EFCC

By Uzair Adam Imam 

In a recent crackdown, the Economic and Financial Crimes Commission (EFCC) has apprehended 34 individuals suspected of engaging in foreign exchange fraud.  

These arrests were made on Friday, April 26, 2024, during a well-coordinated sting operation conducted at the Wuse Zone 4 area of the Federal Capital Territory, Abuja. 

According to Dele Oyewale, the spokesman for the EFCC, the operation was prompted by credible intelligence indicating illicit sales of dollars in the area.  

Among those detained are individuals identified as Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, and others.  

The EFCC’s efforts to purge and stabilise the foreign exchange market have been ongoing, leading to these recent arrests. 

Following standard procedure, the suspects will undergo thorough investigations before being brought to court for prosecution.  

This development shows EFCC’s commitment to combating currency-related crimes and ensuring the integrity of the financial system.

By Uzair Adam Imam  

The Police Command in Kano State clarified that the recall of police officers from the Kano State Public Complaints and Anti-Corruption Commission (PCACC) is solely for the purpose of conducting a staff audit, contrary to speculations of political vendetta. 

The Commissioner of Police, Usaini Gumel, explained to reporters in Kano that the recall aims to ascertain the precise number of police personnel seconded to the commission since 2015. 

Gumel noted that the move is a response to numerous complaints received through the Command’s Complaint Response Unit (CRU), alleging highhandedness and deviation from assigned duties by the police attached to the commission. 

“The exercise was simply a response to series of reports received through the Command’s Complaint Response Unit (CRU),” Gumel stated. 

“They portrayed policemen attached to the commission as being highhanded and deviating from the expected role of providing static guard and other duties at the commission.” 

Gumel further clarified, “For the purposes of clarity, members of the public are to note that the object of the ongoing staff audit is basically to address the litany of complaints as reported by sections of the media.” 

He expressed that the audit became necessary to rectify anomalies in the commission’s operations, where police officers were reportedly involved in arrests and investigations, deviating from their original mandate. 

“In summary the step is towards ensuring a better and effective service delivery by the policemen devoid of abuse of process in the interest of the people,” Gumel added. 

The Commissioner also revealed that similar audits were conducted in the past, with officers returning to their duty posts upon conclusion. 

The Inspector-General of Police (IGP) has approved the immediate return of some police officers providing guard duty at the commission who have undergone the audit process. 

“Should the commission require more policemen for other duties than what has been expressly approved by the IGP, it should apply to IGP for approval and deployment,” according Gumel.

By Sabiu Abdullahi

The Economic and Financial Crimes Commission (EFCC) has arrested former Minister of Aviation, Hadi Sirika, in connection with an ongoing investigation into alleged money laundering amounting to N8,069,176,864.00. 

Sirika was taken into custody at the EFCC’s Federal Capital Territory Command around 1:00 p.m. on Tuesday.

He was questioned by EFCC investigators over alleged fraudulent contracts he awarded to a company called Engirios Nigeria Limited, which is owned by his younger sibling, Abubakar Sirika. 

The arrest is linked to the ongoing investigation into the Nigerian Air scandal, which involves the alleged embezzlement of over ₦8 billion. 

The EFCC is investigating Sirika for his role in authorising the fraudulent contracts, which were awarded to his brother’s company without following due process. 

Sirika’s arrest is a significant development in the investigation, and it is expected that more details will emerge in the coming days. 

The EFCC has been investigating the Nigerian Air scandal for several months, and Sirika’s arrest is a major breakthrough in the case. 

It is not clear at this time what charges Sirika will face, but it is likely that he will be charged with money laundering and fraud.

 By Uzair Adam Imam 

The embattled immediate past of Governor of Kagi State, Yahya Bello, has said that he did not appear before the Federal High Court in Abuja today because he feared that he could be arrested. 

However, Bello said he is ready to answer to the 19-count charge the Economic and Financial Crimes Commission (EFCC) preferred against him. 

The Daily Reality learned that, although Bello was absent for his arraignment, he briefed a team of lawyers who addressed the court on his behalf on Tuesday. 

Mr. Adeola Adedipe, SAN, who is a member of his legal team, told the court that his client would have made himself available for proceedings, but was afraid that he would be arrested. 

“The defendant wants to come to court but he is afraid that there is an order of arrest hanging on his head,” Adedipe, SAN, submitted. 

He also urged the court to set aside the exparte order of arrest it earlier issued against the former governor. 

Adedipe, SAN, contended that as at the time the order of arrest was made, the charge had not been served on his client as required by the law. 

He noted that it was only at the resumed proceedings on Tuesday that the court okayed substituted service of the charge on the defendant, through his lawyer. 

“As at the time the warrant was issued, the order for substituted service had not been made. That order was just made this morning. 

“A warrant of arrest should not be hanging on his neck when we leave this court,” counsel to the defendant added.

By Uzair Adam Imam

The High Court in Lokoja, Kogi State, has issued a restraining order against the Economic and Financial Crimes Commission (EFCC), preventing them from violating the fundamental human rights of Alhaji Yahaya Bello, former Governor of Kogi State.

During a two-hour session at High Court 4, presided over by Hon. Justice I.A Jamil, in suit no HCL/68/M/2020, the court delivered a verdict on Wednesday.

The judgment prohibits the EFCC from engaging in actions such as arresting, detaining, or prosecuting Bello without explicit authorization from the court.

This definitive order builds upon an earlier interim injunction.The legal proceedings stemmed from a lawsuit initiated by Alhaji Yahaya Bello, who sought to protect his fundamental rights against the EFCC.

The court also mandated the respondents to cease any ongoing persecution of the applicant.

Addressing jurisdictional challenges raised by the EFCC, the court dismissed them in its judgment.Counsel for Alhaji Yahaya Bello, SA Abbas and MS Yusuf, hailed the judgment as a landmark decision.

Similarly, the defense counsel, T.U Odima and Patrick O. Jibril, expressed their alignment with the judgment, praising its thoroughness.

By Uzair Adam Imam  

The Economic and Financial Crimes Commission (EFCC) has apprehended a clergyman in Ilorin, Prophet Adeniyi James, on allegations of defrauding a member of his congregation to the tune of N3.9 million. 

James, who serves as the General Overseer of Christ Apostolic Church (CAC), Freedom City Prophetic and Deliverance Ministry in Ilorin, was taken into custody by the Ilorin zonal command of the EFCC on April 2. 

Dele Oyewale, the head of media and publicity for the EFCC, revealed in a statement issued in Ilorin on Saturday, that the arrest came following a petition lodged by the victim, Oluwole Babarinsa.  

Babarinsa recounted in his petition that during a church programme in 2021, James purportedly had a divine revelation about his (Babarinsa’s) imminent travel abroad. 

According to Babarinsa, James engaged him in a conversation about his preferred destination, to which he responded, ‘Canada’.  

Subsequently, James allegedly informed him of a friend in Lagos who could facilitate his relocation to Canada, albeit at a cost of N1.7 million for processing and an additional N2.5 million for flight tickets and travel documents. 

In his quest to fulfil the purported divine directive, Babarinsa resorted to selling some of his assets and taking out loans, ultimately amassing a total of N3,980,000, which he handed over to the prophet.  

However, despite the substantial sum provided, Babarinsa alleged that James failed to fulfil his promises. 

“The petitioner stated that all efforts and entreaties to the suspect to refund his money yielded no positive result,” Oyewale said, relaying Babarinsa’s frustration with the situation. 

The EFCC spokesperson affirmed that following the arrest, investigations into the matter are ongoing, with plans to arraign the suspect in court upon completion of the inquiry.

By Haruna Chiroma

Binance is widely regarded as the largest cryptocurrency platform globally, facilitating billions of dollars in transactions daily. As of March 3 2024, it had over 179 million registered users across 100 countries and supported over 30 languages. Despite its prominence, this emerging financial institution operates with relatively lax oversight from financial regulatory agencies, unlike traditional financial institutions. This lack of stringent policing renders the platform vulnerable to illicit transactions. 

However, Binance also plays a significant role in fostering economic growth and providing earning opportunities for both digital natives and digital immigrants. Established in 2017, Binance rapidly gained widespread acceptance, particularly among digital natives, spreading rapidly like wildfire. 

Binance has encountered significant resistance from governments worldwide, citing concerns over its lack of transparency and regulatory issues. Numerous countries have completely banned Binance from their cyberspace, prohibiting transactions within their borders. These countries include China, Malaysia, Italy, Vietnam, the Philippines, Thailand, Australia, and several others. Despite all this, Binance is boldly embracing the wave of AI to stay competitive in the cryptocurrency market. 

The company has incorporated an AI token known as “Sleepless AI” into its platform, which is available on the Binance Launchpool. A visit to the Binance website indicates a listing of the top AI crypto tokens according to market capitalisation, with a market cap of over $7 billion and over $1.3 billion in trading volumes. 

Despite being banned from Japan, in 2022, Binance made determined efforts to re-enter the Japanese crypto market by expressing interest in acquiring Sakura, a Japanese crypto company. In another development, Binance sought a crypto license in Germany to facilitate transactions within the country’s crypto market, aiming to expand its presence across Europe. 

However, the crypto giant encountered regulatory hurdles from German financial regulators. In a prompt response, in March 2023, Binance announced the withdrawal of its license application. Following sanctions imposed on Iran, sidelining the country from traditional financial systems, Iran turned to Binance as an alternative gateway to financial institutions. Blockchain data reveals that between 2018 and 2022, Binance facilitated over $8 billion worth of transactions for Iranian firms. 

Banning Binance from a country does not necessarily prevent Binance customers from finding alternative means to conduct transactions within the banned country’s crypto market. The Wall Street Journal, published on August 2, 2022, stated that Binance successfully facilitated over $90 billion in transactions in one month within China’s crypto market. 

In the current digital age, blocking access to Binance is unlikely to be effective. Users can easily bypass restrictions by installing a Virtual Private Network (VPN) with a fleet of thousands of servers across many countries, choosing a server in a country where Binance operates, and accessing the platform with minimal effort. 

In 2021, Binance encountered regulatory challenges in Thailand, with the country’s financial authorities accusing the platform of operating without a license. This led to filing a criminal complaint against Binance with the Thai police. Later, Binance was finally banned from operations in Thailand.

Binance finds itself entangled in a legal dispute with US authorities, facing accusations of violating federal money laundering laws by neglecting to report more than 100,000 transactions deemed suspicious. Prosecutors argue that Binance serves as a prime environment for ransomware transactions (a cyberattack method that denies victims access to their computers until a specified ransom is paid via payment systems) and the exchange of payments for child abuse materials. In what appears to be an effort to resolve the matter out of court, Binance has opted for a plea bargain with US authorities. 

Under the terms of that agreement, Binance agreed to pay the US authorities a substantial fine of over $4.3 billion ($1.81 billion for criminal acts and forfeiture of $2.52 billion). Additionally, Binance plead guilty to sponsoring terrorism and involvement in money laundering. As part of the agreement, Binance has committed to operating within the legal framework and implementing monitoring mechanisms, as reported by Reuters on February 24, 2024. 

On February 24, 2013, NPR reported that the US Securities and Exchange Commission and Commodity Futures Trading Commission filed a lawsuit against Binance in court. The lawsuit was based on the absence of regulatory oversight, highlighting Binance’s operation without stringent policing akin to traditional financial institutions, artificially inflating trade volumes, and diversion of customer funds. 

Currently, Binance is engaged in a contentious dispute with the Nigerian government, which has resulted in the government blocking access to the platform. The government reportedly fined Binance a substantial sum of $10 billion, though the circumstances surrounding the fine are controversial. Users can circumvent the block by utilising a VPN, as previously discussed. Therefore, legalising and regulating the platform would be more prudent rather than the Nigerian government potentially losing billions in revenue through the backdoor. 

Given that Binance handles transactions in billions of dollars, I argue that it would be unwise to discard the benefits along with the drawbacks (“throwing a baby with the bath water”). Particularly in light of the high levels of unemployment among youths and the prevailing hardships in the country, many young people have discovered opportunities in the world of Binance. Therefore, rather than outright banning Binance from Nigeria, integrating it into its legal framework may yield better outcomes. 

As a short-term solution, Binance should be permitted to continue its operations in Nigeria under stringent control mechanisms established within the country’s legal framework, with critical oversight from entities such as the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), and other relevant authorities. 

For a long-term strategy, the CBN and EFCC, in collaboration with the Cybersecurity Department of the Federal University of Technology, Minna, should undertake high-impact research to be sponsored by the CBN and EFCC to develop a robust framework for regulating cryptocurrency operations in Nigeria. This framework should balance Nigeria’s legal system and economic growth objectives. 

Emphasising research and development is a globally recognised best practice for addressing societal challenges instead of relying solely on inter-ministerial committees, which may lack the necessary technical expertise, resources and research skills. 

Haruna Chiroma, Ph.D. Artificial Intelligence, wrote from the University of Hafr Al Batin, Saudi Arabia, via freedonchi@yahoo.com.

By Sabiu Abdullahi 

The Economic and Financial Crimes Commission (EFCC) is set to arraign the immediate-past governor of Anambra State, Willie Obiano, on Wednesday, January 24, before Justice Inyang Ekwo of the Federal High Court, Abuja. 

The charges involve alleged money laundering amounting to N4,008,573,350. 

The move comes following EFCC Chairman Ola Olukoyede’s commitment to revisiting abandoned high-profile cases, particularly those involving former governors and ministers. 

An inside source disclosed that Obiano is accused of transferring significant sums from security votes into different accounts, converting the money into dollars, and receiving it back in cash at various times.

EFCC’s lead counsel, Slyvanus Tahir, SAN, will lead the prosecution. Obiano faces nine counts, including allegations of indirectly transferring funds for purposes unrelated to Anambra State’s security affairs. 

The charges cite specific instances where funds were allegedly transferred to entities with no business relationship with the state government. 

EFCC spokesperson Dele Oyewale confirmed the upcoming arraignment, stating, “Yes, we’re arraigning Obiano tomorrow.” 

Obiano’s arrest in March 2022, immediately after leaving office, stemmed from corruption allegations related to the misappropriation of public funds, including the N5 billion Sure-P and N37 billion security vote. 

The EFCC claimed that part of the funds was diverted to finance political activities in the state.

By Sabiu Abdullahi 

The Economic and Financial Crimes Commission (EFCC) has dusted off long-dormant corruption cases against 13 former governors, with a staggering N772 billion hanging in the balance. 

This comes amidst investigations into an additional N81.6 billion allegedly looted from the Ministry of Humanitarian Affairs and Poverty Alleviation, revealing a renewed determination by the anti-graft agency to tackle high-profile financial crimes. 

Sources within the EFCC confirmed the agency’s renewed focus on these high-profile cases, some dating back over a decade. 

Among the ex-governors under scrutiny are prominent figures like Kayode Fayemi of Ekiti State, Ayo Fayose (also of Ekiti), Bello Matawalle (current Minister of State for Defence), and Chimaroke Nnamani of Enugu State. 

These cases involve a web of alleged financial misdeeds, including money laundering, fund diversion, and misappropriation of public funds. 

A senior EFCC official, who spoke on condition of anonymity, said, “I want to assure you that, as far as the commission is concerned, nobody is above the law. What the EFCC Chairman, Ola Olukoyede, has done since assuming office is that he has reviewed all the high-profile cases he inherited.”

The EFCC’s renewed drive extends beyond ex-governors. The agency is also investigating a separate $2.2 billion scandal involving individuals like former National Security Adviser Sambo Dasuki, the late media mogul Raymond Dokpesi, and ex-governor Attahiru Bafarawa. 

These individuals are accused of diverting and misappropriating funds meant for arms procurement during the fight against terrorism, raising concerns about national security and accountability. 

This aggressive anti-corruption push appears to be a marked shift under the new EFCC chairman, Abdulrasheed Bawa. Since taking office in 2021, Bawa has pledged to tackle corruption head-on, regardless of the individuals involved. 

The reopening of these high-profile cases is a potent signal of his intent, promising a potentially seismic shift in the fight against graft. 

Whether the EFCC can successfully navigate the legal complexities of these cases and secure convictions remains to be seen. 

However, the agency’s renewed focus on tackling high-level corruption offers a glimmer of hope for Nigerians yearning for accountability and a more transparent governance system. 

The coming months are likely to be pivotal, with close scrutiny on the progress of these investigations and the ultimate fate of the ex-governors and other individuals implicated in these multi-billion-naira scandals.

By Abdurrahman Muhammad

An Islamic human rights organisation, the Muslim Rights Concern (MURIC), has called on men of the Department of State Services (DSS) to set the former boss of the Economic and Financial Crimes Commission (EFCC), AbdulRasheed Bawa, free or charge him to court. 

Making the call on Thursday, 17th August, 2023, was the Executive Director of the Muslim Rights Concern (MURIC), Professor Ishaq Akintola. 

The full statement reads:

“Abdul Rasheed Bawa, former chairman of the Economic and Financial Crimes Commission (EFCC), has been in detention since 14th June 2023 without any explanation whatsoever. 

“This is contrary to the letter and spirit of Section 36 of the 1999 Constitution of the Federal Republic of Nigeria, which guarantees fair hearing in compliance with the judicial principle of audi alterem partem (i.e. hear from both sides to a case before taking a decision). Nigerians are yet to hear from the former EFCC boss. Neither have they heard from his lawyers.

“There should be no detention without trial in a democracy. It stands in contradistinction to Section 41 of the 1999 Constitution of the Federal Republic of Nigeria, which says inter alia, ‘Every citizen of Nigeria is entitled to move freely throughout Nigeria and to reside in any part thereof…’.

“Article 7(b) of the African Charter on Human and Peoples’ Rights also stipulates the right to be presumed innocent until proven guilty by a competent court or tribunal. To that extent, therefore, it must be assumed that Bawa is innocent.

“MURIC demands that he should be set free or brought to court where his charges will be read to him. He should also be allowed to see his lawyer, his personal doctor and key members of his family.

“If Godwin Emefiele, who traumatised all Nigerians for months, could be arraigned in court twice since his arrest, we wonder what special crime Bawa committed to have warranted his indefinite detention. Could it be because the former CBN governor has access to a bottomless pit of foreign and local currencies and he could therefore engage the best lawyers in the land while Bawa, a young aspiring Nigerian, cannot afford lawyers’ huge fees?

“MURIC, therefore, demands the enforcement of Allah-given fundamental human rights of AbdulRasheed Bawa. He should be set free or arraigned before a court of competent jurisdiction where he can be granted bail. 

“Our vision of Nigeria is that of a land where every man or woman is free from institutional, societal and individual coercion, a land where tyranny, oppression, injustice as well as political and socio-economic marginalisation become history.”