Home / Tag Archives: EFCC

Tag Archives: EFCC

Ibadan on fire as EFCC nabs over 100 undergraduates for internet frauds

Yahoo Boys

A scenario that can be interpreted to mean that Ibadan, the Oyo State capital may have taken over Lagos in terms of internet frauds and associated crimes has emerged. On Monday, the Ibadan office of the Economic and Financial Crimes Commission (EFCC), said that more than 100 undergraduates of various tertiary institutions were in its custody over financial crimes ranging ...

Read More »

EFCC steps up loot recovery in N’East, arrests 191 suspects, recovers N110,820m

Efcc magu

Serious indications are continuing to emerge that the embattled chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu is stepping up his service delivery quiescence. Otherwise, barely 24 hours after it secured a strategic judgment leading to the forfeiture of multibillion naira property formally belonging to runaway former Minister of Petroleum, Mrs. Diezani Madueke, the North-East Zone ...

Read More »

Like Ikoyi dollars, Court orders permanent forfeiture of Diezani’s $37.5m property

Diez banana

In what can be assumed to mean that the present government is winning the war against corruption, a Federal High Court sitting in Lagos on Monday, ordered the permanent forfeiture of a $37.5m property on Banana Island in Lagos, allegedly belonging to a former Minister of Petroleum Resource, Mrs. Diezani Allison-Madueke. This is coming exactly two months after the Economic and ...

Read More »

Etisalat claims 42% debt cleared, chides reports of investigation on use of loan

NCC Etisalat

In continuation of the drama and counter claims trailing the final fight for the soul of Etisalat Nigeria, the company claimed on Thursday that about 42 per cent (about $504 million) of the original loan package of $1.2 billion (about N377.4 billion) from a consortium of Nigerian banks has since been repaid. However, Exotix Capital report in London on Thursday ...

Read More »

New twist as banks seek forensic investigation on how Etisalat used $1.2bn loan

Etisalat

Fresh strange developments seem to be trailing the ongoing determination of the destiny of embattled telecoms group, Etisalat this week. Latest on Wednesday indicates that the consortium of 13 banks, involved in Etisalat Nigeria’s $1.2bn loan has changed its game, seeking the Federal Government’s intervention to investigate the management and use of the facility in the first instance. A dependable ...

Read More »

Only Zenith Bank is free from N30trn Customs remittance infractions—Senate

Zenith MD

Whereas the Senate Committee probing the Customs N30tn banks remittance infractions has given the Central Bank of Nigeria (CBN) seven days to recover all monies collected by banks on behalf of the agency without remitting them over the years, it has given Zenith Bank clean bill of health that it remitted all accordingly. Others banks in order of what they ...

Read More »

Another Lagos Court orders forfeiture of N449m found in Island BDC shop

EFCC Legico

Barely one week after a Federal High Court in Lagos ordered interim forfeiture of all the $43m recovered by the Economic and Financial Crimes Commission (EFCC) from Osborne Towers in Ikoyi, another court on Wednesday gave similar order on the sum of N449,750,000 found in an abandoned Bureau de Change shop in Victoria Island. Justice Rilawan Aikawa gave the order ...

Read More »

Finally, FG suspends SGF for IDPs contract complications, NIA’s Oke for Ikoyigate

Osinbajo SFG

As part of smart face saving moves, President Muhammadu Buhari Wednesday suspended Mr David Babachir Lawal, Secretary to the Government of the Federation (SGF), and ordered an investigation into the allegations of abuse of due process made against him in the award of contracts under the Presidential Initiative on the North East (PINE). In a terse statement issued by Femi ...

Read More »

FG mute on Ikoyi $43m, shifts attention to how looters bury stolen funds in cemeteries, forests

EFCC Ikoyi home

Not up to one week after the Ikoyi House $43 million dollar recovery by the anti graft agency, latest strategy used by looters of public funds has emerged. But in a statement on Sunday, the Federal Government smartly shielded comments away from the trending puzzle of who owns the cash, and diverted attention by informing Nigerians that anti corruption agencies ...

Read More »

Court orders interim forfeiture of $43m, £27,800, N23m found in Ikoyi House to FG

EFCC Ikoyi home

In what can be described as galloping rise in star performance on the side of the Economic and Financial Crimes Commission (EFCC) since the Acting Chairman, Mr. Ibrahim Magu failed integrity test at the Nigerian Senate, the agency, yesterday secured a Federal High Court Order in Lagos for the temporary forfeiture of the sums of $43,449,947, £27,800 and N23,218,000 it ...

Read More »