Alleged N4.6bn Fraud: Court Adjourns Fani-Kayode Others’ Trial Till Feb. 24

Justice Daniel Osaigor of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, November 30, 2021, adjourned till February 24, 2022 further hearing in the alleged N4.6bn fraud involving a former Minister of Aviation, Femi Fani-Kayode and others.

Fani-Kayode is standing trial alongside a former Minister of State for Finance, Nenadi Usman, a former Chairman of the Association of Local Governments of Nigeria, ALGON, Yusuf Danjuma, and a company, Join-Trust Dimensions Nigeria Ltd. on a 17-count charge bordering money laundering to the tune of N4.6billion.

EFCC Calls for Concerted Action Against Pension Fraud

Bawa

The Executive Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa on Tuesday, October 5, 2021 called for a concerted action by all stakeholders in ensuring an efficient, effective and fraud-free pension system in Nigeria.

The EFCC chairman stated this in his opening address at the commencement of a two-day National Summit tagged, Eradication of Pension Fraud in Nigeria, at the Nigerian Air Force Conference Centre, Kado, Abuja.

According to him, the EFCC as the coordinating agency for the enforcement of all economic and financial crimes laws, is conversant with the rot in the pension sector. “We have investigated and documented hundreds of billions of Naira lost to fraud in the pension industry. 

However, beyond the money, is also the unquantifiable loss of dignity in the retiree who has to grovel and beg (and even die in some instances) in order to access his contributions. It is the shame of a nation that those who have contributed their most productive years to us in various capacities have to go through hell to live in retirement.

EFCC Cautions Banks Against Forex Malpractices

The Commander of the Uyo Zonal Command of the Economic and Financial Crimes Commission, EFCC, ACE I Nwanneka Nwokike has warned bank officials against providing foreign exchange to customers who have no intention of travelling outside Nigeria.

Nwokike who gave the warning on Wednesday, September 8, 2021 when he met with Chief Compliance Officers of Banks in the zone, said indications have emerged that some bank customers present fake travel documents including false flight bookings, to obtain foreign exchange.

According to him, the EFCC under the leadership of Abdulrasheed Bawa, has vowed to clamp down on Forex offenders, be they bank Officials or customers. "Always report Bank officials who collude with criminal elements to collect foreign exchange. There are very strong indications that it is happening, … go back and sensitize your staff, to ensure that they always do the right thing because 'doing the right thing' has become the new normal; therefore proper verification of documents presented by customers for Forex must be done. Again, the Commission will not entertain excuses, and will no longer look away when Banks fail to do their due diligence," Nwokike said.


While responding to the issue of customers who book foreign flights and cancel after collecting foreign exchange from banks, the Deputy Zonal Commander ACE II Hamidu S. Bawa instructed the Compliance Officers to report such customers to the Commission. "When you observe such offenders, report them to the Commission and provide their BVN along, because after now, the liability will be on you and I'm sure you don't want that to happen," he said.


The Zonal Commander further asked for a better working relationship that will ensure quick response by banks to letters from the Commission.

By EFCC

EFCC Hosts Bank Auditors, Urges Transparency in Banking Sector

The Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa today, August 24, 2021 affirmed the Commission’s willingness to partner with the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, in tackling financial crimes and related challenges in the banking sector. “EFCC welcomes your suggestion of robust partnership. We cannot do this job alone. We need information, and for all Nigerians to be on board, to rid our country of corruption.”

He spoke when members of the ACAEBIN, led by the Chairman, Yinka Tiamiyu paid him a courtesy visit at the Commission`s headquarters, Abuja.

Bawa implored the bank auditors to take issues of transparency in banking operations seriously, adding that starting from September 1, 2021 it will no longer be business as usual as the Commission will hold banks liable where there are established cases of institutional complicity in fraud in the sector.

“I will like to urge you to know your customers, know the kind of businesses they do before opening an account for them because some customers will open an account within a space of two months a huge sum of money is found in the account, so there is need for you to try and query these information including their linked accounts,” Bawa said.

Tiamiyu in his remarks, said they were in the Commission to seek improved partnership between banks and the EFCC in tacking economic and financial crimes. He reiterated the commitment of banks as lead actors in the nation’s financial system to sanitizing the system, noting that it was not in the interest of the organizations to incubate or suppress financial malfeasance.

Amplifying this point, Uduak Udoh, Vice Chairman of the Association said, “Some customers are conniving with bank staff to loot funds. We want you to look into that area, not only the banks as we are ready to give you all the cooperation you need; we want you to trust bank auditors with information sharing because we cannot support fraudulent staff as they are a threat to the organization.”

They used the opportunity of the visit to highlight issues of concern to them and their organizations, including fast-tracking the consideration of petitions from banks by the EFCC.

Anti-graft War: EFCC Commander Charges NGO on Whistleblowing

The Kano Zonal Commander of the Economic and Financial Crimes Commission, EFCC, Mualledi Farouq Dogondaji today August 10, 2021, charged members of a non-governmental organization, War Against Injustice, to be whistleblowers.

He gave the charge when he received officials of the NGO in his office.

Dogondaji called on the group to partner with the Commission in the fight against corruption, which he described as the bane of Nigeria’s progress.

Dogondaji also expressed his delight in seeing a group of youth striving for the success and development of Nigeria. “Seeing a group of young people leading the charge against injustice in Nigeria, all hope is not lost for the progress of this country, “he said.

He urged the group to work with the EFCC towards the prevention of corruption by educating their immediate communities on the menace. “Our doors are always open, feel free to come to us with any information and we assure you that we will take it and investigate,” he said.

In his remarks, the Director of the group, Comrade Umar Ibrahim Umar informed the Zonal Commander that his NGO was established to fight social injustice and corruption in general, adding that they have been carrying out sensitization campaigns against corruption in local communities.

Umar disclosed that his NGO is currently monitoring constituency projects across the states and will provide the Commission with credible intelligence on any wrongdoing or suspicious activity uncovered in the course of the exercise.

He observed that anti-graft agencies alone cannot fight corruption that they need to partner with NGOs which reason he has come to extend a hand of friendship and support to the EFCC.

“Government anti-corruption agencies alone cannot fight corruption, these patriotic youth before you are ready to partner with your organization because it is everyone’s business to fight corruption in Nigeria”, he said.

By: EFCC