Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission have arrested five suspected fraudsters, described as herbalists, over the alleged possession of counterfeit foreign currencies valued at $3.43m and €280,000 in Osun and Lagos states.

The suspects were arrested on December 7 and 8, 2025, at their shrines in Osun and Lagos states following intelligence-led surveillance.

Those arrested were identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan and Familola Sunday Olaitan.

According to the EFCC, the suspects allegedly defrauded a victim, Halima Sanni, of N26.55m under the pretence of offering spiritual cleansing and remedies for various ailments.

 

“They deceived unsuspecting members of the public with claims of supernatural powers to conjure huge sums of money, which they insisted must undergo spiritual cleansing by a genie before it could be spent,” the commission said in a statement signed by its Head of Media and Publicity, Dele Oyewale.

The anti-graft agency added that the suspects allegedly hypnotised their victims to part with money for the purported rituals.

Items recovered from the suspects included two exotic vehicles and mobile phones.

The EFCC said the suspects would be charged to court upon the conclusion of investigations.

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The Economic and Financial Crimes Commission on Tuesday arraigned a former Minister of Labour and Productivity, Dr Chris Ngige, before Justice Mariam Hassan of the Federal Capital Territory High Court, Gwarinpa, on an eight-count charge bordering on alleged abuse of office and corrupt enrichment.

Ngige, a former governor of Anambra State, arrived at the court premises at about 8:10am in the company of EFCC operatives ahead of his formal arraignment.

In the charge marked FCT/HC/CR/726/2025, filed on December 9 and dated October 31, the former minister was listed as the sole defendant. The prosecution team was led by Sylvanus Tahir (SAN).

According to the EFCC, the alleged offences were committed during Ngige’s tenure as Minister of Labour under the administration of former President Muhammadu Buhari, particularly in his capacity as the supervising minister of the Nigeria Social Insurance Trust Fund.

Alleged Contract Awards

In count one, the anti-graft agency accused the ex-minister of using his office between September 2015 and May 2023 to confer an “unfair advantage” on Cezimo Nigeria Limited, owned by Ezebinwa Amarachukwu Charles, described as his associate.
Ngige allegedly facilitated the award of seven consultancy, training, and supply contracts worth ₦366,470,920.68 to the firm.

Count two alleged that he used his position to similarly benefit Zitacom Nigeria Limited, owned by the same associate, by approving eight NSITF contracts valued at ₦583,682,686.

In count three, Ngige was accused of favouring Jeff & Xris Limited, owned by Nwosu Jideofor Chukwunwike, with eight contracts allegedly totalling ₦362,043,163.16.

Count four claimed he used his office to award four NSITF consultancy, training, and construction contracts to Olde English Consolidated Limited, linked to his associate, Uzoma Igbonwa, valued at ₦668,138,141.

Similarly, in count five, Ngige was alleged to have conferred an unfair advantage on Shale Atlantic Intercontinental Services Limited, also linked to Igbonwa, with four contracts worth ₦161,604,625.

The EFCC said the actions violated Section 19 of the Corrupt Practices and Other Related Offences Act, 2000.

Alleged Corrupt Gifts

In counts six to eight, the former minister was accused of receiving financial gifts totalling ₦119,783,000 from three firms that were contractors to NSITF:

₦38,650,000 from Cezimo Nigeria Ltd, paid into the Senator Chris Ngige Campaign Organisation account.

₦55,003,000 from Zitacom Nigeria Ltd, paid into the Senator Chris Ngige Scholarship Scheme account.

₦26,130,000 from Jeff & Xris Ltd, also channelled through the scholarship scheme.

The EFCC alleged that the payments were made while Ngige was performing his official duties as Minister of Labour and Employment—an offence said to contravene Section 17(a) of the Corrupt Practices and Other Related Offences Act, 2000, and punishable under Section 179(c) of the same Act.

The former minister is expected to take his plea when the matter is called.

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In a strongly worded statement issued on Wednesday, the apex capital market regulator described the digital assets as unauthorised crypto schemes with no legal backing or regulatory approval in Nigeria.

According to the Commission, neither the promoters nor issuers of Zugacoin and Samzuga GPT are registered to operate in any capacity within the Nigerian capital market.

“Preliminary investigations revealed that Zugacoin and Samzuga GPT are meme coins,” the SEC said. “Meme coins generally have no use case, intrinsic value, or tangible projects backing them.”

The regulator added that the only perceived value of such coins often stems from aggressive promotion by their creators or community hype, making them prime candidates for “pump-and-dump” fraud — a deceptive scheme where promoters artificially inflate the price of a coin through misleading information before dumping it at peak value, leaving unsuspecting investors with massive losses.

“Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” the SEC warned.

The Commission urged members of the public to avoid engaging in the purchase or promotion of Zugacoin, Samzuga GPT, or any similar crypto assets, noting that anyone who chooses to invest in such schemes does so entirely at their own risk.

To further safeguard investors, the SEC advised the public to always verify the legitimacy of any virtual, crypto, or digital assets and their promoters through its official platforms:

https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/

www.sec.gov.ng/cmos

This warning is the latest in the SEC’s ongoing crackdown on fraudulent digital asset operations targeting unsuspecting Nigerians amid a rise in crypto-related scams.

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In a dramatic turn of events, EFCC operatives intercepted Audu as he stepped out of the court premises on Thursday. The anti-graft officers swiftly bundled him into a waiting white van and whisked him away, while his co-defendants were led off by correctional officers.

Audu, alongside two Chinese nationals, Huang Haoyu and An Hongxu, as well as their company, Genting International Ltd, is facing a 12-count charge bordering on cybercrime. The trio was arraigned before Justice Daniel Osiagor on Monday, March 17, and returned to court on March 20 for their bail hearing.

Despite being granted bail, Audu’s troubles deepened as EFCC officials moved in swiftly. The court had granted him bail in the sum of N50 million, with two sureties—one being a serving director in Nigeria, and the other a Lagos-based property owner willing to surrender title documents to the court. Until these conditions are met, Audu was to remain in correctional custody.

However, his alleged accomplice, Huang Haoyu, was not as fortunate. The court denied his bail application, ruling that his residence status in Nigeria was unclear and that he posed a flight risk. The third defendant, An Hongxu, did not apply for bail and was remanded in custody.

Justice Osiagor adjourned the trial to May 2, 2025.

How It All Started

The EFCC’s case against Audu and his co-defendants stems from a December 2024 sting operation that led to the arrest of 193 foreigners and several Nigerians linked to a sophisticated cyber-fraud network.

According to the prosecution, Audu allegedly spearheaded the recruitment of young Nigerians into the syndicate, which engaged in cyber fraud, cryptocurrency scams, and illicit financial dealings. The EFCC further alleged that the group conspired with one Dualiang Pan (still at large) to access computer systems designed to destabilize Nigeria’s economic and social structure.

The defendants were accused of using young Nigerians to impersonate foreign nationals in online scams, defrauding unsuspecting victims of millions of dollars. Investigators also linked them to a staggering ₦3.4 billion fraud, with proceeds traced to the Union Bank account of Genting International Ltd.

Other fraudulent transactions flagged in the case include:

• The illegal retention of $1.2 million in a crypto wallet by one Chukwuemeka Okeke.
• A similar retention of $1.3 million by Alhassan Garba and Ifesinachi Jacobs.
• Suspicious transfers of ₦106 million and ₦913 million to an account controlled by Dualiang Pan.
• Unofficial foreign exchange dealings worth over ₦2 billion, allegedly conducted outside the Central Bank of Nigeria’s approved system.

The EFCC maintained that these activities violated multiple provisions of the Cybercrime (Prohibition) Act 2015, the Money Laundering Act 2021, and the Foreign Exchange Monitoring Act 2004.

Battle for Bail

During Thursday’s proceedings, EFCC prosecutor Bilikisu Buhari-Bala opposed bail for the defendants, arguing that they were flight risks and key players in an extensive cybercrime syndicate. She pressed for an accelerated trial instead.

Defense counsels, however, pleaded for leniency. Senior Advocate of Nigeria (SAN) Emeka Okpoko, representing the first defendant, urged the court to grant his client bail on “liberal terms.” Similarly, Clement Onwuenwunor (SAN), who represented Audu, pushed for his client’s release under favorable conditions.

Despite the court’s decision to grant Audu bail, his freedom was short-lived as EFCC officials quickly stepped in to rearrest him, a move that hints at fresh charges or an ongoing investigation.

With the case now set for trial on May 2, all eyes remain on the EFCC and the fate of the alleged crypto fraud syndicate.

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 The Nigeria Police Force has indicted Sterling Bank over allegations of money laundering, fraudulent deductions, and other financial crimes committed by its staff. 

This was disclosed last Wednesday during a hearing by the House of Representatives Committee on Public Petitions on a petition filed by Maiden Systems Limited.

The petition, which also named the Central Bank of Nigeria (CBN) and Shell Petroleum Development Company as respondents, accused Sterling Bank of mismanagement, fraudulent debits, and misappropriation of funds from the company’s accounts.

Representing the Inspector General of Police, Chief Superintendents of Police Kabiru Yahaya and Sunny Amison presented a detailed report of the police investigation, which confirmed the bank’s culpability.

“We were tasked with investigating claims of mismanagement, fraudulent debit, and misappropriation of funds from Maiden Systems Limited’s accounts with Sterling Bank,” CSP Yahaya told the Committee.

“Our findings revealed non-issuance of account statements, suspicious debits, and significant financial discrepancies.”

Yahaya disclosed that the company’s accounts—two in U.S. dollars and two in Nigerian naira—were at the center of the alleged misconduct. He noted that despite substantial remittances from Shell Petroleum Development Company between 2017 and 2020, the bank failed to provide sufficient financial reports or counter the allegations.

CSP Amison highlighted further irregularities, particularly in a Debt Service Repayment Account (DSRA) associated with a $30 million loan restructured in 2017. He detailed unexplained debits amounting to over $28.3 million from Maiden Systems Limited’s account between 2016 and 2017, including:

$2.413 million on September 29, 2016,

$1.256 million on November 14, 2016, and

$28.302 million on January 16, 2017.

Amison criticized the bank’s failure to provide clarity, stating, “We expected the bank to present account officers who managed the account to explain these transactions, but this was not done. The bank’s own documents corroborate allegations of financial mismanagement, fraudulent debits, and potential money laundering.”

The police concluded their investigation by recommending further action, emphasizing that Sterling Bank had failed to disprove the claims against it.

Chairman of the Committee, Hon. Mike Etaba, assured all parties that the report would be carefully reviewed, promising fairness and justice.

“At the committee level, we will examine the police report thoroughly, and I assure everyone that justice will prevail,” Etaba said.

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A District Court in Florida, United States, has charged a 36-year-old Nigerian man, Okezie Ogbata, for orchestrating a transnational fraud scheme that defrauded over 400 elderly and vulnerable victims of more than $6 million.

Ogbata was found guilty of the crime last Wednesday by the Southern District of Florida. He pleaded guilty to running an inheritance scam that involved deceiving victims into believing they were entitled to multimillion-dollar inheritances.

According to the United States Department of Justice (DOJ), Ogbata and his co-conspirators exploited their victims by sending fraudulent letters. These letters claimed to be from a representative of a Spanish bank and stated that the recipients had inherited large sums of money from deceased relatives overseas. Victims were then pressured to send payments for “delivery fees,” “taxes,” and other fabricated charges, which were falsely presented as necessary steps to access the inheritance.

In his guilty plea, Ogbata admitted to defrauding more than 400 victims, many of whom were elderly and vulnerable, by employing lies to extract payments over a prolonged period.

Reacting to the case, the Head of the Justice Department’s Civil Division, General Brian Boynton, emphasized the importance of global cooperation in addressing transnational crimes. “This case is a testament to the critical role of international collaboration in tackling transnational crime,” Boynton stated.

Ogbata is set to be sentenced on April 14, 2025, by US District Judge Roy Altman. He faces a maximum penalty of 20 years in prison.

The Nigerian Achievers Awards Institute has also condemned Ogbata’s actions, stating that such fraudulent schemes tarnish the reputation of Nigeria on the global stage.

Authorities urge individuals to remain vigilant and report suspicious communications, particularly those involving promises of sudden wealth or inheritance.

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The arrest took place at a business apartment in the Gudu area of Abuja on Thursday, January 9.

The EFCC’s Head of Media and Publicity, Dele Oyewale, confirmed the development in a statement released on Friday.

According to Oyewale, the operation is part of the commission’s ongoing efforts to curb internet fraud and other corrupt practices across the country.

“In its ongoing efforts to clean the nation of internet fraud and other acts of corruption, operatives of the Economic and Financial Crimes Commission, EFCC, have arrested four Chinese and 101 Nigerians in a business apartment in the Gudu axis of Abuja,” the statement read.

Among the 105 suspects are 67 males—including the four Chinese nationals—and 38 females.

Preliminary investigations reveal that the group is allegedly involved in a sophisticated hotel review job scam that targets victims and businesses in Europe and other regions across the globe.

The EFCC assured the public that the suspects would be prosecuted upon the conclusion of its investigations.

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The Economic and Financial Crimes Commission (EFCC) has dismissed 27 officers from its workforce over allegations of fraudulent activities and misconduct.

In a statement issued on Monday, the EFCC’s spokesman, Dele Oyewale, disclosed that the dismissal followed the recommendations of the Staff Disciplinary Committee and subsequent ratification by the Commission’s Chairman, Ola Olukoyede.

Oyewale stated that the identities of the dismissed officers would not be disclosed, but the Commission remains committed to maintaining accountability and integrity within its ranks.

“Every modicum of allegation against any staff of the Commission would always be investigated, including a trending $400,000 claim of a yet-to-be-identified supposed staff of the EFCC against a Sectional Head,” the statement read.

“The core values of the Commission are sacrosanct and would always be held in optimal regard at all times.”

The Commission also warned the public about the activities of impersonators and blackmailers exploiting its name for extortion.

According to the statement, two alleged fraudsters, Ojobo Joshua and Aliyu Hashim, were recently arraigned before Justice Jude Onwuebuzie of the Federal Capital Territory High Court, Abuja.

They allegedly demanded $1 million from a former Managing Director of the Nigerian Ports Authority, Mohammed Bello-Koko, under the pretense of offering a “soft landing” from a non-existent investigation.

“Olukoyede remains a man of integrity that cannot be swayed by monetary influences. The public is enjoined to always report such disreputable elements to the Commission,” the EFCC emphasized.

The agency reassured Nigerians of its commitment to the fight against corruption, promising to uphold transparency and discipline within its operations.

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Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has raised concerns over widespread corruption in Nigeria’s electricity sector, attributing frequent national grid failures to fraudulent practices involving substandard materials.

Olukoyede made these remarks on Tuesday during a visit from the House of Representatives Committee on Anti-Corruption and Financial Crimes to the EFCC headquarters in Abuja.

He revealed that ongoing investigations in the power sector had exposed disturbing levels of malpractice, often resulting in compromised infrastructure and recurrent grid collapses.

“As I am talking to you now, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears,” Olukoyede stated.

He further explained that contractors awarded projects to supply electrical equipment were substituting recommended materials with cheaper, inferior alternatives.

“People who were awarded contracts to supply electricity equipment, instead of using what they call 9.0 gauge, they will buy 5.0,” he said, noting that such fraudulent practices contribute significantly to the country’s unstable power supply.

“So, every time you see the thing tripping off gets burnt, and all of that, it’s part of our problems.”

The EFCC boss disclosed that the agency would be intensifying efforts toward crime prevention rather than focusing solely on asset recovery.

He emphasized that future scrutiny would prioritize spending by government ministries and agencies to curb misappropriation at the source.

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On Monday, Nigerian national Amos Prince Okey Ezemma, 50, was sentenced to 85 months in prison for his involvement in a transnational inheritance fraud scheme.

This sentencing marks the conclusion for all six defendants connected with the case.

Court documents reveal that Ezemma was part of a fraudulent group that targeted elderly victims in the U.S. The scheme involved sending personalized letters claiming the recipients were entitled to a multimillion-dollar inheritance from a deceased family member in Portugal.

Victims were falsely informed they needed to pay fees and taxes to receive their supposed inheritance.

The defendants orchestrated a complex network where former victims were manipulated into receiving and forwarding funds from new victims.

“The Justice Department’s Consumer Protection Branch will continue to pursue, prosecute, and bring to justice transnational criminals responsible for defrauding U.S. consumers, wherever they are located,” said Principal Deputy Assistant Attorney General Brian M. Boynton.

Boynton highlighted the importance of international collaboration, thanking the Postal Inspection Service, Homeland Security Investigations, the Spanish National Police, the National Crime Agency, and the Portuguese Judicial Police.

“This case is a testament to the critical role of international collaboration in tackling transnational crime,” he added.

Inspector in Charge Juan A. Vargas of the USPIS Miami Division remarked, “This investigation is a great example of the results the U.S. Postal Inspection Service, the Justice Department, and our law enforcement partners strive to achieve.”

Special Agent in Charge Fransisco B. Burrola of Homeland Security Investigations (HSI) Arizona condemned the exploitation of the elderly, stating, “Targeting the elderly for pure financial gain is beyond shameful, it’s morally reprehensible.”

Each of Ezemma’s co-defendants has also been sentenced.

Emmanuel Samuel received 82 months on June 21, 2023; Jerry Chucks Ozor was sentenced to 87 months on July 25, 2023; Iheanyichukwu Jonathan Abraham got 90 months on August 29, 2023; Kennedy Ikponmwosa was sentenced to 87 months on October 20, 2023; and Peter Ezennia Neboh received 128 months on November 2, 2023.

All six defendants were ordered to pay over $6 million in restitution to their more than 400 victims.

The case was investigated by the Consumer Protection Branch, USPIS, and HSI, with critical assistance from the Office of International Affairs, the U.S. Attorney’s Office for the Southern District of Florida, and Europol.

Senior Trial Attorney Phil Toomajian, and Trial Attorneys Josh Rothman and Brianna Gardner of the Justice Department’s Consumer Protection Branch, are prosecuting the case.

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