Tag: efcc

The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 suspects linked to investment and cryptocurrency-related fraud.

The Commission’s Chairman, Ola Olukoyede, represented by the Director of Public Affairs, Wilson Uwujaren, announced this on Thursday in Abuja during a press briefing to commemorate his second anniversary in office.

Olukoyede said the syndicate included 192 foreign nationals who were arrested alongside their Nigerian counterparts and prosecuted for cyberterrorism and cryptocurrency fraud.

“Another notable arrest and prosecution was the case of 792 investment and cryptocurrency fraud suspects apprehended in a sting operation in Lagos in December 2024. The syndicate included 192 foreigners, who have since been prosecuted for cyber-terrorism and cryptocurrency fraud and deported,” he stated.

He stressed that the development sends a strong message that Nigeria will not serve as a haven for international cybercriminals.

“This development conveys the message that Nigeria will not tolerate foreigners turning it into a safe haven for cybercrimes,” he added.

According to data released by the EFCC, the agency received 19,318 petitions, carried out 29,240 investigations, filed 10,525 cases in court, and secured 7,503 convictions between October 2023 and September 2025.

Olukoyede noted that these figures reflect the commission’s intensified focus on complex financial crimes, including cyberfraud, investment scams, and money laundering.

The EFCC chairman also revealed that the Commission secured the forfeiture of 1,502 real estate assets in two years, comprising 402 in 2023, 975 in 2024, and 125 so far in 2025.

He highlighted two major forfeited properties: 753 duplex units in Lokongoma, Abuja, and Nok University, which has since been renamed Federal University of Applied Sciences, Kachia, Kaduna State.

“The total forfeited real estate assets in two years is 1,502 properties, comprising 402 in 2023, 975 in 2024, and 125 so far this year. The recovered property includes two notable landmarks: the final forfeiture of 753 units of duplexes in Lokogoma, Abuja, and the forfeiture of Nok University, now Federal University of Applied Sciences, Kachia, Kaduna State,“ he said.

Olukoyede further disclosed that the commission recovered ₦566.3 billion and several foreign currencies within the two years.

“Under my watch, the Commission recovered ₦566,319,820,343.40, $411,566,192.32, £71,306.25, €182,877.10, CAD $5,510.00, AUD $740.00, ¥89,859.00, ₹1,300.00, CFA 8,381,375.00, AED 70.00, SAR 310,265.00, GH₵ 225.00, R 50.00 and ₩73,000.00,” he said.

He stressed that the EFCC remains committed to combating cyber-enabled crimes and recovering stolen assets to strengthen public trust and restore integrity to Nigeria’s financial system.

Over the past three years, Nigeria has witnessed a surge in investment and cryptocurrency-related fraud, with victims losing billions of naira to online trading schemes and digital asset scams.

Many of these schemes, often disguised as legitimate investment platforms, promise unrealistic returns and leverage social media to attract unsuspecting Nigerians.

Operatives of the EFCC Kaduna Zonal Directorate have arrested Abdulazeez Gbadebo, station manager of Emadeb Energy Service Limited, for allegedly diverting funds and committing a criminal breach of trust amounting to N500 million.

According to a statement posted on its social media handle, the EFCC said Gbadebo’s arrest followed a petition alleging that it discovered through external audit that the suspect illegally diverted and sold bulk petrol to customers by manipulating the pump meters and diverting N500 million that accrued from the fraud to his personal bank account.

The EFCC said the investigations carried out by the Commission revealed that the suspect sold bulk petrol and diesel to different individuals and received payments through his private bank accounts.

Items recovered from him include an ash-coloured Mercedes Benz, an ash-coloured mini cooper, a green-coloured mini cooper, an ash-coloured mini cooper and a white Mercedes Benz GLK. Others were one original authorisation letter from Kaduna Geographical Information System (KADGIS), a certificate of occupancy with file number, KDL 328159, one three bedroom fully detached bungalow and three landed properties.

The EFCC added that the suspect will be charged to court as soon as investigations were concluded.

Economic and Financial Crimes Commission (EFCC) has been urged to publish an interim report on its investigation into the alleged $4 billion fraud tied to the abandoned rehabilitation of the Port Harcourt, Warri, and Kaduna refineries.

Anti-corruption crusaders, under the aegis of Concerned Nigerians for Transparency and Justice, CNTJ, made the demand in a statement on Wednesday.

A probe was reportedly launched into the inconclusive rehabilitation projects about six months ago but the outcome of the investigation is yet to be disclosed.

Calling for an update on the probe, the stakeholders said six months is sufficient for Nigerians to be informed about the progress of the probe and any funds recovered.

CNTJ, in a statement signed by Comrade Obinna Francis and Adamu Musa, insisted on the transparency of the probe efforts.

The statement noted that the refineries have failed to produce at full capacity despite high-profile commissioning ceremonies which promised an end to fuel imports.

CNTJ pointed to the severe economic implications of the alleged mismanagement, noting that the $4 billion — equivalent to trillions of naira — could have funded critical sectors like healthcare, education and infrastructure.

The stakeholders argued that continued dormancy has exacerbated the soaring fuel prices and attendant high level of inflation in the country.

They made reference to yet to be confirmed claims that $1 billion was diverted to finance the All Progressives Congress, APC, 2023 election campaign, potentially violating provisions of the Electoral Act 2022.

CNTJ insisted that the EFCC must address the allegation and other questions surrounding the alleged $4 billion expenditure, including who authorized disbursements and whether there funds were laundered.

“We write as a civic coalition deeply invested in promoting accountability and protecting public resources. Corruption, when left unchecked, undermines democracy and impoverishes millions of Nigerians,” the statement said, pointing to the “public outcry over the alleged embezzlement of $4 billion, with the refineries remaining idle despite promises of restored functionality, leaving citizens questioning where the money went”.

Commending the EFCC for launching the probe, CNTJ however stressed that Nigerians deserve a detailed update on the investigation’s progress to maintain trust in the anti-corruption agency.

CNTJ described the probe as a critical test of EFCC’s commitment to accountability, especially given its recent handling of high-profile cases like that of former Kogi Governor Yahaya Bello.

It argued that the $4 billion fraud is not an abstract issue but a direct contributor to Nigeria’s economic woes, with the Minister of Finance admitting struggles to fund the national budget.

The missing funds, according to CNTJ, could have alleviated severe hardship faced by Nigerians, pccasioned by hike in transport fares and soaring food prices.

The statement added, “The controversy over the refinery rehabilitation fund cuts to the heart of Nigeria’s current economic crisis. At current exchange rates, the missing $4 billion translates into several trillions of naira — enough to finance substantial portions of the federal budget, pay down debts, and provide direct relief to millions of suffering families.

“If $1 billion went into campaign activities, then Nigerians must be told: what became of the remaining $3 billion? Who authorised such disbursements? Into whose accounts were these sums transferred?”

CNTJ warned that failure to provide clarity risks eroding public confidence in governance, particularly at a time when Nigerians are bearing the brunt of economic mismanagement.

“We urge the EFCC to release an interim report, or at least a detailed public briefing, outlining the findings to date. Such a report should clarify how much of the $4 billion was disbursed, who received it, and what results have been achieved.

“Particular attention should be given to tracing the alleged $1 billion campaign donation and the other $3 billion in question,” the statement added, stressing that where credible evidence of wrongdoing is found, those indicted should be charged to court without delay.