EFCC arraigns Oronsaye for N190m fraud

The Economic and Financial Crimes Commission on Tuesday arraigned a former Head of Service, Mr. Stephen Oronsaye, a Federal Capital Territory High Court in Maitama, Abuja on two counts of fraud.

The prosecution accused Oronsaye of abusing his position as Chairman of the

Money laundering: EFCC recovers looted $2trn in 12 years

*Says Abacha looted over $2m in 1998 alone

*Adds Buhari has vowed to recover every kobo
ABUJA—The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, yesterday, said the Economic and Financial Crimes Commission, EFCC, has so far recovered more than $2 trillion (about N400trn at current exchange rate) looted from the national treasury.

Of the huge funds he said were stolen by “criminal groups and public office holders” within the past 12 years, the AGF said it was estimated that in 1998 alone, the late former Head of State, General Sani Abacha, laundered over $2million.

The AGF, who made the disclosure in a keynote address presented at the ‘First Annual Conference on Financial Fraud, Cyber-Crime & Other Cross-border Crimes’, in Abuja, yesterday, said President Muhammadu Buhari has vowed “to recover the fortunes that criminals have made illegally by returning every penny that belongs to the Nigerian public.”

He observed that the passage of the Administration of Criminal Justice Act, ACJA, had made it possible for criminal matters to enjoy accelerated hearing in courts.

The AGF said: “With more than 166 million inhabitants, Nigeria represents more than half of Africa’s total population. Nigeria’s major source of revenue is oil and Nigeria is ranked ninth highest exporter of crude among members of the Oil Producing Exporting Countries (OPEC) and 13th across the globe.“In 1998, Nigeria came under severe attacks from the international community. Political and economic sanctions were imposed on the country to pressurise the military regime at the time to create an enabling environment for democratic election.

“During this period, the Nigerian financial system suffered crisis of confidence, caused in part by the inability of the financial supervisory authorities and the enforcement agencies to prevent the abuse of the financial system and enforce national and international financial laws and regulations.

“It is estimated that General Abacha alone laundered more than USD2 million during this period. It was not just the financial system that broke down under severe mismanagement but also the justice system due to lack of comprehensive legal framework, weak law enforcement agencies, ill equipped judiciary, and the over-crowded court system. These were just a few of the problems that contributed to the high rate of economic and financial crimes in Nigeria.

Plan of Buhari’s govt
He continued: ‘“The government of President Buhari is committed to the development of an economically, politically stable and just society where the security of lives and properties are guaranteed and underpinned by a constitutionally independent judicial system that ensures respect for rule of law and promotes equal rights to justice.

“It is no longer in dispute that internal security remains a challenge, especially as internal conflicts, including religious extremism, and ethnic conflicts have had a debilitating effect on the country’s development since independence. Nigeria is not an exception in Africa when it comes to internal conflicts, insurgency and terrorism”.

He said that trends and statistics from the Central Bank of Nigeria, CBN, indicated that on the average, Nigerian banks lose huge amounts of money annually to different forms of cyber-crime and cyber-criminals.

“The total estimated loss incurred by the financial system alone from 2012 to 2014 could be more than N64 billion or USD321.689m.”
Besides, the AGF noted that the Nigerian Deposit Insurance Corporation, NDIC, had in a report it issued in 2014, observed that the increase of fraud in the country was a result of “astronomical increase of online banking and use of ATM as well as fraudulent withdrawal of funds.”

He further identified “illicit funds flows” as a major area of organised crime in Nigeria, saying a report compiled by the presidency in 2013, identified a total of over $33.144bn (N20.6 trillion) illicit flows during 2000 to 2013, “of which over $7.456trn were proceeds of corruption and embezzlement in Nigeria”.

Malami said: “As you all know, illicit funds transfer has a number of severe effects on a country like Nigeria. It drains the country’s foreign exchange reserves, reduces tax base, increases poverty levels, increases insecurity as a potential source of terror funding, and hurts the country’s international image.

“The common crimes that confront Nigeria today include terrorism/ terrorist financing, cyber-crime, fraud, money laundering, corruption, kidnapping, trafficking in illicit drugs and persons, armed robbery, oil theft, sexual exploitation of young persons. All of these crimes threaten Nigeria’s economy and make Nigeria unattractive for investment.

“Nigeria gained notoriety among the commity of nations since early 1980 because of advanced fee fraud commonly referred to as “419” as well as high incidence of corrupt practices by politically exposed persons and bureaucrats”.

He said that available reports showed that in the past 12 years, since the establishment of EFCC, more than $2 trillion has been confiscated and recovered.
“Recoveries have also been made by ICPC, NAPTIP, NDLEA and DSS. As Nigeria struggles to deal with the high-level criminality associated with greed to acquire so much wealth through criminal activities, my task is to see how we can turn back the gains of criminal groups and to recover the fortunes that criminals have made illegally by returning very penny that belongs to the Nigeria public.

“With the passage of the ACJA, we have seen accelerated hearing of criminal matters. This would need to be sustained through various initiatives that we are developing”, the AGF stated.

Meantime, in his remarks at the event, the Chief Justice of Nigeria, CJN, Justice Mahmud Mohammed, said there was urgent need for the country to consider and priortise the reform of its laws. “This is heightened by the need to conform with the primary concerns of law and order, national security and public interest.

“However, the desire of every Nigerian for the quick and fair dispensation of justice can only be achieved where stakeholders in the justice sector work in tandem towards a common objective as a chain is only as strong as its weakest link.

“It is time to leave the rhetoric behind and take visible steps forward in this fight against transnational crimes”, the CJN added.

EFCC summons oil magnate, Omokore, again

The Chairman of the Atlantic Energy Drilling Conceits Nigeria Limited, Mr. Jide Omokore, on Wednesday visited the Economic and Financial Crimes Commission in connection with an ongoing investigation into an alleged multi-billion naira oil deal.

It was gathered that he was summoned by the commission in relation with the probe in the oil sector

The Atlantic Energy was involved in the lifting of crude oil controlled by the Nigerian Petroleum Development Company when Mrs. Diezani Alison-Madueke was the Minister of Petroleum Resources.
There were allegations that millions of barrels of crude oil running into billions of naira were lifted without the requisite payment.

The EFCC had constituted a team of operatives to investigate the NNPC and all oil deals under the former minister in 2015.

The operatives had questioned several officials of the NPDC (both retired and serving) and other top oil chiefs in the country over the oil deal.

A top operative of the commission said that Omokore was

Alleged N1.126bn fraud: EFCC chairman, Magu to testify against Dariye

ABUJA—The Economic and Financial Crimes Commission, EFCC, yesterday, told an Abuja High Court sitting at Gudu that the former governor of Plateau State, Joshua Chibi Dariye, was wanted in the United Kingdom for trial over his alleged involvement in money laundering.

The anti-graft agency told the court presided by Justice Adebukola Banjoko that Dariye jumped bail in the UK where he was arrested in 2004 and was briefly detained by the London metropolitan Police.

Dariye, who was the governor of Plateau State between 1999 and 2007, is answering to a 23-count criminal charge preferred against him by the anti-graft agency.

The defendant is a serving Senator representing Plateau Central.Among those that are lined-up to testify against him include the current Chairman of the EFCC, Ibrahim Magu.

Meantime, at the resumed trial yesterday, an investigative officer at the EFCC, Mr. Musa Sunday told the court that the case of money laundering for which Dariye was arrested, granted police bail and was expected to report back, is still pending before the London Metropolitan Police.

The witness, while being cross-examined by Dariye’s lawyer, Mr. Garba Pwul, SAN, said the EFCC investigations into the financial activities of Dariye while in office as governor, followed information that was passed to it by the London Metropolitan Police, which showed that the accused

Fresh N22.7bn charges: EFCC lines up 25 witnesses against Tompolo, others

The Economic and Financial Crimes Commission has filed fresh 22 charges against an ex-Niger Delta militant leader, Government Ekpemupolo, popularly known as Tompolo, and 12 others.

The charges, which were filed on Friday at a Federal High Court in Lagos, bordered on stealing, advanced fee fraud and money laundering to the tune of N22,765,900,000.

The fresh charges were filed eight days after Justice Ibrahim Buba ordered the arrest of

Outrageous - How DELSU Student Celebrated Their Matriculation - New Style

The tradition of pouring champagne and detergent on graduation students in Nigerian universities continues! and this time its on the extreme, photos from Delta state university students celebrating their matriculation below:

10 Silly Habits Of Most Nigerians When They Become Graduates

I know that many of us might have that neighbour, friend or relative who have bagged degree or diploma, yet acts so silly and annoying

Every point listed in this write-up boils down to pride and are further buttressed with observations

Without wasting time, let's discuss the silly habits displayed by most graduates

Note: This is NOT a generalization of all graduates. It's just an average sizable numbers of the silly ones

CONGRATULATIONS! Stephanie Okereke Linus Gives Birth To A Bouncing Baby Boy

Stephanie Okereke Linus just announced it on her page. Congratulations!!!!

Mikel snubbed me in London – Oliseh

Super Eagles Chief Coach, Sunday Oliseh yesterday explained why he left out Chelsea of England midfielder, John Mikel Obi from his list of players invited for the forthcoming 2017 Africa Cup of Nations (AFCON) qualifier against Tanzania. Oliseh who revealed this at a media parley in Abuja said he made several phone calls

Gay Man allegedly bites off another’s lip over refusal for sex

A 27-year-old man, Saidi Abubaka, has been charged before an Isolo Magistrate’s Court, Lagos, for allegedly biting off the lip of another man, one Abubakar Abdulahi, 25, for refusing his sexual advance.

Anambra Prostitutes in Serious Protest as State Govt. Demolishes Over 50 Brothels

Over 2000 commercial sex workers in Anambra state were last weekend rendered homeless and flushed out of business by the Anambra State Urban Development Board (ASUDEB) at the cattle market, Amansea, in Awka North Local Government Area of Anambra State. The State Urban Development Board rounded up the place at 3:12 pm with over 50 armed police personnel,

16 Year Old Girl Caught Sleeping With 52 Men in The Bush During Cult Initiation

16-year-old Ifechukwu Atunanya, has been arrested having sex with over 52 young men inside a bush in what looked like an initiation ceremony. She claims she was forced to sleep with every male member of the cult during her initiation. Ifechukwu was among 75 suspected cult members who were rounded up by Anambra State

See The State of EFCC Detention Cells Where They Hold People Who Embezzle Millions

Lagos Efcc detention cell looks like This ...we went there on a fact finding visit to know if the place meets human rights standard and if there are torture chambers there.Horrible looking if you ask me but perhaps good enough for those who embezzle monies and live in luxury!