Binance Executive loses Fundamental Suit against EFCC

Justice Inyang Ekwo of the Federal High Court, Abuja, on Wednesday, June 19, 2024 dismissed the fundamental rights enforcement suit filed by the Africa Regional Manager of Binance Holdings Limited, Nadeem Anjarwalla (at large), against the Economic and Financial Crimes Commission, EFCC and the National Security Adviser.

Justice Ekwo, in a short ruling, dismissed the suit for lack of diligent prosecution.

At the last court’s session, March 28, 2024, Anjarwalla’s counsel, Tonye Krukrubo (SAN), had sought leave of the court to withdraw his appearance in the matter and the application was granted.

He said the matter was adjourned till Wednesday, June 19, 2024 for mention but no lawyer appeared for the applicant.

The Binance Executive and his colleague, Tigran Gambaryan, had filed separate human rights enforcement suits against the EFCC and NSA, seeking an order to release them from detention.

The two crypto-exchange executives, in the suits marked: FHC/ABJ/CS/355/24 and FHC/ABJ/CS/356/24, sued the ONSA and EFCC as first and second respondents.

Kukrubo, whose appearance on Wednesday was solely for Gambaryan, moved a motion seeking to amend his client-originating process, a request the EFCC lawyer, Olarewanju Adeola, opposed.

Justice Ekwo, however, granted Krukrubo’s request to amend his application.

He held that parties, by law, were entitled to amend their processes before judgment.

The court, however, fined Gambaryan the sum of N50, 000 to be paid to the EFCC for joining issues in the matter.

Justice Ekwo held that the fine must be paid before the next adjourned date of July 9.

Both Anjarwalla and Gambaryan, in their separate fundamental rights enforcement applications, sought a declaration that their detention and the seizure of their international travel passport contravened Section 35 (1) and (4) of the 1999 Constitution (as amended).

They claimed the act amounted to a violation of their fundamental rights to personal liberty as guaranteed by the constitution, among others.

Anjarwalla and Gambaryan are both United States citizens working for Binance, a crypto exchange platform.

The duo were arraigned on a 5-count charge bordering on alleged tax evasion, currency speculation and money laundering to the tune of $34,400,000 (Thirty-Four Million, Four Hundred Thousand United States Dollars).

When they were first arrested, they were kept in the custody of the NSA, however, Anjarwalla absconded from lawful custody on March 22, 2024, to Kenya.

Source: EFCC 

EFCC Charges Casino, Gaming Operators on Compliance With AML/ CFT Regulations

The Economic and Financial Crimes Commission, EFCC, has charged operators in both the casino and gaming sectors in the country to comply with  Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) laws in their operations.

This call was made in Lagos on Thursday, June 13, 2024 at a workshop tagged “Promoting Implementation of Customer Due Diligence and Targeted Financial Sanctions (TFS) Requirements in Casinos and Gaming Sector" organized by the Special Control Unit against Money Laundering (SCUML), a Department in the EFCC.

Speaking at the occasion, Michael T. Wetkas,  acting Lagos Zonal Director of the EFCC,  who declared the workshop open, said: “ We acknowledge and appreciate your significant contributions to the nation's economic growth.  However, we urge you to ensure that your operations align with the provisions of the law”.

Wetkas, who was represented by Richard  Adejumo, Head, Foreign Exchange Malpractices Section, EFCC, Lagos Zonal Command, added that “Our goal is to support Nigeria's efforts to exit the FATF (Financial Action Task Force) list. A key area of focus is enhancing Know Your Customer (KYC) practices, which will help prevent Politically Exposed Persons (PEPs) from using your platforms for money laundering and embezzlement."

Earlier, Pascal Samu, acting Deputy Director, SCUML, EFCC Headquarters, said: “This event must be seen as part of the continued partnership between SCUML and  stakeholders in the gaming industry towards the development of an effective, sustainable and mutually beneficial AML/CFT supervision of the sector in Nigeria.”

He further explained that as industry operators, they must continue to promote the adoption of measures, such as customers’ due diligence, detection and filing of suspicious transaction reports, implementation of targeted financial sanction and beneficial ownership verification, among others.

According to him, “This will strengthen your compliance and build a common formidable response against terrorist financiers and other criminal elements seeking to abuse the sector.”

He also stated that the workshop, in addition to building individual operator’s capacity, would also enable a cross-fertilization of ideas and experience-sharing across the industry.”

In his remarks,  Bashiru Are, Executive Director of Lagos State Lotteries Board, LSLB, urged the participants to take the issue of compliance seriously.

In her presentation titled “Overview of Typology Studies( Corruption and Money Laundering)”,  Ibinabo Mary Amachree, Head, SCUML Lagos, exposed  participants to the  various methods, patterns, and techniques that criminals use in exploiting casinos operators and how to avoid falling prey to them.

She also encouraged participants to support the EFCC in its efforts to combat money laundering and terrorism financing.

Folashade Oluwasanya, a senior Compliance Officer with SCUML, Lagos, delivered a lecture on “ Implementing Targeted Financial  Sanctions in the Casino Sector”, while  Sylvester Akpan, also an officer in SCUML, Lagos, spoke on “ The Importance  of Know Your Customers,KYC,/ Customer Due Diligence”.

 

Source: EFCC 

Ex— governor of Kaduna State Mallam Nasir El-Rufai to face Anti–corruption agencies for Abuse of office, diversion of public funds, money laundering

The House Committee recommends further probe of El-Rufai for abuse of office, money laundering.

The ad hoc committee set up by the Kaduna State House of Assembly to investigate all finances, loans and contracts awarded under the former governor, Nasir El-Rufai has submitted its report to the House.

Presenting the report during plenary on Wednesday, the chairman of the ad hoc committee, Henry Zacharia, said that most of the loans obtained under the El-Rufai’s administration were not used for the purpose for which they were obtained, while in some cases, due process was not followed in securing the loans.

Receiving the report, the Speaker of the Kaduna House of Assembly, Yusuf Liman, said that a total of N423 billion was siphoned by the El-Rufai’s administration while leaving the state with huge liabilities.

The committee, therefore, recommended the investigation and prosecution of El-Rufai, some other indicted members of his cabinet by security and anti-corruption agencies for abuse of office through the award of contracts without due process, diversion of public funds and money laundering as well as plaguing Kaduna State into heavy debt.

The committee also recommended the immediate suspension of the Kaduna State Commissioner of Finance, Shizer Badda, who also served in the same capacity under the El-Rufai’s administration, as well as the chairman of the state universal basic education board.

It also recommended thorough investigation of some key appointees of the last administration by appropriate law enforcement and anti-corruption agencies.

The committee set up by the Kaduna State House of Assembly was tasked with the assignment of examining loans, grants and projects implementation from 2015 to 2023 during which El-Rufai served as governor of the state.

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