The attention of the Economic and Financial Crimes Commission has been drawn to reports in some Newspapers today, December17, 2013 purporting that the Commission is broke and has less than N2million in its coffers.The comment credited to the Secretary to the Commission, Mr Emmanuel Adegboyega Aremo who led a delegation of the EFCC to the public hearing by the Senate Committee on Drugs, Narcotics and Financial Crimes on the Bill to establish the Nigerian Financial Intelligence Agency, is gross misrepresentation of what transpired at the event. The mention of N2million by Aremo was not in respect of the total financial…
Author: Kunle Edun
The Economic and Financial Crimes Commission, EFCC and the Western Australia Police are to work together to combat internet fraud and money laundering. This is contained in the Memorandum of Understanding, MoU that was signed today by the parties under the sponsorship of the Commonwealth Secretariat. The latest collaboration between the EFCC and the Major Fraud Squad, MFS of the WA Police is a further demonstration of the commitment of the EFCC towards the eradication of economic and financial crimes in Nigeria. Ibrahim Lamorde, chairman of the EFCC during the ceremony said that the Commission was committed to riding the…
Justice Oluwatoyin Ipaye of a Lagos High Court sitting in Ikeja, on Monday, December 16, 2013 postponed a fresh bid by the Economic and Financial Crimes Commission, EFCC, to arraign Mr. Fred Ajudua for an $8.39m scam. Ajudua will now be arraigned on February 12, 2004 on a fresh 13-count charge that borders on conspiracy and obtaining money by false pretence. EFCC counsel, Seidu Atteh, told the court that Ajudua, (alongside others who are still at large) defrauded a former Chief of Army Staff, Lieutenant General Ishaya Bamaiyi (retd) of about $8.395million while in detention at the Kirikiri Maximum Prisons,…
The Economic and Financial Crimes Commission, EFCC, on Monday, December 13, 2013 told a Lagos High Court sitting in Ikeja that it had filed an appeal at the Supreme Court against the judgment of the Court of Appeal, Lagos Division striking out the theft charge instituted against a former Managing Director and Chief Executive Officer of FinBank Plc, ( now First City Monument Bank), Mr Okey Nwosu. The Court of Appeal, Lagos Division, had on November 21, 2013 struck out the theft charge preferred against the former banker. The court ruled that the Lagos High Court lacked jurisdiction to entertain…
The Economic and Financial Crimes Commission note with concern two separate decisions by court on December 13, 2013 in cases investigated by the Commission. The first was the acquittal of former Chairman of the Nigerian Ports Authority, Chief Olabode George and five others by the Supreme Court. The other was the acquittal of former Minister of the Federal Capital Territory, Mallam Nasir el-Rufai and two other by a Federal Capital Territory High Court. Without going into the merit or otherwise of the Supreme court ruling, it is unfortunate that the apex court disagreed with the decision of the two lower…
Two applications, one seeking the transfer of case to another judge and, the other, a notice of appeal against the refusal of bail to the defendants today stalled the trail of Mrs Kudirat Iyabo Adeleke and 11 other defendants who are being prosecuted at Oyo State High Court sitting in Ibadan by the Economic and Financial Crimes Commission, EFCC over a N5.6billion pension fraud. At the resumed sitting Thursday December 12, 2013, counsel to the 6th defendant, Richard Ogunwole, holding brief for all other defendants, told the court that a letter had been written to the Chief Judge, Oyo State,…
The Economic and Financial Crimes Commission EFCC, on Thursday, December 12, 2013 prayed a Lagos High Court sitting in Ikeja to issue a bench warrant on Oluwaseun Ogunbambo and grant it power to verify a medical report presented to the court by the accused. In the medical report, Ogunbambo claimed to be sick and could not present himself in court for trial. Counsel for the EFCC, Rotimi Oyedepo, told the court that Ogunbambo’s medical report should be ignored until its authenticity was established. “In view of the antecedents of the 4th defendant (Ogunbambo) this medical report should not just be taken…
The Special Control Unit Against Money Laundering (SCUML) has charged Self- Regulatory bodies in Nigeria to prevail on their members to comply with Money Laundering law and regulations. Bala Sanga, Director SCUML who gave the charge Thursday, December 12, at the start of a three-day retreat organized by the agency for heads of self regulatory bodies at the EFCC Academy, Karu, Abuja, revealed that aggressive enforcement of compliance by Designated Non Financial Institutions, DNFI’s will begin in January 2014. Sanga equally informed the participants that registration with SCUML “is compulsory for all DNFI’s; and has been made easy with on-line registration”.…
There was a mild drama in Lagos on Monday, December 9, 2013 as the Economic and Financial Crimes Commission EFCC, through its counsel, Rotimi Jacobs SAN, told Justice Lawal Akapo of a Lagos High Court sitting in Ikeja to revoke the bail granted Chairman of Bi-Courtney Highway Services Limited, Dr. Wale Babalakin. Babalakin is standing trial alongside Alex Okoh and three companies: Stabilini Visioni Limited, Bi-Courtney Limited and Renix Nigeria Limited on a 27-count charge that borders on conspiracy to commit felony, corruptly conferring benefit on account of public action and retention of proceeds of a criminal conduct to the…
There was a mild drama in Lagos on Monday, December 9, 2013 as the Economic and Financial Crimes Commission EFCC, through its counsel, Rotimi Jacobs SAN, told Justice Lawal Akapo of a Lagos High Court sitting in Ikeja to revoke the bail granted Chairman of Bi-Courtney Highway Services Limited, Dr. Wale Babalakin. Babalakin is standing trial alongside Alex Okoh and three companies: Stabilini Visioni Limited, Bi-Courtney Limited and Renix Nigeria Limited on a 27-count charge that borders on conspiracy to commit felony, corruptly conferring benefit on account of public action and retention of proceeds of a criminal conduct to the…