Tag: Alleged fraud

NIPOST N10bn restructuring funds missing; Senate orders probe

Aminu Imam

The N10 billion naira earmarked by the Federal Government to restructure Nigeria’s Postal Service, (NIPOST), has allegedly gone missing. This has led to the Senate ordering a probe into the missing restructuring funds released by the Federal Ministry of Finance. The Senate allegedly discovered that illegal transfers were made to private individuals from two subsidiaries (NIPOST Properties and Development Company and Transport and Logistics Services Limited). The resolution reads: “The sum of N10 billion released by the Ministry of Finance for the proposed NIPOST restructuring and recapitalisation be investigated and the…

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EFCC invites Buhari minister, Umar-Farouq over alleged N37bn fraud

Aminu Imam

Days after expressing willingness to defend her actions while serving as minister of Humanitarian Affairs, Disaster Management, and Social Development, the Economic and Financial Crimes Commission (EFCC) has invited Sadiyya Umar-Farouq for questioning. The invitation os part of an ongoing investigation into the N37,170,855,753.44 allegedly laundered under her watch through a contractor, James Okwete. According to a document, Ms Umar-Farouq was asked to appear before interrogators at the EFCC headquarters, Jabi, Abuja on Wednesday, January 3, 2024, to explain the alleged fraud. The document read in part: “The commission is…

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Alleged N187bn fraud: 4 Buhari’s ministers under probe, as EFCC arrests FG’s contractor

Aminu Imam

The Economic and Financial Crimes Commission (EFC ) has arrested a contractor, James Okwete, in connection with the ongoing probe into the N37bn allegedly laundered by the Ministry of Humanitarian Affairs, Disaster Management, and Social Development under former Minister, Sadiyya Umar-Farouk. A top EFCC official, who confided to newsmen on Sunday, said the contractor had made useful statements concerning Umar-Farouk and former Directors-General of the ministry. The development coincides with the probe of three other ministers, who served under former President Muhammadu Buhari, for graft estimated at N150 billion. “It…

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N5.6bn Wheat Project Scam: Ex-NIRSAL boss arrested, 11 months after sacking

Aminu Imam

Almost a year after he was sacked as the Managing Director of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu AbdulHammed, has been arrested. NIRSAL, a $500m non-bank financial institution, is a creation of the Central Bank of Nigeria (CBN), mandated to manage agribusiness-related credit risks in Nigeria. Recall that AbdulHammed was kicked out of office following allegations of corruption, including a 2018 N5.6 billion wheat project meant for farmers in Kano and Jigawa States. His sack was endorsed by the Board of the CBN following approval…

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Just in! Alleged N9.6bn fraud: Court remands ex-CBN Gov. Emefiele in Kuje prison

Aminu Imam

A Federal High Court in Abuja has ordered the remand of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to Kuje Correctional facility in the Federal Capital Territory (FCT), pending ruling on his bail application. Recall that the Economic and Financial Crimes Commission (EFCC) had arraigned the former bank chief on a six-count amended charge.Emefiele was arraigned before Justice Hamza Mu’azu. The Federal Government, in a 20-count charge, is accusing the former apex bank governor of illegally procuring 98 vehicles and armoured buses to the tune of…

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Ex-Acct-General, Jonah Otunla, refunds N6.3bn to avoid prosecution

Aminu Imam

Former Accountant-General of the Federation, Jonah Otunla, has agreed to refund the sum of 6.2 billion naira to the coffers of the Federal Government, in order to avoid being prosecuted for looting the treasury. Otunla was the Accountant-General of the Federation between 2011 and 2015. According to reports, he refunded the sum of N6, 392, 000, 000. Details of the deal begin that led to the refund of the amount was contained in a document he filed in court to back up the suits he instituted against the Economic and Financial…

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Alleged N4.8bn fraud: Court issues arrest warrant against businessman, Cletus Ibeto

Aminu Imam

A High Court, sitting in Ikeja, Lagos, has issued a warrant of arrest against a businessman, the Chief Executive Officer of Ibeto Energy Development company, Cletus Ibeto, over his failure to appear before the court for trial. The Economic and Financial Crimes Commission (EFCC) had filed a 10-count charge against Ibeto, Ibeto Energy Development Company and Odoh Holdings. The charge borders on obtaining by false pretence, fraudulent conversion of property, criminal breach of trust, forgery and deception. Recall that on October 5, the trial was adjourned till November 3 over the failure…

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CBN Forensic Audit: Presidential Investigation Panel hunts ‘conspirators’ in alleged N7tr frauds linked to top officials

Aminu Imam

The probe into the Nigerian financial system which could emerge as the biggest financial fraud in the history of the country is currently heating up, as the team of special investigators set up to probe the Central Bank of Nigeria (CBN) and related entities are working to unravel a slew of crimes, already estimated at over N7 trillion. Recall that President Bola Ahmed Tinubu appointed former Chief Executive of the Financial Reporting Council of Nigeria (FRC) and forensic auditor, Jim Obazee, as “Special Investigator” of the CBN and related entities…

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Multi-billion-dollar FX fraud: Olam Nigeria pays N1bn bail bond to secure release of Director

Aminu Imam

Olam Nigeria Limited has reportedly paid a huge bail bond of N1billion to secure the release of one of its directors, Prakash Kanth. According to the report, the payment was made into a special recovery account operated by the Department of State Service, (DSS). Other top executives of the company have reportedly fled the country in the wake of the arrest of the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and his accomplices. The money was allegedly paid into a Treasury Single Account, (TSA), domiciled at Access…

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Alleged Fraud: Emefiele breaks down in tears as arraignment case is stalled

Aminu Imam

The suspended Central Bank of Nigeria, (CBN) Governor, Godwin Emefiele, broke down in tears yesterday, as the High Court of the Federal Capital Territory (FCT) adjourned his arraignment to 23rd August, 2023. The arraignment which was initially scheduled for yesterday was stalled due to the absence of some of the defendants who joined in the charge. Emefiele, who was present in court, was charged alongside a female CBN employee, Sa’adatu Yaro and her company, April1616 Investment Limited, on 20 charges bordering on procurement fraud, conspiracy and conferring corrupt advantages. Recall…

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