General
EFCC Laments Crypto Funding of Fraud Syndicates’ Cells
By Adedapo Adesanya
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, says organised foreign fraud syndicates are establishing cells in Nigerian cities and recruiting youths into serious organised cybercrimes, made easy by cryptocurrencies.
This was disclosed by the anti-graft agency in a statement signed by its spokesperson, Mr Dele Oyewale, on Thursday in Abuja.
Mr Olukoyede said this while receiving participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS) on Wednesday in Abuja.
He said the team was led by the institute’s Director of Studies, Mr Hyginus Ngele, to the commission.
Mr Olukoyede expressed surprise at how bandits and insurgents were able to sustain their activities in the country over the years.
He noted with concern, the rate of flow of small arms and light weapons across the borders and the involvement of non-state actors in the illegal exploitation of minerals in parts of the country.
The EFCC boss said all these activities compounded the threats in the security landscape.
“Another dimension that is not given attention is the discovery, recently, that organised foreign fraud syndicates are establishing cells in Nigerian cities.
”They are recruiting young Nigerians into serious organised cybercrimes, including cryptocurrency fraud.
“By the virtue of EFCC’s recent discovery, we are beginning to see the likelihood, the propensity that a lot of these people are into illegal importation of arms into the country using cryptocurrency as means of payment.”
According to him, this is an area that must interest all and sundry.
“In the special operations we carried out in Lagos recently, we arrested 194 foreigners in the heart of Victoria Island.
”They comprised Chinese, Filipinos, Eastern Europeans, Tunisians and among others in one building at a time. You can imagine what these guys are doing, 194 of them.
“Some of them don’t even have valid visas and most of the financial activities they carried out were through cryptocurrency,” he said.
He said the commission also discovered that some of the foreigners arrested were already ex-convicts in their countries.
“Some of them have been convicted and escaped from their countries and found safe haven in Africa, not only Nigeria.
“We discovered that they are also developing cells in some other African countries by virtue of the investigation we are carrying out,” he said.
The EFCC boss called for spirited efforts at both national and continental levels to combat the menace of internet fraud.
He stressed that the money laundering and national security dimension of the presence of foreign organised crime groups demanded close scrutiny.
“All security, intelligence and law enforcement organisations in Nigeria and indeed Africa, must close ranks in dealing with this challenge,” he said.
On his part, the NISS commandant, Mr Joseph Odama, who spoke through Mr Ngele, praised Mr Olukoyede’s leadership of the EFCC for the commission’s “remarkable achievements in combating corruption, money laundering, and other financial crimes.”
He noted that the achievements had not only strengthened Nigeria’s integrity but also served as a model for other nations in Africa and beyond.
He said the EFCC, under Mr Olukoyede, had been at the forefront of investigating and prosecuting financial crimes, including those involving non-state actors.
“Your commission’s exploratory activities have uncovered the intricate networks through which some NGOs and other entities channel funds to support hostile non-state actors, thereby, fueling instability in various parts of the country and the African continent.
“We recognise the critical role the EFCC plays in disrupting these networks and ensuring accountability.
“In light of this, we are particularly interested in hearing your insights on how your commission navigates the complexities of investigating and prosecuting cases involving non-state actors.
“We also seek your contributions on how Nigeria and other African nations can strengthen legal and institutional frameworks to address the challenges posed by these actors while promoting transparency and accountability in their operations.”
By Adedapo Adesanya
Justice Emeka Nwite of the Federal High Court in Abuja has affirmed the final forfeiture of $13 million linked to a Lagos socialite, Ms Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Limited, to the federal government of Nigeria.
Delivering judgment, Justice Nwite held that the Economic and Financial Crimes Commission (EFCC) established that the foreign currency was proceeds of fraud and unlawful activities.
The judge further held that Oceangate Engineering Oil & Gas Limited failed to establish how it came by the money, saying the anti-money laundering agency satisfied all requirements for the funds to be classified as proceeds of fraud and to be forfeited to the appropriate authority.
He dismissed the claims that the $13 million was gifts received into the Oceangate Engineering Company by Ms Achimugu, adding that the woman never came to the court to show cause why the huge amount of money should not be forfeited to the government.
He held that no single person who gave the monetary gift to Aisha Achimugu to the tune of $13 million was called to testify.
The judge further held that the burden to establish genuine ownership of the money was not established by the applicant to counter the claims of the anti- graft agency that the money was the proceeds of fraud based on its investigation.
According to the judge, Oceangate Engineering Company did not show the business it undertook that fetched it the money, nor did it show whether any payment was made to it by any of its customers.
Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the Federal Government over allegations that the fund was proceeds of unlawful activity.
The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
By Adedapo Adesanya
The federal government has inaugurated a 17-member Planning Committee to coordinate the National Flag-Off of the Energise Commercialisation Now (ECoN) Initiative, a flagship programme aimed at transforming research outputs into economic value.
Speaking at the inauguration in Abuja, the Permanent Secretary of the Ministry of Innovation, Science and Technology, Mr Philip Ndiomu Ebiogeh, described the initiative as a strategic intervention to convert Nigeria’s vast research and innovation outputs into market-ready products, scalable enterprises, and job-creating opportunities.
He noted that ECoN will mobilise stakeholders nationwide to identify bankable innovations and accelerate their transition from laboratories to the marketplace, stressing that the country must move beyond theoretical research to practical solutions that drive industrial growth and national prosperity.
The Permanent Secretary disclosed that the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, had earlier briefed the First Lady, Mrs Oluremi Tinubu, on the initiative and proposed her as a champion of the programme, with the national flag-off scheduled for Kano State.
He explained that Kano was deliberately selected due to its historic role as a commercial and industrial hub, offering strong potential to attract investment, stimulate enterprise, and create jobs.
The Committee is chaired by the Minister, with the Permanent Secretary as Co-Chairman, while the Director-General, National Biotechnology Research and Development Agency, NBRDA, and the Director-General, Sheda Science and Technology Complex, SHESTCO, serve as Alternate Chairmen.
Members include Professor Nnayelugo Ike-Muonso, Dr Kazeem Kolawole Raji, Dr Jummai Adamu, Dr (Mrs) Obiageli Amadiobi, Dr Kabiru Mu’azu, Dr Anwal Mustapha, Engr Ibiam Oguejiofo, Mr Moses Fatogun, Mr Adamu Sulaiman (a representative of SMEDAN), Dr Prince Lawrence Eze, Mr Sani Garba, Dr Muhammad Mustapha, Dr Chioma Okeke, Mr Luther Onyemkpa, Mr Charles Egumgbe, and Dr Nwankwo Nnenna serving as Secretary.
The national flag-off is proposed for late April or early May 2026, subject to Presidential approval.
The Ministry reaffirmed its commitment to positioning innovation as a key driver of economic diversification and sustainable development, in line with President Bola Tinubu’s Renewed Hope Agenda.
By Adedapo Adesanya
Switzerland-headquartered global shipping giant, Mediterranean Shipping Company (MSC), has complied with the directive of the Nigerian Shippers’ Council (NSC) to suspend the implementation of its new tariff pending consultations with stakeholders.
In a customer advisory titled Temporary Suspension of New Tariff Implementation, the shipping line stated that the tariff regime in place before the recent increase would remain effective until further notice.
Business Post reported a few days ago that freight forwarders picketed the offices of MSC, protesting the recent increase in shipping line tariffs. They blocked the regulators from accessing the MSC premises to address the matter.
Despite the protests, the council’s attempt to engage the aggrieved freight forwarders in discussions was resisted, as the protesters insisted that there was no basis for dialogue and vowed to continue the protest until the increased charges were immediately reversed.
In the latest directive, the shipping company said, “We wish to inform our esteemed customers that the recently implemented tariff adjustment has been temporarily suspended, following a directive from the NSC. This suspension is pending the conclusion of ongoing engagements and resolution with the regulator.”
“Accordingly, the tariff regime applicable prior to the recent increase will remain in force until further notice, as mandated.”
The company further assured customers that updates would be communicated once a final decision is reached by the Nigerian Shippers’ Council.
“We remain fully committed to regulatory compliance, transparency, and protecting the interests of our customers. Further updates will be communicated promptly once a definitive position is issued by the Nigerian Shippers’ Council. We appreciate your understanding and continued cooperation,” the advisory added.
NSC had warned that prolonged industrial disputes within the maritime sector could disrupt port operations and negatively impact trade and economic activities.
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