Category: Financial Crimes

Court Witness Explains How Massive ₦9.3bn Hacking Fraud Hits Union Bank

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Court Witness Explains How Massive ₦9.3bn Hacking Fraud Hits Union Bank

Union Bank of Nigeria Plc, is reportedly embroiled in a massive financial scandal involving the alleged theft of ₦9.3 billion from customer accounts due to a breach in its core banking system. The incident, which occurred on March 23, 2025, has been described in court filings as “a massive operational failure,” resulting in unauthorized transfers…

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Crime Watch, Cyberspace and Security I, Financial Crimes

₦8b Nigerian Air Fund: Hadi Sirika Back in EFCC Custody For Alleged Embezzlement

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₦8b Nigerian Air Fund: Hadi Sirika Back in EFCC Custody For Alleged Embezzlement

The Economic and Financial Crimes Commission has taken into custody former Minister of Aviation, Hadi Sirika, in connection with an ongoing investigation related to money laundering amounting to N8,069,176,864.00. The accused ex-Minister of Aviation made an appearance at the EFCC’s Federal Capital Territory Command around 1:00 pm on Tuesday. Sirika was taken in upon his…

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Financial Crimes

Interpol Collaborates With EFCC on Investigations into N1.3tn CBEX Fraud

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Interpol Collaborates With EFCC on Investigations into N1.3tn CBEX Fraud

The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a suspected N1.3 trillion crypto fraud linked to the now-defunct digital investment platform, CryptoBank Exchange (CBEX). The EFCC confirmed it is partnering with the International Criminal Police Organisation (INTERPOL) to track both local and international culprits behind the scam. CBEX, reportedly operated…

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Financial Crimes

Alleged N5.78bn Fraud: Ex-Governor Ahmed Did Not Repay N1bn SUBEB Loan-Witness

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Alleged N5.78bn Fraud: Ex-Governor Ahmed Did Not Repay N1bn SUBEB Loan-Witness

The Fourth Prosecution Witness, PW4, Lanre Daibu, in the trial of former governor of Kwara State, Abdulfatah Ahmed and his Finance Commissioner, Ademola Banu on Thursday, April 10, 2025 told Justice Mahmud Abdulgafar of the Kwara State High Court, Ilorin that Banu directed the release of the sum of N1billion from the 2013 Matching Grant…

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Financial Crimes

Lagos Court Jails Man Three Months for Non-Declaration of $30,000 at Airport

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Lagos Court Jails Man Three Months for Non-Declaration of $30,000 at Airport

Justice Deinde I. Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, April 2, 2025, convicted and sentenced Okunfulure Olusola Steve to three Months imprisonment for money laundering. The convict was arrested on March 28, 2025 at the Murtala Muhammed International Airport, Ikeja, Lagos by operatives of the Nigeria Customs Service, NCS,…

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Financial Crimes

Achimugu’s Investigations Have no Bearing with Atiku or Sanwo-Olu’s Issues

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Achimugu’s Investigations Have no Bearing with Atiku or Sanwo-Olu’s Issues

The Economic and Financial Crimes Commission, EFCC, has to reacted to media reports linking its investigations of Ms. Aisha Achimugu with political undercurrents involving former Vice President Atiku Abubakar and Lagos State Governor, Babajide Sanwo-Olu. The anti graft organization in a post released on its official ‘x’ handle stated that: “We wish to state unequivocally…

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Financial Crimes

EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

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EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

Operatives of the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday, March 26, 2025 arrested15 suspected internet fraudsters in Tanke Oke-Odo area of Ilorin, the Kwara State capital. Officers of the Directorate had earlier on Friday, March 22, 2025 arrested 22 suspected internet fraudsters in Tanke, Alao Farm Estate, Yidi…

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Crime Watch, Financial Crimes

Alleged N33.2bn Fraud: Case Against Dasuki Starts Anew Before New Judge

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Alleged N33.2bn Fraud: Case Against Dasuki Starts Anew Before New Judge

The Economic and Financial Crimes Commission (EFCC) has re-arraigned Sambo Dasuki, the former national security adviser (NSA), over allegations of N33.2 billion fraud. The anti-graft commission re-arraigned Dasuki before a federal capital territory (FCT) high court on Tuesday alongside Aminu Baba-Kusa, a former general manager of the Nigerian National Petroleum Corporation (NNPC), and two companies—Acacia…

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Financial Crimes

‘Undeclared $193,000′ Hidden in Yoghurt Carton Intercepted At Abuja Airport

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‘Undeclared $193,000′ Hidden in Yoghurt Carton Intercepted At Abuja Airport

The Nigeria Customs Service (NCS) says it has intercepted an undeclared $193,000 at the Nnamdi Azikiwe International Airport, Abuja. In a statement on Friday, Abdullahi Maiwada, the NCS spokesperson, said the undeclared currency was concealed inside a carton of yoghurt. Maiwada noted that the passenger arrived in Nigeria on an Ethiopian Airlines flight, No. 951,…

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Financial Crimes

Immigration Officer Charged To Court For ‘Receiving N17.6m Salary’ From Three Government Agencies

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Immigration Officer Charged To Court For ‘Receiving N17.6m Salary’ From Three Government Agencies

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Abubakar Aseku, an assistant superintendent with the Nigerian Immigration Service (NIS), for allegedly receiving salaries from two other government agencies while still in active service of the NIS. According to the ICPC, Aseku fraudulently earned N4.2 million from the Nasarawa state ministry of…

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Financial Crimes