EFCC

By Nasiru Ibrahim

In Nigeria, government policies to improve the economy often fail to serve the broader population. Instead of addressing systemic issues, these policies often become tools for political favouritism, corruption, and inefficiency, benefiting only a few. This results in greater inequality, inefficiency, and social unrest, leaving millions of Nigerians struggling.

The critical question is: Are these economic problems not necessarily created by private organisations enough to justify applying the Keynesian model in developing countries like Nigeria?

We need to examine Nigeria’s economic realities in light of Keynesian theory to answer this. While the theory suggests that government intervention can correct market failures and stimulate growth, such interventions often exacerbate the problems they aim to solve in Nigeria. By comparing Nigeria’s situation to Keynes’s assumptions, we can determine whether government intervention is more of a curse than a blessing.

Keynesian Economics and Nigeria’s Reality

Keynesian economics is based on several assumptions: income, employment, output, money supply, and investment. Let’s break down how these assumptions fare in Nigeria’s context:

Money Supply and Interest Rates: Keynes argued that an increase in the money supply reduces interest rates, which should increase investment, income, output, and employment. In theory, this should stimulate economic growth. However, in Nigeria, despite the Central Bank of Nigeria (CBN) increasing the money supply, interest rates remain high, and inflation continues to rise. This inflationary pressure discourages investment and undermines businesses, many of which struggle to survive.

Effective Demand and Unemployment: Keynes suggested that unemployment is caused by a deficiency in effective demand, which typically occurs during the downward phase of the business cycle. However, Nigeria’s unemployment crisis is not cyclical but structural, stemming from insufficient capital formation and inadequate resources. Even during periods of economic growth, unemployment remains high, revealing deeper systemic issues than those addressed by Keynes’s theory.

Investment and Marginal Efficiency of Capital (MEC): According to Keynes, investment depends on the MEC, which is determined by the expected return on investment. In Nigeria, the MEC and actual investment remain low, primarily due to instability, poor infrastructure, and weak institutions. The lack of investor confidence further hampers growth.

Saving and Consumption: Keynes viewed saving as detrimental to economic growth, as it reduces consumption, which affects income and employment. In advanced economies, excessive saving may reduce demand, but the opposite is true in Nigeria. Saving is necessary for capital formation, yet savings rates are already low. Nigerians spend more than 80% of their income on consumption, limiting capital available for productive investment.

The Role of Foreign Trade: Keynes’s model was based on a three-sector economy (households, firms, and government), while Nigeria operates a four-sector economy, with foreign trade playing a significant role. Imports and exports, especially of crude oil, heavily influence national income and economic performance. However, Nigeria’s dependence on imports and volatile oil prices highlights the vulnerability of its economic structure.

Government Intervention: A Curse or a Blessing?

Government intervention can either benefit or harm an economy. However, history suggests that government intervention has primarily been a curse in Nigeria. The country’s interventionist policies have been marred by chronic corruption, policy inconsistency, weak institutions, and political patronage, leading to inefficiency and social harm.

Several examples illustrate the disastrous impact of government policies:

The Anchor Borrowers Programme: In 2023, the CBN admitted that over 76% of the loans disbursed under the Anchor Borrowers Programme had not been repaid. The scheme, designed to support farmers, became riddled with corruption. Many recipients were political loyalists without agricultural expertise, undermining the program’s effectiveness and inflating public debt.

Misuse of Public Funds: In 2020, a leaked memo revealed that over ₦81 billion was paid out through fake contracts to party loyalists, with no actual work being done. This wasted public funds that could have been invested in schools, hospitals, or infrastructure, further deepening the nation’s economic woes.

Ghost Workers in Kogi State: Over 3,000 ghost workers linked to political patronage were discovered on Kogi State’s payroll. These fictitious workers were paid salaries meant for public service, siphoning funds away from essential government services.

Political Patronage in Government Programs: Programs like TraderMoni and SURE-P, initially aimed at alleviating poverty, were instead used to reward political supporters during election periods. In 2019, around ₦10 billion was distributed under TraderMoni, with no clear records of repayment or follow-up, reducing the program’s ability to address real economic problems.

The Power Sector Crisis: Nigeria’s power sector remains in shambles despite spending ₦2 trillion in bailout funds since 2015. Many areas receive less than 8 hours of electricity daily, forcing businesses to rely on expensive generators, which increases their operational costs and deters potential investors.

The 2019–2021 Border Closure: The government closed borders to combat smuggling and encourage local farming. However, this policy led to soaring food prices—rice, for instance, increased from ₦15,000 to over ₦27,000 per 50kg bag. The policy also harmed small traders and businesses, exposing the fragility of Nigeria’s local production capabilities.

The Mismanagement of COVID-19 Funds: During the COVID-19 pandemic, the government allocated over ₦500 billion for palliatives, but many Nigerians, especially in rural areas, saw no relief. In some cases, food items meant for distribution were found rotting in warehouses, while the funds disappeared without adequate documentation.

The Ajaokuta Steel Company: Over $8 billion (approximately ₦12 trillion) has been spent on the Ajaokuta Steel Company since the 1970s, yet the facility remains non-operational. Despite its potential to transform Nigeria’s industrial landscape, it has become a symbol of inefficiency and political exploitation.

Foreign Exchange Crisis: The mismanagement of Nigeria’s foreign exchange policy has led to multiple exchange rates, fueling corruption and economic instability. The naira now trades at over ₦1,600 to the dollar, creating further challenges for businesses and pushing more Nigerians into poverty.

NNPC Report (2022): The Nigerian government spends ₦6 trillion annually on fuel subsidies, which mainly benefit the wealthy and fuel importers. This massive amount could have been used to improve critical sectors like healthcare, education, or infrastructure. Instead, it adds to Nigeria’s debt and fuels inflation, making life harder for ordinary Nigerians and slowing economic growth.

National Social Investment Programme (2021): Programs like the N-Power initiative, which aimed to tackle unemployment, have been poorly managed. Despite billions allocated, only about 5 million people benefited by 2021, and many faced delays in receiving payments. The program failed to meet its objectives, wasting public funds and doing little to address Nigeria’s unemployment crisis.

EFCC Report (2020): Corruption remains rampant. The government loses ₦500 billion annually due to corrupt procurement deals. These misappropriated funds could have been used to improve infrastructure, healthcare, and education, yet they enrich a few, further deepening inequality.

World Health Organisation Report (2021): Despite allocating ₦100 billion annually for healthcare, only 30%  is used for healthcare services. Much of it is lost to corruption or mismanagement, leaving Nigeria’s healthcare system underfunded and unable to meet the population’s needs, which worsens the economy’s overall productivity.

Federal Ministry of Agriculture Report (2021): Over ₦50 billion was meant to support farmers, but due to corruption, most of this money never reached those who needed it. As a result, agricultural productivity remains low, food prices rise, and the country struggles with food insecurity, exacerbating inflation.

Petroleum Industry Bill (2021): Delays in implementing the Petroleum Industry Bill have cost Nigeria ₦2 trillion in potential revenue. Failing to reform the oil sector has discouraged foreign investment, leaving Nigeria more dependent on oil exports and vulnerable to fluctuating global oil prices.

PIB Implementation Report (2021): The government has repeatedly delayed reforms to the petroleum sector, costing Nigeria about ₦2 trillion in lost revenue. This delay has hurt the oil industry and discouraged foreign investment, contributing to economic instability.

The Path Forward: Making Government Intervention Effective

For government intervention to be a true blessing, it must be transparent, effective, and focused on the long-term interests of the nation. Here’s how Nigeria can reverse the curse of misguided interventions:

Tackle Corruption: Hold government officials accountable for misused funds. Ensure that contracts are transparent and traceable.

Boost Local Production: Support farmers, manufacturers, and small businesses with affordable credit, reliable power supply, and the necessary tools to succeed.

Fix the Forex Crisis: Diversify exports, improve domestic production, and establish a unified exchange rate to stabilize the currency.

Create Sustainable Jobs: Focus on creating employment in agriculture, technology, and manufacturing—sectors that offer long-term growth, not temporary handouts during election periods.

Reduce Wasteful Spending: Cut unnecessary expenditures and focus on essential sectors such as healthcare, education, and infrastructure.

Stabilize Policies: Implement long-term economic policies that provide certainty and build trust among businesses and investors.

Strengthen Institutions: Ensure that institutions like the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation (NNPC) function efficiently, regardless of political changes.

Invest in Power: Improve the power sector to reduce costs for businesses and encourage investment.

Promote Value-Added Exports: Move beyond raw material exports and focus on producing finished goods that earn Nigeria more revenue on the global market.

Involve the People: Engage citizens in decision-making processes and use data-driven approaches to inform policy.

Conclusion

For Nigeria to thrive, its government must rethink its approach to intervention. Instead of using economic policies as tools of patronage, it should focus on policies that genuinely stimulate growth, reduce inequality, and improve the lives of Nigerians. Only then can government intervention become a true blessing, rather than a curse.

Ibrahim is a graduate of the Department of Economics from Bayero University, Kano, and writes from Jigawa.

By Abdullahi Mukhtar Algasgaini

The Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Sale Bala and Abdullahi Tahir Hamisu for failing to declare $86,500, 305,150 Saudi Riyal, 560,000 CFA, and 200 Euros at the Malam Aminu Kano International Airport.

The duo were arraigned before Justice S.M. Shuaibu of the Federal High Court, Kano, on three counts of money laundering under Section 3(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

They pleaded guilty to the charges. Prosecution counsel Musa Isah urged the court to convict them accordingly. Justice Shuaibu found them guilty and ordered the forfeiture of the undeclared funds to the Federal Government.

The first defendant, Bala, was arrested by the Nigeria Customs Service (NCS) on April 27, 2025, while attempting to clear an unaccompanied baggage labeled as “bedsheets,” which concealed the currencies.

Investigations revealed he was to deliver the consignment to Hamisu, who was also arrested upon arrival.

Both were handed over to the EFCC for prosecution.

The third suspect, Ibrahim Abubakar Saeed, remains at large.

By Abdullahi Mukhtar Algasgaini

The Economic and Financial Crimes Commission (EFCC) has apprehended Muhammad Kabir Sa’ad, a social media content creator, for allegedly abusing the Naira.  

The suspect, known as @youngcee0066 on TikTok and Instagram, posted a video showing him throwing Naira notes on the ground, stepping on them, and daring EFCC officials to arrest him in Hausa.  

Acting on intelligence, operatives from the Kaduna Zonal Directorate tracked him down in the Tudun Wada area and took him in for questioning.  

EFCC officials confirmed that Sa’ad will be prosecuted once investigations are concluded. The arrest serves as a warning against the misuse of the national currency.

By Abdullahi Mukhtar Algasgaini

The Emir of Zazzau, His Highness Mallam Nuhu Bamali, has lauded the Economic and Financial Crimes Commission (EFCC) for its unwavering commitment to fighting corruption in Nigeria.

The monarch gave the commendation when the Acting Director of the EFCC’s Kaduna Zonal Directorate, ACE I Bawa Usman Kaltungo, led a delegation on a familiarisation visit to the Zazzau Emirate.

The Emir praised the EFCC for its consistent collaboration with the emirate, stating, “The EFCC has always carried the Zazzau Emirate Council along in its activities, and we are grateful. I urge my subjects to live law-abiding lives, as no one will be shielded if found guilty of wrongdoing.”

He also expressed confidence in the professionalism of the Commission.

In response, Kaltungo thanked the emirate for its longstanding support and appealed for continued cooperation to enhance the EFCC’s operations in the region.

The visit reinforced the existing partnership between the EFCC and traditional institutions in the fight against financial crimes.

By Bilyamin Abdulmumin, PhD

When the PDP began its first tenure in 1999, there was a level of humility and fairness. But it was in their second tenure that their invincibility began to take shape.

As a former military Head of State, Olusegun Obasanjo did not help matters. For the second time in Nigeria’s history, he declared a state of emergency in Ekiti and Plateau and threatened several other states. During this period, the legislature was allegedly weaponized for political control, and allegations extended even to the Economic and Financial Crimes Commission (EFCC), a respected anti-graft agency. 

Arguably, the PDP reached its zenith in 2007 and became so confident that it could “do and undo. ” The opposition could no longer hold any chance; instead, they covertly or overtly carried out the bidding of the powerful PDP. This exuberance and excesses of the then-ruling party culminated in a ditch for democracy: reports indicated that the 2007 presidential election results were declared while the collation was still ongoing. 

In 2011, Goodluck Jonathan’s administration continued its escapade. Allegations of corruption and mismanagement ran rampant, and the PDP became a haven for anyone singing its praises. This perception was palpable, and the public echoed that anything labelled ‘dubious’ came from the party. 

Complacency eventually led them to boldly declare that the party would remain in power for sixty years. Instead of sixty, the PDP barely added another six years. Even the former party chairman, who initiated the sixty-year maxim, considered leaving the party in 2015. 

Never mind the masses’ outrage, founding fathers decrying maltreatment, and bigwigs, including governors, decamping to the opposition. PDP could not see the handwriting; they thought it would be normal. 

The death of the PDP would be slow, with several deep cuts. One of them was shunning them by decamping opposition. Shehu Sani, Nasir El-Rufa’i, Rabiu Musa Kwankwaso, and Peter Obi should all naturally have considered the PDP as an alternative. 

Another blow to the slowly fading party is an internal crisis. One crisis after another continues to shake the once-indomitable party, providing those looking to defect a compelling reason to change sides. 

Perhaps the deepest cut was Nyesom Wike’s presence, who actively undermined the party from within. As Minister of the Federal Capital Territory, Wike not only revoked the PDP land title of the new secretariat but allegedly facilitated a Supreme Court victory for his ally, Mr Samuel Anyanwu, against the current party secretary.

History is replete with the downfall of the mighties. Leaders, nations, and brands often reach a status where they seem invincible, only to succumb to the very excesses that caused their rise.

By Muhammad Ahmad Iliyasu

Nigeria’s governance and fiscal challenges are undermined by persistent corruption, inefficiencies in public finance, and a lack of transparency, all of which have stymied economic progress, among other issues. According to the 2024 Mo Ibrahim Index on African Governance, Nigeria ranked 33rd out of 53 African nations with a score of 45.7 out of 100, reflecting a decline of 1.4 in its governance score between 2014 and 2023. 

The ranking (above) is further emphasized by low scores across critical categories such as Security & Rule of Law (39.7), Participation, Rights & Inclusion (47.9), Foundations for Economic Opportunity (48.6), and Human Development (46.4). While these challenges are substantial, examples worldwide illustrate the transformative potential of fiscal transparency and public integrity when supported by robust institutions and data-driven strategies. Nigeria can identify actionable solutions to address its governance deficits by examining how other countries have succeeded in these areas.

One of the most striking examples of fiscal transparency comes from Estonia, which has emerged as a global leader in e-government. Estonia has digitized its public financial management systems and introduced blockchain technology to monitor public procurement and spending. According to the World Bank, these innovations have resulted in a 30% increase in administrative efficiency and a 25% decrease in opportunities for corruption. 

In comparison, Nigeria’s procurement processes remain largely opaque, frequently marred by corruption scandals involving inflated contracts and the misappropriation of public funds. By 2023, procurement-related corruption cost Nigeria an estimated 30% of its annual budget. Estonia’s success showcases that technology when applied systematically, can be a game-changer in ensuring fiscal accountability.

Participatory budgeting, which originated in Porto Alegre, Brazil, is another area from which Nigeria could draw valuable lessons. By directly involving citizens in decisions regarding local government budgets, Porto Alegre has boosted investment in vital services such as healthcare and education by 20%, specifically targeting underserved communities. This participatory approach has not only enhanced public service delivery but also built trust in government institutions. 

In Nigeria, public participation in budgeting remains minimal, with the process often limited to elite stakeholders. A 2021 report by BudgIT revealed that over 70% of Nigerians feel disconnected from how public funds are allocated. A more citizen-centric budgeting process would bridge this gap, fostering trust and ensuring that budgetary decisions reflect public priorities.

Anti-corruption frameworks in countries such as Singapore and Botswana highlight the significance of institutional independence and efficiency. Singapore’s Corrupt Practices Investigation Bureau (CPIB), established in 1952, functions independently from other government agencies and has played a crucial role in reducing corruption to negligible levels. This success is evident in Singapore’s top-tier ranking on Transparency International’s Corruption Perceptions Index (CPI), where it achieved a score of 85 out of 100 in 2023. In contrast, Nigeria scored 24 out of 100, ranking 150th among 180 countries. The difference stems not only from institutional strength but also from the enforcement of laws. While Nigeria’s Economic and Financial Crimes Commission (EFCC) has made strides, its efforts are frequently compromised by political interference, inadequate resources, and inconsistent prosecution of high-profile cases.

Fiscal discipline is another area where Nigeria lags behind global standards. Sweden and Germany, for instance, have adopted fiscal rules that ensure economic stability. Sweden’s balanced budget rule requires government expenditures not to exceed revenues over an economic cycle, while Germany’s “debt brake” caps structural deficits at 0.35% of GDP. These policies have allowed both nations to maintain sustainable debt levels—38% and 60% of GDP, respectively, as of 2022. In contrast, Nigeria’s public debt has risen sharply, reaching 40% of GDP in 2023, with debt servicing consuming over 80% of government revenues. Without strict fiscal rules, Nigeria risks entering a debt trap that could hinder long-term economic growth.

Open data initiatives also illustrate the potential for transparency. The United Kingdom’s Open Data Portal provides public access to over 40,000 datasets on government operations, enabling citizens and civil society to monitor public spending effectively. This transparency has contributed to a 15% increase in public trust in government institutions, as reported in a 2020 World Bank study. Meanwhile, Nigeria’s efforts at transparency, such as the Nigeria Open Contracting Portal (NOCOPO), have yet to achieve comparable results. A lack of comprehensive data and limited public awareness have restricted its impact, with Transparency International noting that only 10% of procurement data is consistently published.

In this context, the Center for Fiscal Transparency and Public Integrity (CeFTIP) plays a crucial role in Nigeria’s quest for better governance. Through its annual Transparency and Integrity Index, CeFTIP evaluates government ministries, departments, and agencies (MDAs) on their adherence to standards of transparency and accountability. Its reports reveal systemic gaps in compliance with fiscal transparency norms and provide recommendations to bridge these gaps. Additionally, CeFTIP organizes sensitization campaigns to raise awareness about the importance of fiscal openness, while its capacity-building programs train public officials in best practices for financial management and anti-corruption measures. These efforts are vital in establishing the foundational infrastructure for a culture of accountability in Nigeria.

Whistleblower protection is another area where Nigeria falls short. In New Zealand and Canada, robust legal frameworks safeguard whistleblowers from retaliation, resulting in a significant increase in reported cases of corruption and misconduct. According to the International Whistleblower Protection Network, countries with effective protections detect 30% more corruption cases. In Nigeria, the whistleblower policy introduced in 2016 initially led to the recovery of over $500 million but has since stagnated due to weak legal protections and a lack of institutional support.

South Africa offers valuable lessons in civil society collaboration. Organizations such as the Public Service Accountability Monitor (PSAM) have successfully partnered with government entities to track public spending, resulting in a 25% improvement in service delivery outcomes, according to the World Bank. In Nigeria, civil society organizations like CeFTIP, BudgIT, and Connected Development have made strides in promoting accountability but often face resistance from government agencies. Strengthening these partnerships could amplify their impact and ensure more transparent governance.

Recommendations

For Nigeria to replicate these successes, it must prioritize institutional reforms like DOGE and adopt data-driven strategies tailored to its context. Establishing a robust digital public finance system akin to Estonia’s would enhance transparency and reduce corruption. Adopting participatory budgeting processes, starting at the local government level, would empower citizens and align public spending with community needs. Strengthening anti-corruption agencies through legal and financial autonomy is essential to combating high-level corruption.

Moreover, Nigeria should introduce enforceable fiscal rules to curb excessive borrowing and ensure sustainable debt levels. Expanding open data initiatives and increasing public awareness of platforms like NOCOPO would improve oversight and citizen engagement. Supporting organizations like CeFTIP through increased funding, open access, and government collaboration could scale their impact on promoting transparency. Finally, enacting comprehensive whistleblower protection laws and fostering partnerships with civil society organizations would create a more inclusive and accountable governance framework.

By learning from the advancements in countries such as Estonia, Singapore, and Brazil, and by utilizing the ongoing initiatives of organizations like CeFTIP, Nigeria can establish a direction toward fiscal transparency and public integrity. These reforms, although challenging, are essential for rebuilding public trust, attracting investment, and ensuring a prosperous future for all Nigerians.

Muhammad Ahmad Iliyasu is Strategic Communications Officer at the Center for Fiscal Transparency and Public Integrity. He can be reached via his email: Muhada102@gmail.com.

By Uzair Adam

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has stated that corruption poses a significant threat to Nigeria’s development.

He reaffirmed the commission’s commitment to tackling the menace and urged all stakeholders to support the anti-corruption campaign.

Speaking at the launch of the EFCC’s “Integrity Club” in primary and secondary schools across the Federal Capital Territory (FCT) on Tuesday, Olukoyede, represented by the Director of Public Affairs, Wilson Uwujaren, said the initiative aims to instill values of integrity, honesty, and diligence in young Nigerians.

“The EFCC is determined to bring corruption to its knees in Nigeria, and together we can achieve this goal,” he said.

He explained that the Integrity Clubs serve as platforms for interaction, enlightenment, and empowerment, helping students cultivate ethical values.

He noted that children at this stage are still receptive to guidance and can be molded into responsible leaders through proper mentorship.

“Our children can only become the leaders we desire if we equip, mentor, and guide them with the right values. Integrity Clubs will provide them with the foundation to resist corruption,” he added.

Olukoyede urged schools to actively engage students in discussions on ethical conduct and regularly provide feedback to the EFCC on the club’s activities.

In his remarks, the acting Executive Chairman of the FCT Universal Basic Education Board, Hassan Sule, commended the EFCC for the initiative, stating that prevention is the best approach to tackling corruption.

“This initiative will shape children’s character and influence their peers positively. If we can implement it effectively, we will have responsible adults in the future,” he said.

He assured that the board would institutionalize Integrity Clubs in at least 30 schools within the FCT, emphasizing that education remains the most effective tool in the fight against corruption.

By Uzair Adam

The Economic and Financial Crimes Commission (EFCC) has arrested no fewer than 133 individuals in connection with an alleged Ponzi scheme operating under the name Q University, also known as Q-Net, in Gwagwalada, Abuja.

According to the anti-graft agency, the institution was running a scheme that recruited young Nigerians, promising them unrealistic financial gains.

The suspects were reportedly enrolled in a program dubbed “Special Training for New Generation Billionaires,” where they were allegedly brainwashed into believing they would become wealthy by recruiting others into the system.

EFCC spokesperson Dele Oyewale stated that the suspects were required to obtain an “Independent Representative Application Form” with motivational slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”

The operation was conducted in collaboration with the 176 Guards Battalion of the Nigerian Army. Items recovered from the suspects include mobile phones, computers, and other electronic devices.

The EFCC confirmed that investigations are ongoing and that the suspects will be charged in court upon completion of inquiries.

By Abdullahi Mukhtar Algasgaini

Former Nigerian Minister of Petroleum, Diezani Alison-Madueke, who is facing accusations of involvement in illicit financial dealings, has approached the court in Abuja seeking to stop the Economic and Financial Crimes Commission (EFCC) from selling some of her assets.

Madueke also requested the court to retrieve assets that the EFCC has already sold to the public.

In her legal bid, Madueke, through her lawyer Mike Ozekhome, accused the EFCC of violating her rights and denying her the opportunity to defend herself.

She argued that despite receiving a court order for the government to seize her assets, she has not been provided with any official document confirming this action, prompting her to seek the court’s intervention for assistance.

By Anwar Usman

The Economic and Financial Crimes Commission (EFCC) has arrested 21 suspected internet fraudsters in Bauchi State.

The operation was conducted by the commission’s Gombe Zonal Directorate on Saturday, March 15, 2025, following acredible report on the suspects’ alleged involvement in cybercrime.

According to a statement from the EFCC on its X handle, the suspects were arrested on Monday in the Kaure New Government Reservation Area and Awala, Maiduguri Road, in Bauchi.

During the operation, several luxury vehicles were recovered, including a BMW car and a Toyota Camry, among others.

The EFCC reiterated that the suspects would be prosecuted when investigations are completed. 

“Items recovered from them at the point of arrest include one BMW and Toyota Camry cars, three PlayStation 5, 30 expensive phones, one flat-screen television set, six Point of Sale, POS, machines, four iPads, and five laptops,” the statement further revealed.