Tag: money laundering

  • Money Laundering: Court Sentence Okupe To Two Years In Prison

    Money Laundering: Court Sentence Okupe To Two Years In Prison

    The Federal High Court Abuja has found Dr Doyin Okupe guilty of receiving over N200 million cash from former National Security Adviser (NSA) Col. Sambo Dasuki and also sentenced him to two years imprisonment.

    Justice Ijeoma Ojukwu while delivering judgement on Monday, held that the action of Okupe, who is the first defendant in the suit filed by the Economic and Financial Crimes Commission (EFCC), violated the Money Laundering Act.

    The court sentenced Okupe, who is the Director-General of the Peter Obi Campaign Organisation, to two years imprisonment on count 34 with an option of a fine of N500,000.

    The court also sentenced him to two years imprisonment on counts 35 to 59 with an option fine of N500,000. The option of fine is to run consecutively on each count while the sentence is to run concurrently. The sentence to run from the day of delivering the judgment.

    The court noted that it refrains from making any custodial order, but the convict is the property of the state.

    The judge also gave Okupe till 4:30 pm before being taken into custody. Okupe was found guilty in counts 34 to 59 o the charges.

  • Money Laundering: Court Convicts Peter Obi’s Campaign DG, Doyin Okupe

    Money Laundering: Court Convicts Peter Obi’s Campaign DG, Doyin Okupe

    A Federal High Court in Abuja has convicted the Director-General of the Peter Obi Presidential Campaign Doyin Okupe over money laundering. 

    The Economic and Financial Crimes Commission (EFCC) had arraigned the Director-General of the Peter Obi Presidential Campaign in 2019 on a 59-count charge bordering on alleged money laundering and diversion of N702 million.

    Details later…

  • U.S Court Judgement Indicts Tinubu for Drug Trafficking, Money Laundering 

    U.S Court Judgement Indicts Tinubu for Drug Trafficking, Money Laundering 

    Social Media has been agog with a United States District Court judgement from the Northern District of Illinois taking possession of Ahmed Bola Tinubu’s money over his involvement in drug trafficking.

    The judgement docketed on July 26, 1993, and certified by Thomas O. Burton, the clerk of the court, indicted Tinubu for heroin trafficking in the state of Illinois through a proxy organisation owned by Adegboyega Mueez Akande and subsequently forfeited the proceeds of the crime to the U.S. government.

    The funds, which were held by First Heritage Bank and Citibank in trust for Tinubu, the presidential candidate of the ruling All Progressive Congress (APC), were forfeited to the U.S. government for being proceeds of drug-related offences.

    Details from the now-circulated court papers show that Michael J. Shepard, the attorney for the Northern District of Illinois, said in 1993 that the court has jurisdiction over the case brought to it by special agent Kevin Moss.

    According to the document, the monies held in those forfeited accounts were proceeds from white heroin drug operations operated by Aknade and his partners.

    Akande had a strong and well-connected narcotics business, whose proceeds were substantial and kept in the forfeited bank accounts, the document shows.

    The affidavit revealed that the defendant’s—Tinubu funds—represented a substantial part of the proceeds from this operation or property involved in money laundering. That Judge Michael believes based on indisputable evidence that the funds belonging to Tinubu stashed in his Citibank and First Heritage Bank accounts were proceeds from Akande and other narcotraffickers’ heroin operations.

    The judge concluded that the proceeds be forfeited to the US government.

    Below is an excerpt of the court judgement:

  • EFCC To Take War Against Money Laundering To Lawyers, Accountants, Others

    EFCC To Take War Against Money Laundering To Lawyers, Accountants, Others

    The Economic and Financial Crimes Commission (EFCC) says ahead of the 2023 elections, it will take the war against money laundering by politicians to lawyers, accountants, professionals and other designated non-financial businesses and professions (DNFBPS).

    The Chairman of the Commission, Abdulrasheed Bawa said this on Tuesday at a workshop on financial crimes reporting organised by the Commission for some selected journalists in Lagos.

    Bawa said the commission was stepping up its investigations of the DNFBPS through its Special Control Unit Against Money Laundering (SCUML) under the newly enacted Money Laundering Prohibition and Prevention Act, 2022.

    ”There are certain provisions of this new law that I believe will affect you directly or indirectly. One is the secrecy of financial transactions. The new law criminalizes the operations of numbered accounts and also mandates financial institutions to ascertain the beneficial owners of accounts before opening such accounts.

    ”There is a more robust requirement for due diligence and reporting obligation by financial institutions and non-financial businesses and professions to the SCUML,” he added.

    On the 2023 general elections, Bawa said the commission was beaming its searchlight on some politicians.

    He also said that the commission was taking an interest in the activities of some lawyers, accountants, tax consultants, real estate agents, construction companies, car dealers, precious stone dealers and some others as its investigations showed that they had become gatekeepers of money laundering.

    Bawa said, ”we can’t afford to have criminals hijacking our own political process. if they have some funds that they want to channel from there, we have to block them…very important and very critical, because the work we are doing is for the betterment of this country and we need to ensure that we have only legitimate sources of funds in our political process so we can elect our right leaders.

    ”But what we have seen time and time again is that some funds that are finding their way to lawyers’ accounts are monies taken there for the purpose of laundering and we have quite a number of cases to show for it”.

    ”They can hide under the guise of payment of fees to do that but at the end of the day, investigations will show whether the payment is for legal fees or otherwise. they are getting smarter, and we too are getting smarter. Luckily for us, we have Polygraph and if you consent to it, we do a polygraph and you will tell us the truth.

    ”We have seen for instance a legal practitioner that he is the one paying for tickets, school fees, and almost everything for his client so what are we talking about here and it’s not something peculiar to Nigeria and that’s why we say Nigeria should not be left out in global best practises regarding legal practitioners making currency transaction reports on their clients activities.

    Bawa also revealed that the EFCC had recorded over 2,701 convictions as at October 7, 2022.

    He said, “In 2021, the commission secured 2,220 convictions. This has jumped to 2,701 by October 7, 2022. Assets running into several billions of naira have also been recovered by the commission. In spite of this, we are not resting on our laurels because there is more ground to be covered. we believe more needs to be done to deter citizens from getting involved in financial crimes and discourage the theft of public resources.

    ”It is for this reason we are intensifying our public enlightenment engagements, which in a few weeks time will witness the formal launch of the EFCC radio.”

  • Money Laundering: Court Grants Okorocha Permission To Travel To US For Treatment

    Money Laundering: Court Grants Okorocha Permission To Travel To US For Treatment

    A Federal High Court in Abuja on Wednesday granted permission to former Imo State Governor, Rochas Okorocha to travel to the United States for medical attention.

    While granting the permission, Justice Inyang Ekwo ordered the Registrar of the Court to release the traveling passport of the former governor to him to undertake the medical trip.

    The order of the Judge followed an application argued by a Senior Advocate of Nigeria, Mister Ola Olanipekun, who notified the court that his client has been having health challenges in the receipt times.

    Olanipekun argued that Okorocha, now a Senator representing Imo North in the Senate, will not abuse the order and will return to the country for his trial.

    Although, the Economic and Financial Crimes Commission (EFCC) represented by Mr Chile Okoroma had sought to vehemently oppose the request, the commission soft-pedalled when Justice Ekwo explained that the request would be granted with a caveat by the court.

    While granting the request, Justice Ekwo ordered Okorocha to return the passport to the Court Registrar not later than three days of his arrival in the country.

    Justice Ekwo subsequently fixed November 7 for his trial in the money laundering criminal charges brought against him by the Federal Government.

  • Buhari Signs Money Laundering, Terrorism Bills Into Law

    Buhari Signs Money Laundering, Terrorism Bills Into Law

    President Muhammadu Buhari on Thursday in Abuja signed into law, three bills aimed at improving the anti-money laundering and counter terrorist financing/proliferation financing framework in Nigeria.

    The bills are: the Money Laundering (Prevention and Prohibition) Bill, 2022, the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022.

    Speaking at a signing ceremony at the Council Chamber, State House, the President described the bills as being in tandem with this administration’s commitment to fight corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria, a statement signed by presidential spokesperson Femi Adesina said.

    “The new laws have provided enough punitive measures and containment strategies against abuses and compromises,” he said, noting that the inadequacy of all the repealed Acts had impacted legal actions against offender.

    “We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes,” he added.

    President Buhari commended the National Assembly for their tenacity, courage and commitment in ensuring that Nigeria has put in place effective measures to address the menace of money laundering, terrorism, and terrorism financing.

    The President noted that the 9th National Assembly has proven to be patriotic, responsive, resourceful and industrious in its legislative assignments, recalling that on 14th January, 2022, he had sought expeditious passage of the said Bills.

    He lauded the Assembly under Senate President Ahmed Lawan and the Speaker, Femi Gbajabiamila and their colleagues for responding to his request, saying they “have certainly carved out a worthy legacy for themselves.”

    On the importance of the legislations, the President said: “The signing of these Bills into law today not only strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the Country, but addresses the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa on compliance with the Financial Action Task Force global standards.

    “Accordingly, the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and enactment of Money Laundering (Prevention and Prohibition) Act, 2022 provides comprehensive legal and Institutional Framework for the prevention and prohibition of money laundering in Nigeria and confers on the Economic and Financial Crimes Commission, the legal status of the Special Control Unit Against Money Laundering.

    “The repeal of the Terrorism (Prevention) Act, 2011 as amended in 2013, and enactment of the Terrorism Prevention and Prohibition) Act, 2022 provides for the effective implementation of international instruments on the prevention and combating of terrorism and suppression of the financing of terrorism.

    “The enactment of the Proceeds of Crime (recovery and Management) Act, 2022 makes comprehensive provisions for the seizure, confiscation, forfeiture and management of properties derived from unlawful activity.”

    President Buhari told the ceremony attended by the Senate President and other Senators, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, Heads of anti-corruption agencies, including ICPC and EFCC, that the executive arm of government “carefully avoided creating another asset recovery and management agency with its cost implications in deference to government’s sensitivity to the rising cost of governance.”

    He explained that the new law mandates the creation of dedicated accounts for the proceeds of crime and other confiscated assets in order to enhance the accountability of the process: “I have therefore taken time to note the emphasis placed on collaboration, synergy and unification of strategies and measures to combat the scourge of Money Laundering and terrorism financing and proliferation financing in the Act.

    “The primary objectives of these measures are to ensure effective, unified and comprehensive legal, regulatory and institutional framework for the implementation of the Acts.

    “This is profound and calls for coordinated responses to the challenges posed by the menace. I therefore charge all relevant agencies to ensure effective implementation of these new laws.

    “The robust frameworks diligently enshrined in the Acts can only serve useful purposes when every bit of them is enforced.”

    Stressing that the fight against corruption requires an “All of Government, All of Nation approach’’, the President affirmed that every Nigerian had a role to play to rid the country of corrupt practices.

    He commended the members of the National Action Task Force comprising several Ministries, Departments and Agencies of Government, noting that the bills are a clear demonstration of government functioning at its best with coordination, collaboration, and execution all towards a common goal.

    The President assured Nigerians that his administration will continue to do its best to secure the nation, adding that the bills signed into law represent not just legislative instruments but very significant governmental actions projecting courage, determination, and sincerity in tackling the menace of Money laundering, terrorism and other financial crimes.

  • Court Clears Ex-NNPC GMD Andrew Yakubu Of $9.8m Money Laundering Charge

    Court Clears Ex-NNPC GMD Andrew Yakubu Of $9.8m Money Laundering Charge

    Justice Ahmed Mohamed of the Federal High Court in Abuja has discharged and acquitted a former Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Andrew Yakubu, on charges of money laundering.

    Mister Yakubu, is facing an alleged $9.8m money laundering charge.

    Delivering Judgement, the trial Judge said the prosecution EFCC had failed to prove its case beyond a reasonable doubt to result in the conviction of the former NNPC boss.

    The Economic and Financial Crimes Commission (EFCC) had, in 2017, found $9,772, 800, and £74, 000 in a safe at his Kaduna residence after a raid.

    Justice Mohammed also ordered the refund of the said money lodged in the coffers of the CBN to be returned forthwith.

  • Money Laundering: Court Sentence Ex-Minister Sarah Ochekpe, Two Others to 6 years imprisonment

    Money Laundering: Court Sentence Ex-Minister Sarah Ochekpe, Two Others to 6 years imprisonment

    A Federal High Court sitting in Jos has sentenced Former Minister of Water Resources Sarah Ochekpe and two others to three years imprisonment each for money laundry with an option of a N1million fine on each count.

    Delivering judgment on Tuesday, Justice Haruna Kurya found the trio of Sarah Ochekpe, Raymond Dabo, and Leo Sunday Jitung guilty on two counts out of the three filed by the Economic and Financial Crimes Commission (EFCC).

    The trio, were, however, released after payment of the N1million option of fine.

    The accused have been standing trial for the past four years on charges bordering on money laundering, conspiracy, and accepting cash payment against threshold as allowed by law.

    The court found them guilty on counts one and two for conspiracy as well as retention of N450 million which is above the amount allowed by law.

    They, were, however, discharged and acquitted on the third charge.

    Ochekpe served as Minister under former President Goodluck Jonathan.

  • EFCC re-arraigns ex-Ekiti gov, Fayose for money laundering

    EFCC re-arraigns ex-Ekiti gov, Fayose for money laundering

    The Economic and Financial Crimes Commission has re-arraigned the former Governor of Ekiti State, Mr Ayodele Fayose, and his company, Spotless Limited before a Federal High Court sitting in Ikoyi, Lagos.

    Fayose and his company were re-arraigned on Thursday before Justice Chukwujekwu Aneke on 11 counts bordering on money laundering and non-declaration of assets.

    The amended charge, dated November 24, 2021, was filed by the Economic and Financial Crimes Commission on November 25, 2021.

    In the amended charge, Fayose and one Abiodun Agbele, who is also standing trial on alleged money laundering offences before another division of the court, were alleged to have on June 17, 2014, taken possession of N1.219 billion to fund Fayose’s 2014 gubernatorial campaign in Ekiti State.

    They were accused of committing criminal breach of trust, theft, and stealing of public funds.

    According to the EFCC, the offences are contrary to sections 15(2)(d), 1 and 16(d) of the Money Laundering (Prohibition) Act, 2011 as amended, and punishable under section 15(3)(4), 16(2)(b) of the same Act.

    Fayose denied the allegations and pleaded not guilty to all the 11 counts after which they were allowed to continue with the previously granted bail terms.

    Before his re-arraignment, Mrs Joanne Tolulope, one of the 11 witnesses being called by the EFCC, while being cross-examined by Fayose’s counsel, Ola Olanipekun (SAN), affirmed that her company, Still Earth Limited, only dealt with Mr Abiodun Agbele, Fayose’s associate.

    After the cross-examination, the EFCC’s counsel, Mr Rotimi Jacobs (SAN), informed the court that a newly amended charge had been filed and he sought the court’s permission to re-arraign Fayose.

    Fayose and his company were subsequently re-arraigned on the 11 counts bordering on money laundering and non-declaration of assets.

    Fayose’s trial will continue on Friday before Justice Aneke, as the EFCC will be calling 12 witnesses to testify against him.

  • Hushpuppi risks 20-year jail as he pleads guilty

    Hushpuppi risks 20-year jail as he pleads guilty

    A Nigerian Instagram influencer, Ramon Abass, popularly called Hushpuppi has pleaded guilty to charges filed against him by the United States government bothering on money laundering.

    Recall that the 38-year-old man, who was made popular by his luxurious lifestyle on social media, was arrested in Dubai by Emerati police officers and Federal Bureau of Investigation (FBI) operatives in June 2020 and was subsequently extradited to the United States.

    Hushpuppi who was also accused of internet fraud now risks 20-year jail term when declared guilty.

    His guilty plea bargain was filed at a U.S. Central District Court of California.

    It was signed by Hushpuppi, his lawyer, Louis Shapiro, and the Assistant United States Attorney, Anil Antony, on July 4.