EFCC releases supporting details, and how institutions manage the balance between transparency and ongoing case integrity.
    Source: PmNews – https://pmnewsnigeria.com/2026/01/08/efcc-alleges-coordinated-smear-campaign-ahead-of-2027-elections/ 2026-01-08

    Photo Credit: PmNews

  • EFCC arraigns Malami, wife, son over alleged ₦8.7bn money laundering

    EFCC arraigns Malami, wife, son over alleged ₦8.7bn money laundering

    2025-12-31 08:49:00

    In a report carried by PUNCH, the EFCC has arraigned former Attorney-General Abubakar Malami alongside his wife and son in an Abuja court over alleged ₦8.7bn money laundering, with proceedings focusing on the agency’s stated charges and the defendants’ responses.

    The case is one of the most politically sensitive anti-graft developments of the period, given Malami’s former role at the centre of federal legal and justice architecture.

    Beyond courtroom drama, the prosecution’s ability to present clean money trails—and the defence’s ability to challenge them—will shape how the public reads the credibility of the anti-corruption push.

    Validation: EFCC said “a 16-count charge bordering on conspiracy… and laundering proceeds of unlawful activity.” and Premium Times reported “conspired to disguise the origin of funds… in violation of the Money Laundering… Acts.”

    Echotitbits take: This is a test-case for high-profile prosecution quality—paperwork, evidence integrity, and judicial pace. Watch adjournments, bail terms, and whether related asset actions (if any) emerge.

    Source: The Punch — 31 December 2025 (https://punchng.com/money-laundering-malami-wife-son-to-spend-new-year-in-prison/)

    The Punch 31 December 2025

    Photo Credit: The Punch

  • Former AGF Malami Arraigned as EFCC Intensifies High-Profile Probes

    Former AGF Malami Arraigned as EFCC Intensifies High-Profile Probes

    2025-12-30 16:00:00

    In a report by Vanguard, the EFCC arraigned former Attorney‑General Abubakar Malami on money‑laundering allegations tied to claims of asset acquisitions and concealment of funds.

    The report said prosecutors outlined an alleged scheme involving co‑defendants and corporate structures used to disguise the origin of money and acquire properties indirectly.

    The case is part of a broader anti‑corruption drive targeting former senior officials and testing the strength of Nigeria’s asset‑tracing and prosecution process.

    Premium Times reported that the EFCC alleges Malami and others conspired to “disguise the origin of funds” and acquire properties indirectly. TVC News highlighted a specific allegation that the defendants used a company “to conceal the unlawful source of over N1.014 billion.”

    Echotitbits take: High‑profile cases rise or fall on evidence discipline and process integrity. Watch the court’s posture on compliance, the asset‑tracing trail, and whether prosecutors keep the case tight enough to survive procedural challenges.

    Source: Vanguard — December 30, 2025 (https://www.vanguardngr.com/2025/12/efcc-arraigns-malami-today-for-money-laundering/)

    Vanguard 2025-12-30

    Photo Credit: Vanguard

  • Diaspora fraud case: Nigerian among six charged in $41m US stock manipulation probe

    Diaspora fraud case: Nigerian among six charged in $41m US stock manipulation probe

    Photo credit: The Punch

    2025-12-22 09:00:00

    A report by *The Punch* says US authorities have indicted a Nigerian and five others over an alleged $41 million insider trading and market manipulation scheme spanning multiple deals and tactics.

    The allegations include using material non-public information, creating misleading narratives for investors, and manipulating stocks linked to healthcare/biopharma names—according to the prosecutorial outline.

    If proven, the case underscores how cross-border financial crimes often blend insider access, digital coordination, and rapid trading to move money before investigators can react.

    For diaspora communities, such prosecutions can carry reputational spillover—especially when defendants are described as dual nationals and the story spreads widely on social platforms.

    The US Department of Justice press release quoted prosecutors saying the defendants engaged in “insider trading and market manipulation on a massive scale,” while the related court complaint states they “did knowingly and intentionally conspire… to commit securities fraud.”

    **Echotitbits take:** This is a reminder that global finance enforcement is increasingly data-driven and cross-jurisdictional. Watch for whether SEC civil actions follow, asset-freeze efforts expand, and whether any defendants fight extradition or challenge evidence chains.

    Source: The Punch — December 22, 2025 (https://punchng.com/nigerian-five-others-indicted-in-41m-us-stock-market-fraud/)

  • ICPC says it recovered ₦37.4bn and $2.35m through forfeitures in 2025

    ICPC says it recovered ₦37.4bn and $2.35m through forfeitures in 2025

    2025-12-15 03:57:00

    According to The Punch, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it recovered about ₦37.44bn and $2.35m in 2025 through seizures and forfeitures.

    The report frames the figure as part of the commission’s asset recovery efforts, reflecting a focus on tracing proceeds and enforcing forfeiture orders.

    Anti-graft recoveries are often followed by questions about how forfeited assets are managed and whether recovered sums are transparently remitted to government accounts.

    Analysis/Echotitbits take: Beyond headline totals, the public interest is in traceability and impact—where the assets went, how they’re valued, and how proceeds are applied. Watch for detailed breakdowns, court orders, and any inter-agency coordination updates with EFCC/CCB.

    Source: The Punch — December 15, 2025 — https://punchng.com/icpc-recovers-n37-4bn-2-35m-in-2025/

    Photo credit: The Punch

    The Punch https://punchng.com/icpc-recovers-n37-4bn-2-35m-in-2025/ December 15, 2025

  • Akwa Ibom Court Hands 10-Year Terms in ₦67.51m Forex Scam

    An Akwa Ibom State High Court in Uyo sentenced two men to 10 years’ imprisonment over a failed forex transaction linked to ₦67.51m. The court held that the prosecution proved counts including obtaining by false pretence and stealing.

    The case underscores renewed judicial focus on financial fraud and abuse of trust in banking-linked transactions.

    2025-12-10

    Vanguard

    2025-12-10

  • EFCC Alleges Arik Funds Used to Float NG Eagle

    EFCC Alleges Arik Funds Used to Float NG Eagle

    At the Special Offences Court in Ikeja, the EFCC presented documents alleging that funds linked to Arik Air were used to float NG Eagle Airlines. The trial involves former AMCON officials and corporate entities.

    The matter was adjourned into early January 2026 for continuation of proceedings.

    Source: Vanguard, 2025-12-09

  • EFCC: Adeherself, ‘internet fraud picker’ and Social media influencer, charged to court

    EFCC: Adeherself, ‘internet fraud picker’ and Social media influencer, charged to court

    A self-acclaimed social media influencer, Adedamola Adewale Rukayat, also known as Adeherself has been arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Sherifat Solebo of the Special Offence Court sitting in Ikeja, Lagos on one-count charge of possession of fraudulent documents.

    In a statement Tuesday morning, the EFCC Tuesday, the defendant was arrested following intelligence received by the Commission on the activities of some young men allegedly involved in internet fraud in the Lekki axis of Lagos State.

    The count read: “That you, Adewale Adedamola Rukayat, on or about the 15th day of June, 2020 in Lagos, within the jurisdiction of this honourable court, with intent to defraud, had in your possession documents titled “WhatsApp”, which representations you knew or ought to have known, was false and thereby committed an offence contrary to Section 6 (8)(b) and 1 (3)(d) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006”.

    Adewale however, pleaded not guilty to the charge. In view of her plea, prosecution counsel, S.O. Daji, asked the court for a trial date and also prayed that she be remanded in the custody of the Nigerian Correctional Service (NCS).

    The defence counsel informed the court of a bail application for his client and also prayed for a short date to enable its hearing.

    Justice Solebo adjourned the matter to July 13, 2020 for hearing of the bail application and also ordered the defendant to be remanded in the EFCC custody.

    In June, Adeherself, 20, and her accomplice, Lamina Hamzat Ajibola were arrested for internet fraud at the Agungi area of Lekki, Lagos State.

    Their arrest was said to be sequel to intelligence linking them to online fraudulent activities with two brothers, Lasisi Wasiu Adeleke and Lasisi Riliwan Adeniyi, who are at large.

    “They were arrested at a four-bedroom duplex belonging to the two run-away fraudsters,” EFCC said.

    The antigraft body said during interrogation, Adewale (Adeherself) confessed to being a ‘picker’ in cyber fraud.

    The commission said the model usually posed as a lady to hoodwink her foreign “preys”.

    EFCC listed items recovered from the suspects to include two Toyota Camry 2009 model cars, and a sum of N9,000,000.00 (Nine Million Naira only), which was found in Adewale’s account.