EFCC alerts Nigerians on 58 illegal Ponzi schemes
The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians on the activities of 58 companies operating illegal Ponzi schemes as investment opportunities. The alert is contained in a statement issued by the EFCC Spokesperson, Dele Oyewale, in Abuja. The commission said that the companies were neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC), hence, making their operations illegal. The commission said it has taken legal action against many of the entities, leading to the conviction of five, while another five have pleaded guilty and are awaiting further judicial processes. The commission listed the companies as Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Ltd., Titan Multibusiness Investment Ltd., Brickwall Global Investment Ltd., and Farmforte Ltd. & Agro Partnership Tech. Others are Green Eagles Agricbusiness Solution Ltd., Richfield Multiconcepts Ltd., Forte Asset Management Ltd., (Biss Networks Nigeria Ltd., S Mobile Netzone Ltd., Pristine Mobile Network), and Letsfarm Integrated Services. Others are Bara Finance & Investment Ltd., Vicampro Farms Ltd., Brooks Network Ltd., Gas Station Supply Services Ltd., Brass & Books Ltd., (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Ltd.) and Crowdyvest Ltd. Also listed are Jadek Agro Connect Ltd., Adeeva Capital Ltd., Oxford International Group and Oxford Gold Integrated; Skapomah Global Ltd., MBA Trading & Capital Investment Ltd., TRJ Company Ltd.; and Farm4Me Agriculture Ltd. Others are Quintessential Investment Company, Deprinz Global Enterprises, Rockstar Establishment Ltd., SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, and Globertrot Farmsponsors Nig. Ltd. The commission also listed Farm Sponsors Ltd.; Cititrust Credit Ltd., Farmfunded Agroservices Ltd.; Adamakin Investment & Works Ltd.; ititrust Holding PLC; Green Eagles Agribusiness Solutions Ltd.; and Chinmark Homes & Shelters Ltd. Others are include Emerald Farms & Consultant Ltd.; Ovaioza Farm Produce Storage Ltd.; Farm 360 & Agriculture Company; Requid Technologies Ltd.; West Agro Agriculture & Food Processing Ltd. Others are NISL Ventures Ltd. & Estate of Laolu Martins; XY Connect Investment Ltd.; River Branch Unique Investment Ltd.; Hallmark Capital Ltd.; CJC Markets Ltd.; Crowd One Investment; and Farmkart Foods Ltd. The commission also listed KD Likemind Stakeholders Ltd.; Holibiz Finance Ltd.; Ifeanyi Okpe Oil & Gas Services; Servapps Nigeria Ltd.; Barrick Gold Mining Company and 360 Agric Partners Ltd. The anti graft agency assured the public of its continued vigilance in monitoring financial activities across the nation. The commission said it remains committed to identifying and prosecuting opportunistic and predatory operators who exploit unsuspecting investors. It advised Nigerians to exercise caution when investing and verify the legitimacy of investment firms through appropriate regulatory agencies before engaging in any financial transactions.
EFCC Questions Ex-Minister Over Alleged N138m Fraud
Controversial erstwhile Minister of Women Affairs, Uju Kennedy-Ohanenye has been taken into custody by the Economic and Financial Crimes Commission (EFCC) over allegation of stealing N138million. The anti-graft agency accused her of breaching procurement rules and diverting public funds while distributing the ministry’s 2023 budget. Kennedy-Ohanenye arrived at the EFCC headquarters in Abuja on Thursday around 11 a.m. and was still being questioned as of the time of this report. Sources within the commission claim that donations meant for the P-Bat Cares for Women Initiative were allegedly diverted for personal use. She has not been granted administrative bail, and investigations are ongoing. The former minister was among five cabinet members dismissed by President Bola Tinubu in October 2024. Before her removal, she had faced scrutiny from a House of Representatives committee over an alleged N1.5 billion debt owed to contractors. Lawmakers accused the ministry of awarding contracts outside the approved 2023 budget and diverting funds meant for contractor payments. The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) is also looking into the ministry’s handling of funds. The former minister has denied any wrongdoing, stating in previous interviews that she was not under investigation for fund misappropriation.
EFCC takes former Abia Gov, son, and three others to court
The Economic and Financial Crimes Commission (EFCC) has taken former Abia State Governor, Senator Theodore Orji, his son, Chinedum Orji, and three others to court over alleged mismanagement of public funds. The case was heard at the Abia State High Court on Friday. The EFCC accused them of conspiracy and misuse of billions of naira meant for state development. Others charged alongside them include former Finance Commissioner Dr. Philip Nto, former Director of Finance Romanus Madu, and a contractor, King Obioma. READ ALSO: National Sports Festival: FCT dominates north Central zonal qualifier The charges, filed in October 2024, include allegations of misusing N22.5 billion security funds between 2011 and 2015, N2 billion meant for small and medium enterprises from the Central Bank, and N12 billion from the Paris Club refund. They were also accused of misusing N13 billion from a loan granted to the state by the former Diamond Bank. During the court session, all the defendants denied the charges. The judge granted them bail at N50 million each and set the next hearing for June 18 and 19, 2025, when the EFCC will present its case. One of the defence lawyers described the charges as excessive but expressed satisfaction that the court granted bail. The EFCC now has the responsibility of proving the allegations against the accused persons when the trial resumes.
Foreign fraud rings spreading tentacles in Nigeria – EFCC warns
The EFCC has raised concerns over the growing presence of foreign fraud syndicates in Nigerian cities. According to its chairman, Ola Olukoyede, these criminal groups are recruiting young Nigerians into cybercrime, particularly cryptocurrency fraud. During a meeting with participants of the Executive Intelligence Management Course (EIMC) at the National Institute for Security Studies (NISS), Olukoyede revealed that these syndicates are not only engaging in online scams but may also be involved in smuggling weapons into the country. READ ALSO: Ochaigede and the lost vision: a community relations revelation He stressed that the illegal flow of arms and minerals is fueling insecurity. Recent EFCC operations in Lagos led to the arrest of 194 foreigners from various countries, including China, the Philippines, Tunisia, and Eastern Europe. Many of them lacked valid visas and were conducting financial transactions primarily through cryptocurrency. Some of those arrested were already convicted criminals in their home countries who had fled to Africa for refuge. Investigations suggest that similar fraud networks are developing in other African nations. The EFCC has called for stronger collaboration among security agencies across Africa to tackle cybercrime and money laundering. The agency stressed that addressing these threats is crucial for national and regional security. READ ALSO: Would Abiola have attended the conclave for Babangida? Meanwhile, the National Institute for Security Studies commended the EFCC’s efforts in fighting corruption and financial crimes. It acknowledged the agency’s role in uncovering hidden financial networks used to fund non-state actors, contributing to instability in Nigeria and beyond. The EFCC remains committed to dismantling these criminal networks and ensuring accountability.
Court Refuses Bail for Yahaya Bello in N110 Billion Case
…The EFCC counters his bail application, based on the argument that it was ill-timed and violated legal standards. The Federal Capital Territory High Court in Abuja has declined the bail request of Yahaya Bello, a former Kogi State governor, citing procedural lapses in the application process. Justice Maryanne Anenih ruled that the application was submitted prematurely, as it was filed before Bello’s arraignment or his formal custody. Bello, charged alongside two others by the Economic and Financial Crimes Commission (EFCC) in a case involving alleged laundering of N110 billion, appeared in court after his November 26 arrest. The bail request, submitted on November 22, predates his November 27 arraignment, rendering it invalid under procedural guidelines. ALSO READ: Do not Insult the Sensibilities of Nigerians Rather, Be Thankful that Buhari, Tinubu Did Not Ptobe You – Osita Okechukwu Blasts PDP While Bello’s legal team argued for his release, claiming he posed no risk of absconding, the EFCC countered that the timing of the application violated legal standards. The court upheld the EFCC’s position, rejecting Bello’s bail. In contrast, the second defendant, Umar Oricha, was granted bail on stringent conditions, including a bond of N300 million and property guarantees in Abuja. Until these terms are met, Oricha will remain in custody.
EFCC Denies finding $800m and ₦700b in Bello El-Rufai’s Home
The Economic and Financial Crimes Commission (EFCC) has urged the public to disregard the claim that it uncovered a stock of cash in the kaduna home of Honorable Bello El Rufai. Describing it as “baseless and misleading”, the commision said it is totally untrue that its operatives found a stock of cash totalling $800million and N700billion. It also denies the claim of discovering drugs valued N1trillion at the Kaduna residence of Bello, the son of Malam Nasir El Rugai, the former governor of Kaduna state. In a statement shared on its official Facebook page, the commission labeled the reports as baseless and misleading. Bello El Rufai who is currently serving as a member of the House of Representatives has also dismissed the story as completely untrue. He clarified that he does not own any private residence in Kaduna aside from his family home in Unguwar Sarki, where he has lived since childhood. He described the accusations as an intentional act to tarnish his image and spread confusion among the public. It was claimed in the rumour that these discoveries were made during an operation in Kaduna State, sparking widespread public reactions. The EFCC has urged citizens to disregard the false information.
Game up: Yahaya Bello is abandoned by Beauty Queens and Movie Stars – Shehu Sani
Power is transient, so Senator Shehu Sani, a social critic and human rights activist, seems to say as he mocks former associates of Yahaya Bello who have abandoned him in his time of need. In his heydays as governor, it was common on social media to see celebrities displaying pictures they took with the Kogi State governor. Now that Yahaya Bello is having his day in court and grappling with the anticorruption agencies and the police, coupled with the arm-twisting, mugshots and all, the Senator is asking: where are the celebrities, the sportsmen and women who flock to the governor regularly at Lugard House, Lokoja? Taking to his verified X (Twitter) account, Senator Sani said, “All those Sportsmen, Beauty Queens and Movie Stars who used to visit Lokoja have now abandoned the White Lion.” Senator Sani labelled them “Fairweather” friends who will be with you when the going is good because of what they are benefitting. The former Kogi State Governor, Yahaya Bello is standing trial at the Federal High Court, Abuja, on multiple charges of money laundering, fraud and mismanagement of public funds totalling over N200 billion. READ ALSO: Bauchi Lawmaker Suspended over Alleged Misconduct
More Drama as Yahaya Bello’s Fraud Trial Resumes
The trial of Yahaya Bello, the immediate past governor of Kogi State finally got off to a dramatic start today as the trial Justice Maryann Anenih bolted out of the courtroom at some point due to the surging crowd that accompanied the ex-governor. How it occurred that agents of the law could not maintain order in the Federal High Court remains inexplicable but it took the intervention of the Mr. Bello himself to bring calm to the courtroom as he prevailed on his crowd of supporters to vacate the courtroom. READ ALSO: Tinubu, Wife Depart for Three-Day France Visit Today At the resumption of proceedings, the former Kogi State Governor, denied the charges of financial fraud leveled against him by the Economic and Financial Crimes Commission (EFCC). Appearing before Justice Maryann Anenih at the Federal High Court in Maitama, Abuja, Bello and his two co-defendants, Umar Oricha and Abdulsalami Hudu, were confronted with a series of serious allegations of embezzlement involving ₦110 billion. The court heard that Bello and his associates were accused of criminal conspiracy, breach of trust, and the possession of stolen property. The charges are linked to accusations of embezzling state funds, which were allegedly used to acquire a series of high-value properties across Nigeria and beyond. PLEASE READ: CBN Rate Hike, Trump’s Tariffs Unchanged Naira’s Fortune in the Black Market Bello, who had been elusive in the weeks leading up to the trial, surrendered to the EFCC just a day before the court appearance, amid reports of his avoidance of authorities. Dressed in a traditional white caftan and blue cap, he entered the dock to formally respond to the charges in the case, which the EFCC has termed CR/7781. The list of properties tied to the accused includes real estate in Abuja, such as a building in Maitama valued at ₦950 million, a property in Gwarimpa worth ₦100 million, and another mansion in Asokoro priced at ₦920 million. Other properties are located in areas like Wuse Zone 4 and Dubai, including a hotel apartment valued at over 5 million dirhams. Additionally, the EFCC claims that Bello and his co-defendants were involved in transferring substantial amounts of money abroad, including $570,330 and $556,265 to a US-based bank. The investigation also uncovered that they were in possession of ₦677.8 million linked to an illicit business, Bespoque Business Solution Limited. Bello’s trial has sparked considerable attention, and the outcome of the proceedings could have serious ramifications for the former governor, who served as Kogi’s leader for two terms. The case continues to unfold, with the EFCC determined to recover the allegedly misappropriated funds. READ ALSO: PH Refinery, Tinubu Celebrates Restart, Urges Action on Others
EFCC Siezes Okowa’s Passport
The Economic and Financial Crimes Commission (EFCC) has seized the international passport of Ifeanyi Okowa, former Delta State Governor, amid investigations into an alleged misappropriation of N1.3 trillion. The funds, linked to the 13% oil derivation allocation from 2015 to 2023, reportedly lacked proper accounting under his administration. Okowa, who also faces allegations of investing N40 billion in UTM Floating Liquefied Natural Gas and acquiring an 8% equity stake in a major Nigerian bank, was taken into custody on November 4, 2024. He has since been granted bail, with a requirement to submit his travel documents to the EFCC as investigations continue. The agency is scrutinizing these transactions for potential mismanagement, as they aim to prevent any attempt to evade justice. Okowa has denied the accusations, attributing them to political motives, and expressed confidence in clearing his name. The EFCC’s probe into Okowa’s administration has reignited public discourse on the financial accountability of former governors.
Ex-Delta Gov Ifeanyi Okowa Opens Up After EFCC Detention
Former Delta State Governor, Ifeanyi Okowa, has denied any fraudulent activity following his recent detention by the Economic and Financial Crimes Commission (EFCC). In a statement from his media aide, Olisa Ifeajika, Okowa emphasized that the EFCC had failed to establish any evidence of wrongdoing against him. Addressing the recent allegations involving the diversion of N1.3 trillion from oil derivation funds, Okowa dismissed the claims as “ludicrous” and “outlandish.” He clarified that he had voluntarily reported to the EFCC office in Port Harcourt to clear his name and respond to petitions filed by what he described as “disgruntled elements.” “The EFCC has not established any case against Dr. Okowa,” he stated, stressing that these accusations were based on “unsubstantiated claims” from individuals with “malicious, myopic, and prejudiced” motives. Okowa further pointed out that these same allegations had been raised during his tenure as governor. The former governor also refuted accusations of misappropriating state resources, which included claims of acquiring an 80% stake in Premium Trust Bank and diverting funds for housing estates in Asaba and Abuja, as well as two hotels. Okowa emphasized his commitment to transparency and the integrity of his actions while in office. With the EFCC inquiry ongoing, Okowa reiterated that he had nothing to hide and continues to seek justice and clarification.