Money Laundering
Tunisian-French rapper Swagg Man sentenced to three years imprisonment
Tunisian-French rapper Swagg Man, known for the Louis Vuitton logos tattooed on his head, has been sentenced to five years in jail for fraud and money laundering, the judiciary said Tuesday. Born in the French Mediterranean town of Nice, the 34-year-old, whose real name is Iteb Zaibet, became an internet celebrity known for his ostentatious clothing, body tattoos, and chunky jewelry. His social media fame led him to be invited onto television shows in both France and Tunisia. On Monday, a Tunis court sentenced him to five years in prison and fined him 100,000 dinars ($36,000) on charges of money laundering and fraud, judicial official Mohsen Dali told AFP. He said funds of about 17 million dinars ($6 million) in euros and Swiss francs were also confiscated from Swagg Man’s accounts. The ra...
EFCC warn POS operators over illegal cash transaction
The Economic and Financial Crimes Commission, EFCC, recently warned operators of Mobile Money and Banks Agents otherwise known as POS operators over illegal cash transactions. The Commission’s Zonal Head in Sokoto CDS Bawa Usman Kaltungo on Thursday March 25, 2021 gave the warning at a meeting with the Sokoto Chapter of Mobile Money and Banks Agents Association, (MMBA) Sokoto State Chapter in his office. EFCC boss express concern at the high rate of mobile money fraud in the country, and called on the association to join hands in the fight against money laundering and electronic transaction fraud. But while reacting to this, the South West coordinator of Moniepoint, Israel Eniolorunda frowned at this development noting that nefarious activities of many of these POS operators in the country...
Nigerian government tenders foreign currency in ‘money laundering’ trial of ex-NAF chief
The Federal Government, on Thursday, tendered before the Federal High Court, Abuja, different currencies of dollars stashed in three bags as evidence in the money laundering charge against Air Commodore Umar Mohammed (rtd.) Counsel to the Attorney General of the Federation (AGF), Magaji Labaran, tendered the bags of money before Justice Inyang Ekwo while leading the only witness in the case, Stephen Olatubosun, in evidence. Newsmen report that Mohammed (1st defendant) and his company, Easy Jet Integrated Service Ltd (2nd defendant), are being charged with three counts bordering on money laundering, illegal possession of firearms and possession of classified documents without lawful authority. The retired air officer and his company are alleged to have received the sum of one million, thirt...
Femi Falana: EFCC can mandate bank MDs, executives to declare assets
The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said. Consequently, according to the senior advocate, the anti-graft commission is empowered to cause investigations to be conducted into the properties of any person as stipulated under Section 7 (1) (b) of the EFCC Act, 2004. Also yesterday, Transparency International (TI) argued that if the provisions of the Bank Employees, etc. (Declaration of Assets) Act, 1986 were effectively enforced, Nigeria could save between $15 billion and $18 billion illicit financial flows (IFFs) annually. Falana clarified the roles of the EFCC in a response to inquiries on whethe...
CDD: Monitoring and evaluation vital in tracking fight against corruption
The Centre for Democracy and Development (CDD) says monitoring and evaluation is vital in tracking the fight against corruption in Nigeria. Speaking at a three-day monitoring and evaluation capacity-building workshop for Anti-Corruption Agencies (ACAs) on Monday in Calabar, Idayat Hassan, CDD director, said monitoring and evaluation (M&E) is a process that helps track the progress in the fight against corruption in the country. The workshop was organised by the Centre for Democracy and Development (CDD) in partnership with the Technical Unit on Governance and Anti-corruption Reform (TUGAR). It also had support from the MacArthur Foundation. Represented by Emmanuel Akomaye, the centre’s project consultant on anti-corruption, Hassan said the CDD believes that it is important to bring all...
EFCC arraigns three FIRS directors, six other officers for N4.5 billion fraud
The Economic and Financial Crimes Commission, EFCC on Thursday, arraigned Peter Hena, former Coordinating Director of Federal Inland Revenue Service, FIRS and eight other officers of the agency before Justice Ijeoma Ojukwu of a Federal High Court sitting in Abuja. The others are Mohammed Bello Auta (Director of Finance), Amina Sidi (Finance and Account department), Umar Aliyu Aduka (Internal Audit), Mbura Mustapha (Deputy Manager), Obi Okeke Malachy (Services Group), Obaje Napoleon Adofu (Head of Budget), Udo-Inyang Effiong Alfred (Officer II) and Benjamin Jiya (Assistant Director) . They were docked on a 42- count charge bordering on corruption, fraud and criminal misappropriation of funds to the tune of N4,558,160,676.9 ( Four Billion, Five Hundred and Fifty-eight Million, One Hundred an...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
Russia issues arrest warrant for Alexei Navalny ally
Russia has issued an arrest warrant for Leonid Volkov, a close ally of poisoned Kremlin critic Alexei Navalny, according to a media report. Mr Volkov had been organising protests from his base in Lithuania to demand the release of the opposition leader, who was detained last month as he entered Russia. A protest was planned for this Sunday, with Mr Volkov urging people to gather near their homes and light candles in heart shapes to flood social media. “You will raise your phone flashlights – and someone, maybe, will bring candles – and form a heart shape with them.. You will take a picture of it from above, from one of the apartments, and post it on Instagram,” he wrote in a Facebook post promoting the demonstration. His actions have angered Russian authorities, who have been granted an ar...
Olisa Metuh leaves Kuje prison
Former National Publicity Secretary of the Peoples Democratic Party, PDP, Chief Olisa Metuh, has been released from Kuje prisons following the court judgment that upturned his conviction. Newsmen gathered that Metuh left the prison about 4.46pm. on Thursday. Metuh was joyful, according to one his close aides who spoke with newsmen after he left the correctional faciility at Kuje where he had been held since February 25, 2020. “Yes, Oga has just left about two minutes ago,” one of Metuh’s aides told newsmen. He was seen off by the FCT Comptroller of Correctional Facilities and the head of Kuje Correctional Facility. Metuh was sentenced by Justice Okon Abang to seven-year imprisonment on the allegation of money laundering on February 25, 2020. However, the Court of Appeal penultimate Wednesd...
Justice Tsoho: Why court froze #EndSARS promoters’ bank accounts
The Chief Judge of the Federal High Court, Justice John Tsoho, on Tuesday said that contrary to the belief in some quarters that the court intentionally froze the accounts of #Endsars promoters, it only played its part as an interpreter of the law. The CJ noted that the Central Bank of Nigeria had approached the court to ask for an order freezing certain accounts of corporate bodies and names of individuals over suspicion bordering on alleged money laundering. He however stated that the CBN did not attach any names to the applications. Justice Tsoho, spoke at the opening of the 2020/2021 legal year, Abuja on Tuesday. He noted that CBN’s request came about three months before the ENDSARS protest. The CJ was reacting to the speech by the chairman of the Nigerian Bar Association (NBA), Olumid...
Court refuses to order Femi Fani-Kayode’s arrest for not attending trial
A Federal High Court in Abuja declined on Wednesday the application for the issuance of bench warrant against former aviation Minister, Femi Fani-Kayode, being tried for alleged money laundering related offences. At the mention of the case on Wednesday, lawyer to the prosecution, Mohammed Abubakar, noted that Fani-Kayode was absent. Abubakar recalled that Fani-Kayode had been absent in court on two other days and argued that the defendant was scheming to evade trial. He then applied to the court to revoke the bail granted the defendant, issue bench warrant for his arrest and order the issuance of summons on his surety to show cause why he (the surety) should not forfeit the bail bond he endorsed. Defence lawyer, Wale Balogun, objected to the request made by the prosecution and argued that ...
Ex-HoS Winifred Oyo-Ita, others ask court to adjourn ‘N570 million fraud’ case indefinitely
Former Head of Service of the Federation, Mrs. Winifred Oyo-Ita, on Tuesday, urged the Federal High Court, Abuja, to adjourn her ongoing trial sine die over alleged Economic and Financial Crimes Commission (EFCC)’s abuse of court process. Also making the plea for the adjournment before Justice Taiwo Taiwo were the 7th, 8th and 9th defendants in the money laundering charges. Newsmen report that while Ubong Okon Effiok, his two companies; U & U Global Services Ltd and Prince Mega Logistics Ltd are 7th, 8th and 9th defendants respectively, Frontline Ace Global Services Ltd and Asanaya Projects Ltd are 2nd and 3rd defendants in the trial. Others in the case include Garba Umar, and his two companies; Slopes International Ltd and Gooddeal Investment Ltd as 4th, 5th and 6th defendants respect...
