September 19, 2025
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Fraud

Kiin360 Fraud
Fraud General Petrol

Ex-EFCC Chairman Bawa Unveils Massive Fuel Subsidy Fraud, Reveals Billions Lost to ‘Ghost Imports’ and Over-Invoicing

Abuja — Former Economic and Financial Crimes Commission (EFCC) Chairman, Ibrahim Magu Bawa, has lifted the lid on extensive fraud within Nigeria’s fuel subsidy system, revealing that billions of naira have been siphoned off through deceptive practices including ‘ghost imports’ and over-invoicing. Speaking at a recent anti-corruption forum, Magu detailed how unscrupulous actors exploit loopholes

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EFCC Fraud General

Makurdi Courts Convict 21 Internet Fraudsters, Hand Down Jail Sentences

In a major crackdown on cybercrime, twenty-one internet fraudsters have been convicted and sentenced to various jail terms by courts sitting in Makurdi, Benue State, following successful prosecution by the Economic and Financial Crimes Commission (EFCC). The convictions, delivered over the past week, followed a series of coordinated arrests and investigations by operatives of the

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EFCC Fraud General

EFCC Slams Fresh Charges Against Emefiele Over Alleged Theft, Fraudulent Acquisition of 753 Duplexes in Abuja

The Economic and Financial Crimes Commission (EFCC) has filed fresh criminal charges against the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, accusing him of grand theft and the illegal acquisition of a sprawling estate consisting of 753 duplexes in Abuja, alongside the alleged concealment of billions of naira using proxy

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Business Fraud

Ex-Union Bank Executive Testifies in AMCON N76bn Fraud Trial, Reveals Why He Forgave Arik Air’s $2.3M Debt

Lagos — A former Group Executive Director of Union Bank Plc, Mr. Austine Obigwe, has disclosed that he voluntarily wrote off a $2.3 million debt owed by Arik Air to his private firm, Staal Nigeria Limited, citing the airline’s operational difficulties at the time. He made this known while testifying before the Lagos State Special

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Fraud

Ex-Union Bank Executive Testifies in AMCON N76bn Fraud Trial, Reveals Why He Forgave Arik Air’s $2.3M Debt

Lagos — A former Group Executive Director of Union Bank Plc, Mr. Austine Obigwe, has disclosed that he voluntarily wrote off a $2.3 million debt owed by Arik Air to his private firm, Staal Nigeria Limited, citing the airline’s operational difficulties at the time. He made this known while testifying before the Lagos State Special

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Crime Fraud Health

Ex-NHIS Boss Femi Thomas to Know Judgment on $2.2 Million Fraud Case July 24

Former National Health Insurance Scheme (NHIS) Executive Secretary, Dr. Olufemi Martins Thomas, is scheduled to hear the verdict in his alleged $2,198,900 fraud case on July 24, 2025. The Federal High Court in Ikoyi, Lagos, set the date following the conclusion of trial proceedings. Dr. Thomas and co-defendant Kabiru Sidi, a Bureau De Change operator,

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Crime Fraud General Policy update

SCUML Engages Stakeholders Ahead of FATF Onsite Visit, Conducts Sector Sensitization

The Special Control Unit Against Money Laundering (SCUML) has intensified efforts to prepare stakeholders for the upcoming Financial Action Task Force (FATF) onsite evaluation through a series of engagement and sensitization activities across key sectors. In a recent round of meetings and workshops, SCUML brought together government agencies, financial institutions, and private sector representatives to

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Crime EFCC Fraud

EFCC Nabs 49 Suspected Internet Fraudsters in Lokoja, Recovers Loaded Firearm and Exotic Vehicles

In a major clampdown on cybercrime activities, operatives of the Economic and Financial Crimes Commission (EFCC), Ilorin Zonal Command, have apprehended no fewer than 49 individuals suspected to be involved in internet fraud in Lokoja, the Kogi State capital. The arrests were made over the weekend, specifically between Saturday, May 24, and Sunday, May 25,

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EFCC Fraud

EFCC Confirms Recovery of Funds and Arrests in Ongoing Probe of Cbex Investment Scheme

In a significant development amid ongoing investigations into suspected fraudulent investment schemes, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has disclosed that the anti-graft agency has recovered a portion of funds linked to Cbex, an alleged Ponzi-style investment outfit. Speaking to newsmen, Olukoyede confirmed that the EFCC has

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Crime Fraud

EFCC Drags Three Bankers, Four Others to Court Over Alleged N8.5bn Cyber Fraud in Lagos

In what appears to be another major step in Nigeria’s ongoing crackdown on financial crimes, the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Friday, May 23, 2025, arraigned three bank employees and four of their alleged accomplices before the Federal High Court sitting in Ikoyi, Lagos. The suspects are being prosecuted

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