Crime

Salami Panel Reveals How Ex-EFCC Boss Abandoned N118bn Fraud Cases, Failed To Remit N48bn Loot

Published

3 years ago

August 16, 2022

The presidential panel that probed former acting chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ibrahim Magu said that 14 fraud cases involving N118 billion and $309 million were abandoned by Magu.

In the final report submitted to President Muhammadu Buhari in November 2020, the EFCC, under Magu’s watch, was also accused of not remitting another N48 billion loot recovered in foreign and local currencies, TheCable report.

The panel headed by former President of the Court of Appeal, Justice Ayo Salami (retd), was set up to probe the EFCC from May 2015 to May 2020 when Magu was in charge of the agency.

TheCable understands that the report has now been submitted to the office of the Secretary to the Government of the Federation.

A panel to produce the white paper will soon be set up, presidency sources informed TheCable.

The former EFCC boss was alleged to have mishandled the recovered loot and sold seized assets to his associates.

Wahab Shittu, Magu’s lawyer, declined to comment on the report when contacted by TheCable “because I cannot talk on a report I have not seen”.

The report reviewed both written and oral testimonies of over 100 witnesses, having overtaken nationwide physical verification of recovered forfeited assets, comprising real estate, automobiles, vessels and other non-cash as well as cash assets.

The review of the report of the Presidential Committee on Audit of Recovered Assets, PCARA, appeared to show that the anti-graft commission gave contradictory figures on the total number of recovered real estate.

The report reads in part: “The EFCC under the watch of the suspended Ag. Chairman in its submission to PCARA reported N46,038,882,509.87 as being the foreign currency equivalent recovered by the commission between May 29, 2015, and November 22, 2018.

“The EFCC, however, only produced evidence of lodgements of N37,533,764,195.66, leaving a shortfall of N8,505,118,314.21.

“The EFCC reported to PCARA a total naira recovery of N504,154,184,744.04; the actual bank lodgement of the naira recoveries was, however, N543,511.792,863.47.

“That EFCC failed to produce before PCARA the evidence/record of the difference of N39,357,608,119.43.

“The EFCC, in its returns on non-cash assets, made to the president on April 7, 2017, declared 836 as the total number of recovered real estates, while in its first and second returns to PCARA, it rendered contradictory figures of 339 on 13/12/2017, leaving a difference of 497 and 504 on 9/3/2018, with a difference of 332.

“Between 2016 and 2019, fourteen (14) procurement fraud cases involving N117,972,209,035 and $309,151,419 were abandoned under Mr Ibrahim Magu’s watch.”

“The commission observed from its findings that prosecutorial decisions by Ibrahim Magu on case files were based on his personal whims, as against the law and facts. The commission also notes the prevalence of widespread corruption, abuse of power and pervasive impunity in the running of the EFCC.”

The panel also said records of forfeited assets were poorly kept by the commission.

“In 2016, Magu halted the process of disposing of two finally forfeited vessels, MT Good Success with 1,459 metric tons of PMS; and MT Askaris with 3,423,097 metric tons of crude…the cargoes eventually sank…Magu also asked the navy to release two vessels conveying illegally refined AGO to their owners,” the panel said.

“Thirteen water vehicles (vessels) handed over to the EFCC by the Nigerian Navy, out of a total number of 154 vessels, have submerged (sunk) with tons of contents.

“The submissions made by the EFCC before the commission shows that, from inception to date, the total number of non-cash assets recovered under final forfeiture was 3133. The analysis of the recoveries shows that some of the assets were disposed of, forfeited to a third party or negligently lost. The commission conducted physical verification of recovered assets across the country from 1st-27th October 2020.

“The outcome of the exercise was revealing as some of the forfeited assets have been lost, deteriorated, physically possessed by the suspects, or could not be traced and in some instances remain in occupation years after their final forfeiture.

“The EFCC reported disposal of 275 real estate, the judicial commission only confirmed 76 disposal”, the report added.

Crime

EFCC Arrests CEO Over ₦2bn Ponzi Scheme

Published

2 weeks ago

September 3, 2025

Editor

Operatives of the Economic and Financial Crimes Commission have arrested the Chief Executive Officer of Gavice Logistics Limited, Ahamba Tochukwu, for allegedly defrauding several investors in his logistics investment schemes to the tune of ₦2 billion.

In a statement issued on Wednesday in Abuja, the EFCC said Tochukwu, through Gavice Logistics Limited, rolled out elaborate investment plans covering haulage, courier, and e-commerce services, while promising investors a 50 per cent return on investment.

The statement, signed by the commission’s Head of Media and Publicity, Dele Oyewale, added that investigations revealed Tochukwu collected more than ₦2 billion from 400 investors, who have since been unable to recover their capital.

It noted that the suspect went into hiding with the funds in November 2024 but has now been apprehended by the EFCC operatives and is currently being interrogated over the alleged Ponzi scheme.

The EFCC advised Nigerians to be wary of patronising unverified investment schemes.

“With his arrest, members of the public are advised to desist from patronising unverified pyramid schemes and fraudulent investment promoters in order to avoid being defrauded,” the EFCC warned.

The PUNCH reports the commission had, on May 12, warned Nigerians, particularly the youth, to steer clear of Ponzi schemes, which it described as destructive and a threat to national security and economic growth.

This was after it raised the alarm that 58 illegal Ponzi scheme operators defrauded Nigerians under the guise of investment opportunities.

Crime

Nigeria Police Go Tough On LGBT, Vow to Extradite Suspects From Abroad

Published

2 years ago

August 1, 2023

Editor

By Udiele Mercy

Men of the Nigeria Police Force have arrested two men in a hotel in Benin City for alleged involvement in homosexual activities in contravention of the laws of the State.

The men whose identities were given as Dele Thompson and Steve Omobeke were reportedly nabbed during a routine raid on suspected black spots of gay activities in the state.

This particular arrest the police authorities say has got some international dimensions as investigations have revealed that the duo has links with some LGBT exponents in Canada and the United States of America.

Although the police gave no details beyond mentioning one Osamudiamen Monday Aimiuwuriamwen said to be mutual sex partner with Dele Thompson and a funding source for their nefarious activities in Nigeria, they however vowed to do everything humanly possible to arrest every member of the illicit sex gang from wherever they are presently.

The police said they have material evidence in the form of pictures and videos obtained from the suspect’s phone, implicating enough for them to prosecute the suspects.

According to the police, “we have photographs and videos extracted from the suspect’s showing where the outlaws in very compromising positions indicative of their involvement.

“We are surprised that despite efforts by the force and other security agencies to stamp out LGBT practices in the state, many are still indulging in the unholy behavior.”

The command has communicated with the Force Headquarters to activate its extradition agreement with the Interpol to extradite members of the syndicate outside the shores of Nigeria,” said Chidi Nwabuzor, PPRO Edo State Police Command.

Besides the Nigerian State prohibiting same sex relationship through the enactment of the Same Sex Marriage Prohibition Act 2013, the Nigerian society frowns seriously at it to the extent of mobbing suspected LGBT exponents to death when caught in the act.

The law that prescribed 14 years for convicts is considered too lenient by citizens who often prefer to take the laws into their hands.

Crime

Suspected Gay Men In Trouble As Tradition, Police Hunt Them

Published

2 years ago

July 10, 2023

Editor

A young man identified as Festus Igbineweka is in serious trouble over his alleged participation in a gay party that went sour at his father’s house on 14 Oguola Road, off Siluko Road Benin City, resulting in his being beatien up along side his partners in crime, causing bodily injuries.

Festus and Osarugue it were allegedly caught in the act kissing and expressing love towards each other, with others including Vincent Obi, Frank Okoli, John Opakunle and Felix Obasuyi who were also having similar fun in their separate room in the same apartment, doing the same thing and later began to have sex on June 30, 2023.

Eye witness account said that Festus Igbineweka reportedly got entangled with an old gay lover Osarugue Austine Edobor,now at large in an after party sex rump in Oguola, the traditional puritan enclave of the legendary Benin tradition which forbids same sex relationship.

The abominable secret meeting came to the open when Festus’ next-door neighbor Benard Akpata was knocking at the door because he was to drive out of the compound and Festus’s car was blocking the drive way. It was learnt that the renegades behaving to type had put on some loud music in the house to mask the pleasurable sounds from within.

Having knocked severally with no response, the said neighbour Bernard reportedly walked in and saw what was happening and promptly raised an alarm that drew the attention of distraught neighbours who descended on them with clubs and other dangerous weapons and repeatedly shouting, abomination!!!.

The alarm caused confusion and rage as more persons got attracted to the crime scene and joined in the beating.

The suspects Festus Igbineweka, Vincent Obi, Frank Okoli,Felix Obasuyi and John Opakunle, after the mob attack were handed over to the police by the vigilante group in the area while the rest suspects Osarugue Austine Edobor and Darlington Itoya managed to escape.

The duo of Osarugue and Darlington who
managed to escape the mob attack, took advantage of the power outage that left the house in total darkness.

Festus and his co travellers including Osarugue,Vincent Obi, Frank Okoli and John Opakunle are also wanted by the Edions (elders) of the area to perform some rituals meant to cleanse the land of the abominable act which can have dire consequences on innocent people if not exorcised.

The gay love birds including those on the run and those arrested are expected to present the atonement items which include, a live spotless white cow, 1000 cowrie shells, seven bottles of red palm oil, 100 pieces of kolanuts, 14 cloves of alligator pepper etc, while the host Fedtus Igbineweka and others arrested are also in the battle of Police prosecution.

Meanwhile, the gay exponents are unable to report the gang beating they suffered in the hand of the natives to the police because their involvement in same sex relationship, is a practice that has been criminalized in Nigeria under the Same Sex Marriage Prohibition Act 2013.

According to our crime reporter who visited the Ogida Divisional Police Headquarters,the suspects denied involvement in the alleged same-sex practice.