Category: Financial Crimes

Forex Scandal: Dangote Officials To Appear Tuesday As EFCC Extends Probe

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Forex Scandal: Dangote Officials To Appear Tuesday As EFCC Extends Probe

The Economic and Financial Crimes Commission has summoned some officials of the Dangote Group to Abuja to come along with detailed documents on foreign exchange transactions by the conglomerate covering the last nine years. Operatives of the EFCC had on Thursday stormed the headquarters of Dangote Industries Limited in Ikoyi, Lagos, in furtherance of the…

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Exchange and Forex, Financial Crimes

Presidency Speaks On Betta Edu’s N585 Million Palliative Scandal, Reveals Next Action

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Presidency Speaks On Betta Edu’s N585 Million Palliative Scandal, Reveals Next Action

The presidency has announced an ongoing investigation into a significant financial irregularity involving the transfer of N585.189 million. This substantial sum, designated as a grant for vulnerable groups in Akwa Ibom, Cross River, Ogun, and Lagos states, was reportedly diverted into a private account. This revelation has sparked widespread concern and calls for accountability. In…

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Finance and Economy, Financial Crimes

N39.8bn Recovered Out Of N44.8bn Allegedly Embezzled From NSIP – EFCC

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N39.8bn Recovered Out Of N44.8bn Allegedly Embezzled From NSIP – EFCC

Probes Banks Over Transfer of N44.8bn Meant for NSIP Schemes Investigating Fraud in Ministry of Humanitarian Affairs The Economic and Financial Crimes Commission (EFCC), has recovered about N39.8 billion out of N44.8billion allegedly embezzled from the government account by former National Coordinator of the National Social Investment Programme (NSIPA), Halima Shehu. This came as the…

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Crime Watch, Financial Crimes

N585m Scandal: CSOs Demand Betta Edu’s Probe

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N585m Scandal: CSOs Demand Betta Edu’s Probe

Outrages over the memo issued by the Minister for Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, instructing the Accountant-General of the Federation, Dr Oluwatoyin Madein, to pay N585m into the private bank account of a project accountant in her ministry, Bridget Oniyelu, spiked on Saturday, with the opposition parties calling for her sacking, and…

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Financial Crimes

Dangote Group Reacts To EFCC’s Visit To Its Headquarters

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Dangote Group Reacts To EFCC’s Visit To Its Headquarters

The management of Dangote Industries Limited has doused the concerns of stakeholders following the visit to its Head office in Lagos by officials of the Economic and Financial Crimes Commission (EFCC) saying it was ready to assist the Commission in its investigations. The foremost indigenous conglomerate in a statement disclosed that it received a letter…

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Financial Crimes

Nigerian Founder of Tingo Charged With Massive Securities Fraud In New York

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Nigerian Founder of Tingo Charged With Massive Securities Fraud In New York

Dozy Mmobuosi, also known as Odogwu Banye Mmobuosi, founder of the Tingo Group, faces serious charges of securities fraud and false filings with the Securities and Exchange Commission (SEC), as announced by Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the…

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Financial Crimes

Alleged N37bn Fraud: Sadiya Umar-Farouk Shuns EFCC Summon

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Alleged N37bn Fraud: Sadiya Umar-Farouk Shuns EFCC Summon

Sadiya Umar-Farouq, former Minister of Humanitarian Affairs, Disaster Management and Social Development under ex-president Muhammadu Buhari’s government, refused to honour the invitation by the Economic and Financial Crimes Commission probing an alleged N37.1 billion laundered during her tenure in office through a contractor, James Okwete. The former Minister was expected to appear before EFCC interrogators…

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Financial Crimes

EFCC Quizes Sadiya Umar-Farouk Over N37bn Alleged Fraud

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EFCC Quizes Sadiya Umar-Farouk Over N37bn Alleged Fraud

The former minister of Humanitarian Affairs, Disaster Management, and Social Development under the Buhari government, Sadiya Umar-Farouk, is expected to appear before the Economic and Financial Crime Commission, (EFCC), operatives on Wednesday (today) for questioning over alleged N37.1 billion fraud. The development comes as EFCC arrested the National Social Investment Programme Agency, Halima Shehu, on…

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Financial Crimes

N10b Sleaze Derails NIPOST’s Restructuring Plan

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N10b Sleaze Derails NIPOST’s Restructuring Plan

The Senate has ordered a probe into the N10 billion restructuring funds released to NIPOST by the Federal Ministry of Finance. This followed the discovery of irregularities in the agency’s subsidiaries – NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited. In its resolution of December 30, 2023, the Red Chamber said…

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Financial Crimes

Director Reveals Sleaze In Nigeria Governors’ Forum Financial Records

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Director Reveals Sleaze In Nigeria Governors’ Forum Financial Records

Top officials of the Nigeria Governors Forum (NGF) Secretariat in Abuja, are presently at each other’s throats over alleged financial fraud and recklessness. This has led to a letter written to the NGF chairman and Kwara State Governor, AbdulRahman AbdulRasaq, by the NGF Director, Media and Public Affairs, Abdulrazaque Bello-Barkindo. Barkindo, in the letter addressed…

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Financial Crimes