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EFCC Freezes N30b NSIPA Cash Traced To Private Accounts

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In a recent development, the Economic and Financial Crimes Commission (EFCC) has uncovered and frozen N30 billion out of the N44 billion that was suspiciously moved from the accounts of the National Social Investment Programme Agency (NSIPA). The funds were traced to multiple private and corporate accounts linked to some NSIPA officials, who have now come under investigation.The EFCC is currently conducting an ongoing probe into this matter, which has led to significant progress in recovering a substantial amount of the misappropriated funds. The commission has so far intercepted and seized N17 billion, with an additional N13 billion frozen within the last 24 hours. Detectives are still profiling numerous accounts in order to uncover the remaining balance of N14 billion.The investigation took a new turn when it was discovered that a total sum of N44 billion had been taken out of NSIPA’s vaults without proper authorization. This revelation prompted the EFCC to take swift action by tracking down and freezing as much as possible. Mr. Ola Olukoyede, Executive Chairman of the EFCC, is personally leading this probe.According to an anonymous source close to the investigation, “After hours of interrogation and profiling many accounts, the EFCC was able to confirm that unauthorized N44 billion was suspiciously moved out of NSIPA’s account to some private and corporate accounts.” The source further revealed that so far, N30 billion has been traced and frozen, while efforts are being made by operatives to identify those responsible for siphoning off these funds.One key individual who is currently undergoing interrogation is Halima Shehu, the suspended National Coordinator and Chief Executive Officer (CEO) of NSIPA. Shehu was subjected to intensive questioning by EFCC interrogators for several hours yesterday. Additionally, Mr. Bwai Adamu Hamza, NSIPA’s former Director of Finance and Accounts (DFA), who retired in December, has also been arrested and is currently assisting with the investigation.It is worth noting that Sadiya Umar-Farouq, former Minister of Humanitarian Affairs, Disaster Management, and Social Development, failed to honor the EFCC’s invitation for interrogation regarding allegations of laundering N37,170,855,753.44 during her tenure through a contractor named James Okwete. The former minister denied the allegations.There were strong indications last night that, having failed to turn up without explanation, the former minister might be declared wanted by the EFCC.Investigations showed that the ongoing probe of NSIPA assumed a new dimension following the discovery that the total cash taken out of the agency’s vaults was N44 billion.But, after tracking the movement of the cash, the EFCC recovered and frozen the N30 billion it traced to multiple accounts.As of Tuesday, the agency had intercepted and seized N17 billion.Within 24 hours, the commission traced and froze an additional N13 billion in some accounts, raising the cash seized to N30 billion.Detectives were still profiling many accounts last night to uncover the balance of N14 billion.A source, who spoke in confidence, said the EFCC Executive Chairman. Mr. Ola Olukoyede was personally leading the probe.The source said: “After hours of interrogation and profiling of many accounts, the EFCC was able to confirm that unauthorised N44 billion was suspiciously moved out of NSIPA’s account to some private and corporate accounts.“So far, N30 billion has been traced to some accounts and frozen.“Our operatives are on the trail of the owners and alleged fronts or firms used to siphon the cash.“Records showed that the N44 billion was hurriedly moved out of NSIPA’s account in one week.”As of press time, the EFCC had arrested Hamza in connection with the action.According to the investigation, Hamza, who retired on December 29, was picked up to clarify the movement of the cash under his watch.Shehu and Hamza were said to have “worked closely” in the agency.“The National Coordinator and the ex-DFA were grilled by our investigating team for hours on Wednesday,” another source said. Halima was taken into custody on Tuesday, while Hamza was arrested yesterday.“Based on the new focus of the EFCC chairman, Halima was, on compassionate ground, allowed to go home at about 11 p.m. on Tuesday. She reported for another round of interaction yesterday.“For Hamza, the EFCC arrested him following intelligence that he might travel out of the country for an engagement.”The source added: “The two persons have made useful statements, and we have recovered some records that enabled us to trace and freeze N30 billion. For a long time, the two officials have been working together.“Immediately after Hamza retired, Halima appointed him as a Special Adviser on Finance. He was expected to resume work on Tuesday.“Our team is, however, working around the clock to uncover the accounts where the remaining N14 billion was hidden.”On Umar-Farouq’s connection with the matter, her accuser, Okwete, was in EFCC’s custody yesterday, awaiting her arrival for a face-to-face interrogation.“We will give her some grace, and if she does not honour our invitation, the EFCC will have no choice but to declare what the ex-minister wanted.”

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Crime

Court Jails Internet Fraudster in Lagos

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The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC has secured the conviction and sentencing of one Chika Stanley Okoh for internet fraud, before Justice Chukwujekwu Aneke of the Federal High Court, sitting in Ikoyi, Lagos.He was arraigned in December 2024 on a one-count charge bordering on cybercrime.The charge reads: “That you Chika Stanley Okoh sometimes in 2024, in Lagos, within the jurisdiction of this Honourable Court, fraudulently held out yourself on facebook account @Zachary Levi as Zachary Levi, a male American actor, with intention to gain advantage for yourself and you thereby committed an offence contrary to and punishable under Section 22(3) of the Cybercrimes (Prohibition etc.) Act, 2015.”

He pleaded “guilty” to the charge when it was read to him, following which prosecution counsel, B.I. Oluseyi, invited an investigative officer of the EFCC, Damilare Adeosun to give a review of the facts of the case.Adeosun told the court that the EFCC sometime in November 2024 received credible intelligence on the activities of internet fraudsters around the Lekki axis of Lagos and that “Acting on the intelligence, a sting operation was conducted at Lekki County Estate, Lagos State, where Okoh was arrested alongside several others,” and was taken to EFCC office where he volunteered his statement.”The defendant misrepresented himself to be a white man from the United States with the name Jonathan. The defendant also confessed that he does middle-man fraud by facilitating proceeds of fraud for internet fraudsters. And he gets a certain percentage from every transaction being facilitated. The defendant confessed to have benefited the sum of N2 million, which he used to purchase an iPhone 14 Pro Max. The device was recovered from him upon his arrest. The phone was examined by the forensic laboratory department and the forensic analysis revealed fraudulent documents,” he said.Adeosun added that in the course of the investigations, Okoh raised a United Bank for Africa (UBA) manager’s cheque of N1 million as restitution.

The prosecution counsel tendered in evidence, Okoh’s confessional statement, the device recovered from him, findings from the investigation and the manager’s cheque with no objection from the defence counsel, Peter Taiwo.In his judgment, Justice Aneke held that the prosecution proved its case beyond reasonable doubt and pronounced Okoh guilty as charged.He was sentenced to 18 months imprisonment or to pay a fine of N1,000,000 (One Million Naira Only), to be paid into the Consolidated Revenue Account of the Federation. In addition, he is to serve 100 hours of community service.

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$6bn Mambilla Project Alleged Fraud: Court Grants EFCC`s Move to Amend Charges against Agunloye

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Justice Jude Onwuegbuzie of the Federal High Court, FCT sitting in Apo, Abuja on Thursday, January 23, 2025 granted the prayers of the Economic and Financial Crimes Commission, EFCC to amend charges brought against a former Minister of Power, Olu Agunloye and make him take his plea.Agunloye is standing trial by the  EFCC on seven-count charges, bordering on official corruption and fraudulent award of Mambilla Power Project contract to the tune of $6billion (Six Billion United States Dollars).Earlier on July 1 2024, Prosecution Counsel, Abba Mohammed, SAN, drew the attention of the court to the amended charge, urging the court to accept same and cause the defendant to take his plea, relying on the provision of Section 216 and 217 of the Administration of Criminal Justice Act, 2015.

However, defense counsel, Adeola Adedipe, SAN objected to the plea arguing that the leave of the court must be formally sought and obtained before the EFCC can amend its charge .Responding, the court directed parties to furnish the court with authorities in support of the argument canvassed to which the EFCC made reference to the Court of Appeal’s decision in Bovoa v FRN & Anor (2017)During Thursday’s ruling, the judge held that amendment was not intended to overreach the defendant and cause injustice to him and that a court may permit an alteration or amendment to a charge or framing of a new charge at any time before judgment is pronounced.

“In the court`s final decision, the arguments of the learned counsel to the defendant are hereby discountenanced and therefore hold that the application is liable to succeed accordingly, I so hold, subsequently the application is hereby granted as prayed on the face of the motion paper and the defendant is hereby ordered to take his plea on the altered or amended charge, this is the ruling of the court”.Justice Onwuegbuzie adjourned the matter to February 3, 2025 for the defendant to take his plea.

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Crime

Ex-AMCON Boss, Ahmed Kuru, Faces Trial For Alleged N76bn, $31.5m Fraud

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The Economic and Financial Crimes Commission (EFCC), on Monday, January 20, 2025 arraigned a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, current Managing Director of Arik Air, Captain Roy Ilegbodu, and Receiver Manager of Arik Air.Kamilu Omokide, alongside Union Bank Plc and Super Bravo Limited, before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos on a six-count charge bordering on alleged theft of properties belonging to Arik Air and abuse of office.They pleaded not guilty when the charges were read to them

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