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Corrupt Politicians Using Crypto Wallets To Launder Money — EFCC Chairman Olukoyede

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The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has alerted the public that some corrupt Nigerian politicians are now concealing their illegal wealth in cryptocurrencies to avoid detection by anti-graft agencies.

Olukoyede explained that the EFCC had identified a rising pattern in which dishonest public officials were using cryptocurrency wallets to hide embezzled funds and carry out illicit financial transactions.

He disclosed this on Thursday during an event marking Africa Anti-Corruption Day.

The event, monitored by The PUNCH, was held concurrently in Abuja, Lagos, and Ibadan, Oyo State.

Other speakers at the gathering expressed concern that Nigerians frequently fall victim to crypto-related scams, including the CBEX fraud, which saw citizens lose more than N1.3tn.

Olukoyede stated, “Virtual asset fraud is on the rise. Our findings show that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative blackness of anti-corruption agencies. Stolen funds and unexplained wealth are being warehoused in wallets and payment for services are being done through this window.”

He cautioned that although virtual assets have revolutionised global financial transactions, they have also opened new channels for money laundering and economic crimes.

He said, “Technology is moving at a supersonic speed around the world. The advent of virtual assets is a response to one of the qualities of money as a store of value like it is known in our elementary economies. However, as with every progressive innovation, fraud starts to usually evolve, evolve ways of perverting their genuine purposes.”

Olukoyede noted that the EFCC was not overwhelmed by these new methods, as ongoing training and intelligence collaboration had empowered the commission to detect and pursue such activities.

“But for us in the EFCC, virtual asset fraud and investment scams are not hard nuts to crack. Proactive and broad-based training and intelligence are bringing fraudulent schemes to the fore,” he said.

At the Lagos event, Olukoyede, represented by Chief of Staff/Lagos Zonal Director, Lagos Zonal Directorate 1, C. E. Michael Nzekwe, noted that virtual assets had become powerful tools for fraudsters and corrupt officials.

He observed that crypto fraud was growing both in Nigeria and across Africa, with criminals taking advantage of the anonymity and borderless features of blockchain platforms.

He pointed out that although virtual assets were created for convenience and as a value store, some individuals had repurposed them for illegal use.

Speaking in Ibadan, where the event was held at the Jagz Hotel conference hall, Olukoyede, represented by Acting Zonal Director of the Ibadan Zonal Directorate, Hauwa Ringin, said virtual asset fraud was spreading rapidly across Africa, much like investment fraud.

In Abuja, Muhammad Abdullahi, Deputy Governor of Economic Policy, representing Central Bank of Nigeria Governor Yemi Cardoso, revealed that Nigeria had witnessed a surge in crypto transactions, raising systemic financial risks.

He said over $56bn worth of crypto transactions were recorded in Nigeria between July 2022 and June 2023.

He said, “In Nigeria, over $56bn in crypto-related transactions were recorded between July 2022 and June 2023, making the country Africa’s digital transaction leader.”

However, he warned that this expansion had negative consequences.

He cited the CBN’s 2024 Financial Stability Report, which showed a 45% increase in financial fraud, with 70% of recorded losses linked to digital platforms and unregulated virtual asset services.

“Furthermore, over 30 Ponzi-style investment schemes exploiting digital currency narratives have been flagged by the SEC and other agencies,” he said.

He warned that these trends could tarnish Nigeria’s image on the international financial scene.

“These developments pose major risks, including loss of consumer confidence, weakening of financial integrity, and reputational challenges for Nigeria in the global financial system,” he said.

Cardoso noted that the CBN and the Securities and Exchange Commission had established a joint task force to oversee the virtual asset space, with backing from the EFCC and the Nigerian Financial Intelligence Unit.

He said, “We have intensified our regulatory and supervisory responses in several critical areas. Namely, on virtual accounts, following an extensive review of the operations of virtual accounts by deposit money banks and their fintech partners, we uncovered systemic weaknesses. These include poor KYC, knowing of customer practices, and insufficient transaction monitoring. We have acted to ensure that all firms strengthen KYC processes, improve oversight of fintech partnerships, and adhere to AML-CFT obligations.”

Cardoso also said the CBN was collaborating with the EFCC to develop a National Virtual Asset Wallet to store confiscated digital assets.

He emphasised the need for public education, particularly targeting youths who are often misled by fraudulent investment platforms.

“Technology-driven financial crimes are borderless, faceless, and fast-moving. Combating them requires strong institutions and coordinated action,” he said.

In Lagos, anti-fraud expert Kaina Garba explained key concepts surrounding virtual assets.

He described cryptocurrencies and tokens as digital forms of value that could be transferred online but are different from traditional money or securities like stocks.

Garba cautioned that the growth of digital finance had led to new crimes, including Ponzi schemes disguised as crypto projects, fake coin launches, phishing of crypto wallets, and laundering funds via crypto mixers.

“Criminals now exploit virtual assets to defraud unsuspecting investors. Many disappear with people’s hard-earned money after marketing fictitious tokens or projects,” he said.

He noted that while crypto had been unregulated in Nigeria in the past, the new Investment and Securities Act 2025 had created a legal framework for oversight.

He said the EFCC had responded by enhancing cybercrime units, investing in digital forensics, and increasing local and global collaboration.

Speaking for the SEC, Divisional Head of Legal and Enforcement, John Achile, reaffirmed the agency’s responsibility under the 2025 Investment and Securities Act.

“The SEC has a dual responsibility: investor protection and market development. With digital assets now legally recognised, we are regulating this space through structured incubation programmes and licensing procedures,” Achile stated.

He said the SEC had formed a Digital Asset Division and designed two streams—accelerated and managed—for evaluating applicants’ business models before granting licences.

“We do not just issue licences. We engage prospective exchanges or service providers to understand their operations and determine compliance before approval,” he explained.

In Ibadan, during a lecture themed “Understanding Virtual Asset and Investment Fraud,” criminology professor Oludayo Tade said, “People fall victim to fraud. What can we do? We need to ensure that anything too good to be true is a red flag. It’s a red flag because you know that we are in Nigeria and you know the condition of things. You know that even if you invest in a bank, the returns cannot be 50 per cent and somebody is offering you that to happen within a week. Another thing that they do is also to use the image, the reputation of individuals and organisations to launder their fraudulent tactics. But to prevent virtual fraud, virtual assets, you need to increase and improve on awareness level. How many Nigerians are aware of it? I’m very sure that those who fell victim to CBEX would find another scheme that is coming and will still join because people are looking for opportunities.”

In a goodwill message, Oyo State Sector Commander of the Federal Road Safety Corps, Rosemary Alo, represented by DCC OPS, Olugbesan, noted that joint efforts to monitor vehicle movement, especially against unregistered, fake, or cloned number plates, had helped disrupt illicit financial flows and aided the recovery of criminal proceeds.

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JUST IN: Impeachment of Fubara, Deputy’ll Continue ——- Rivers Lawmakers

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Members of the Rivers State House of Assembly have insisted that the impeachment process against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, will continue, describing it as the only solution to the political crisis in the state.

The lawmakers made this known on Friday while briefing journalists, after the Assembly failed to reconvene on Thursday as scheduled.

Taking turns to address the media, the legislators maintained that the impeachment proceedings were constitutional and in line with their legislative responsibilities.

They dismissed criticisms of the process, insisting that the Assembly was acting within the provisions of the law to address what they described as a political impasse in Rivers State.

The briefing came a day after the Assembly, led by Speaker Martin Amaewhule, failed to resume plenary on Thursday, exactly one week after adjourning its last sitting.

The House had, at its sitting last week, initiated impeachment proceedings against Fubara and his deputy over alleged gross misconduct.

The allegations included the demolition of the Assembly complex and spending public funds without legislative approval.

However, the impeachment move has faced political pushback, with four lawmakers between Monday and Wednesday formally withdrawing from the process and calling for an amicable resolution of the crisis.

Despite expectations that the Assembly would reconvene on Thursday, there was no indication that plenary held, fuelling speculation about internal divisions within the House.

The lawmakers, however, said on Friday that the impeachment process remained on course.

More details later…

 

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Alaafin Kicks As Makinde Installs Ladoja Chairman of Oyo Council of Obas

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Oyo State Governor, Seyi Makinde, on Thursday inaugurated the Oyo State Council of Obas and Chiefs after 15 years, with the Olubadan of Ibadan, Oba Rashidi Ladoja, emerging as its first chairman.

The Alaafin of Oyo, Oba Akeem Owoade, was conspicuously absent from the inauguration, which was held at the House of Chiefs, Parliament Building, Secretariat, Ibadan.

At the inauguration, Governor Makinde explained that the chairmanship of the Oba council will be rotated among the Olubadan, Alaafin and the Soun of Ogbomoso.

According to him, it was an agreement reached at a meeting with the three first-class monarchs.

But in a swift statement on Thursday by his media aide, Bode Durojaye, the Alaafin countered the governor, saying there was no such meeting.

The statement read: “The attention of the Alaafin’s palace has been drawn to a statement credited to His Excellency, Governor Seyi Makinde that he consulted with the three traditional rulers in the state, the Alaafin, the Olubadan and the Soun of Ogbomoso on the rotational Chairmanship of the State Council of Obas and Chiefs.

“The palace hereby wants to state clearly that there was no time that His Imperial Majesty, the Alaafin of Oyo, Oba Engineer Abimbola Akeem Owoade 1, held any meeting with either the state governor or any of the two traditional rulers mentioned above.

“Also, the Alaafin did not tell the governor or make a categorical statement on his endorsement of rotational chairmanship among the three traditional rulers in the state.

“The position of the Alaafin and the entire Oyo community on the general issue of the, state, Council of Obas, and Chiefs has been enunciated in a Memo delivered to His Excellency by the Oyo Council of Elders.”

Thursday’s inauguration came amid rumours of a feud between the Alaafin and Oba Ladoja.

A viral video circulating on social media recently showed the Alaafin appearing not to rise to greet Oba Ladoja at a public function, while the Olubadan was also seen seemingly declining the Alaafin’s handshake.

But speaking with journalists in Ibadan on Thursday, Oba Ladoja debunked claims of any rift with Oba Owoade.

Speaking during the inauguration, Makinde said the chairmanship of the council would be rotational among the Olubadan of Ibadan, the Alaafin of Oyo, and the Soun of Ogbomosoland, with each monarch serving a two-year term.

According to the governor, the arrangement was designed to promote unity, harmony, and cooperation among traditional institutions in the state.

Makinde said, “No matter how hard an issue is, we will definitely resolve it. My three fathers, the Alaafin of Oyo, the Kabieyesi Olubadan and the Kabieyesi Soun, and the agreement is that they will start the rotation with the Olubadan of Ibadan land.

“So, on that basis, I hereby pronounce the Oyo State Council of Obas and Chiefs inaugurated, in person of Kabieyesi Olubadan of Ibadan land, for two years. The council, like the commissioner mentioned, last met like this in 2011. And we’ve been on this for a while. I mean, I’ve been here for close to seven years now.

“It will be seven years exactly in May 29 that this administration came into office. And the easiest thing for me to do, or for this administration to do, is to encourage a division. You know, when they say divide and rule, that is the easiest thing.

“But we know that some of the things that we have been able to achieve as an administration, they can be traced to our traditional institutions. You come to me, we discuss, we rub minds on what is happening in our various communities.

“I get most of that information from you. And then we thought, is it not a shame that for 15 years running now we don’t have a Council of Obas and Chiefs? And if we don’t have a council, how do we play an active role as a state?

“At best, what we have will be an ad hoc arrangement, which is what has been happening since 2011. I’ve been here since 2019. So I encouraged the House of Assembly, and I consulted widely amongst the traditional rulers.

“I mean, if we look at this, this is House of Chiefs. We cannot see any improvement. We only come here for a few events. But our traditional institutions must be strengthened. The AC is not working because nobody is in charge. There’s no one telling us, calling the state government on this. We signed the law passed by the state House of Assembly, and I signed it on August 14, 2025.”

In his remarks, Oba Ladoja urged the public to have confidence in the council, describing the inauguration as the beginning of work rather than an achievement.

“The primary responsibility of the council is to ensure peace and safety across their domains while contributing to the continued progress of the state,” he said.

Ladoja stressed that public confidence in the council would grow after its first meeting, as residents would see that members were united in purpose rather than competition.

He said, “We appreciate the goodwill and congratulations we have received. This inauguration is not an achievement in itself; it marks the beginning of serious work. After our first meeting, people will begin to have confidence in us, because they will see that we are not in competition with one another. We are not here to fight or to pursue personal interests, so there is nothing to fear.

“Our sole concern is to ensure that our domains remain safe and peaceful, and that the state continues on the path of progress. We want the state to be a good place for everyone. That is the purpose of this council. This is not about any individual; it is about bringing people together and working collectively for the common good.”

Earlier, the Commissioner for Local Government and Chieftaincy Matters, Ademola Ojo, described traditional rulers as custodians of culture and communal harmony who have remained pillars of peace, moral authority, and grassroots development.

He said, “As we formally inaugurate this council, it’s my earnest hope that it will remain a beacon of harmony, a forum for constructive dialogue, and a strong partner in our shared quest for peace, security and socio-economic advancement.”

Also on Thursday, Oba Ladoja dismissed claims that he deliberately snubbed the Alaafin during an interfaith gathering held in Ibadan on Monday.

Speaking with journalists, the Olubadan described the allegation as a misunderstanding that had been exaggerated on social media.

He said, “There was no intention whatsoever. What happened was not deliberate. It has been misinterpreted, particularly on social media.”

Recall that a video circulated online suggesting that the Olubadan snubbed the Alaafin during the 2026 Inter-Faith Gathering held at the Grand Space behind the Oyo State House of Assembly.

Explaining his actions, Ladoja said he arrived late at the event and tried to take his seat quietly without disrupting proceedings.

He said, “When I go late to a place, I try to bring good news. Just like at the mosque, when prayers are ongoing, you wait until people are properly arranged before joining. I was trying to take my seat before anyone would say I could no longer move.”

According to him, seating arrangements and changes in positions of dignitaries affected his movement within the hall.

“My seat was between the Soun and the Alaafin. I had to pass through some people to get there. I did not take any decision to avoid or ignore anyone. Why should I?” he said.

The Olubadan expressed concern over what he described as deliberate mischief by some commentators.

“If you watch the full video, you will see that I greeted people, including the governor. But social media often takes things out of context.”

On whether he had addressed any perceived grievances, Ladoja insisted there was no tension between the traditional institutions.

He said, “I don’t believe anyone was being offensive, and I do not see the issue as an insult to anybody. My focus is to unite the present generation and those coming after us. We must raise standards, especially in education, and concentrate on what truly brings progress to our society.”

 

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JUST IN: Court Strikes Out FG’s Criminal Charges Against Natasha

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An Abuja High Court, on Thursday, struck out the criminal charges instituted by the Federal Government against the lawmaker representing Kogi Central, Senator Natasha Akpoti-Uduaghan, effectively bringing to an end a high-profile legal battle that sparked national debate.

Court records showed that the Office of the Attorney-General of the Federation filed a Notice of Discontinuance, prompting the court to formally strike out the criminal defamation and related charges that had been earlier preferred against the senator.

The case, which attracted intense public scrutiny, stemmed from comments allegedly made by Akpoti-Uduaghan during a televised interview.

The prosecution of the matter had generated sustained debate around freedom of expression, political accountability, and the limits of prosecutorial powers in a democratic setting.

The Notice of Discontinuance, dated December 12, 2025, brought proceedings in suit number FHC/ABJ/CR/195/2025 to an end.

Presiding over the matter on Thursday, Justice C. N. Oji acknowledged the notice and accordingly struck out the case.

In his remarks, the judge noted that the development underscored the need for restraint in the exercise of prosecutorial powers.

“The court hopes that this decision will pave the way for restraint, healing, and respect for the rule of law in our democratic process,” he said.

Counsel to the Federal Government confirmed the withdrawal of the charges in open court.

“On behalf of the Honourable Attorney-General of the Federation, we have filed a notice of discontinuance in line with the provisions of the Administration of Criminal Justice Act. This decision is taken in the overall interest of justice and public confidence in the legal system,” he said.

Reacting after the court session, Senator Akpoti-Uduaghan described the outcome as a vindication of her position.

“Today’s outcome affirms my belief in the rule of law. I remain committed to serving my constituents and defending the democratic rights of all Nigerians,” she said, while thanking her legal team and supporters for their steadfast backing throughout the proceedings.

The striking out of the charges follows months of legal controversy and sustained public discourse, with several civil society organisations and rights groups previously condemning the case as an attempt to stifle free speech and political engagement.

 

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