Crime
Alleged N33.2bn Arms Procurement Fraud: Re-arraignment of businessman stalled
The case was close to conclusion by July last year when the elevation of the then-trial judge forced a re-assignment of the case to a new judge, hence, its re-starting from the beginning by re-arraignment.
The re-arraignment of Olugbenga Obadina, Chairman and Chief Executive Officer (CEO), Almond Projects Limited, on Monday, by the Economic and Financial Crimes Commission (EFCC) suffered a setback.
Mr Obadina is being prosecuted over his alleged involvement in the misappropriation of N33.2 billion meant for the purchase of arms by then National Security Adviser (NSA) Sambo Dasuki.
The matter, which was fixed for hearing before trial judge James Omotosho of the Federal High Court in Abuja, could not proceed because the amended charge, claimed to have been filed by the EFCC, was not in the court file.
Upon resumed hearing, the prosecution lawyer, Ibrahim Buba, informed the court that he had an amended charge filed on 2 May and served on the defendants.
But Mr Omotosho could not see the amended charge in the court file after a thorough search.
“Counsel, I do not have that charge before this court and I have checked our ledger and I do not see it there,” he said.
The judge said the amended charge might have been mistakenly taken to another court at the instruction of the anti-graft agency’s lawyer during the filing of the process.
Mr Buba admitted that the amended charge might have been taken to Court 8, instead of Court 7 where the trial judge presides. He tendered an apology for the mix-up.
Adeola Adedipe, a Senior Advocate of Nigeria (SAN), who appeared for the defendants in the case, also apologised to the court on behalf of the prosecution.
Mr Omotosho subsequently adjourned the matter until 26 June for re-arraignment of the defendants.
“This matter is adjourned to June 26 for arraignment of the defendants for the amended charge that is not before this court as a result of the prosecution given wrong number of the court at the Process Unit,” the judge said.
The News Agency of Nigeria (NAN) reports that Mr Obadina, alongside his company, was earlier re-arraigned on 13 January 2024, by the anti-corruption commission on eight counts of money laundering to the tune of N2.17 billion before Mr Omotosho.
The defendants, however, pleaded not guilty to the counts and the judge ordered his remand in Kuje correctional centre pending the perfection of his bail conditions.
NAN reports that Mr Dasuki, the NSA during the President Goodluck Jonathan administration, was accused of criminal diversion of funds to the tune of $2.1 billion U.S. dollars.
The money was allegedly part of funds earmarked by the federal government to fight Boko Haram insurgency in the North-east.
The EFCC had, in the case marked FHC/ABJ/CR/142/2016, charged Mr Obadina and Almond Project Limited, following their alleged link with Mr Dasuki’s misappropriated funds.
They were formerly being prosecuted before Justice Nnamdi Dimgba of a sister court before his elevation to the Court of Appeal.
In court three of the charge, Mr Obadina and Almond Projects Ltd were alleged to have taken, on 3 April 2014, direct possession or control of the sum of N648 million paid into the account of Almond Projects Ltd with Zenith Bank Plc Account No: 1010921116.
The NSA office allegedly paid the money from its account with the Central Bank of Nigeria to the defendants without contract award.
The anti-corruption agency said the fund formed part of the proceeds of an unlawful activity of Mr Dasuki and that the offence is contrary to Section 15(2), (d) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
NAN reports that, earlier on 4 July 2024, the former trial judge, Mr Dimgba, adjourned the case for adoption of final written addresses after the EFCC closed its case with four witnesses and the defendants called two witnesses before he was elevated to the Appeal Court.
The Economic and Financial Crimes Commission (EFCC) has declared the Managing Director of Fargo Petroleum and Gas Limited, Seun Ogunbambo, wanted for jumping bail in his trial over alleged oil subsidy fraud.
The EFCC made the declaration via a notice signed by the commission’s Head of Media and Publicity, Dele Oyewale, on Friday, June 13, 2025.
The anti-graft agency said Ogunbambo allegedly defrauded the federal government in bogus oil subsidy claims to the tune of N976,653,110.28.
The commission stated: “He was facing trial before a Lagos State High Court but disappeared after being released on bail.
“His co-defendants, Mamman Nasir Ali and Christian Taylor, were convicted and sentenced to 14 years imprisonment each on Tuesday, May 27, 2025.
“Light complexioned Ogunbambo speaks English and Yoruba.
“His last known address is 2, Olamiyuyan Crescent, Ikoyi, Lagos.”
The Economic and Financial Crimes Commission, EFCC on Friday, June 13, 2025 arraigned the duo of Halima Buba and Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court, Abuja for alleged fraud.
The defendants, who are Managing Director/Chief Executive Officer of SunTrust Bank Ltd and Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, respectively are being prosecuted on a six-count charge, bordering on money laundering to the tune of $12 million (Twelve Million Dollars).
Count two of the charge reads: “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
Count three reads: “That you, HALIMA BUBA, the Managing Director/ChiefExecutive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2( 1 ), 19(1 )( d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
They pleaded “not guilty” to all the charges when they read to them, following which the lead prosecution counsel, Rotimi Oyedepo, SAN announced the readiness of the prosecution to proceed with the trial and prayed for accelerated hearing of the case. The defence counsel, J.J. Usman, SAN on his part, reminded the court of subsisting bail applications of the defendants, dated May 27, 2025 and prayed that the court should uphold the applications and admit the defendants to bail.
The prosecution counsel in his response, described the May 27, 2025 bail application of the defendants as incompetent, given that the defendants were neither under arrest, nor in detention, nor have appeared before the court, being the grounds provided by the Administration of Criminal Justice Act, ACJA that should precipitate a bail application, but rather applied for bail from the comfort of their homes or offices when nor action has been taken against them. He therefore prayed the court to discountenance the said bail application and urged the defendants to make fresh bail applications in court.
While the position of the prosecution met opposition from the defence, Justice Nwite, however, admitted the defendants to bail in the sum of N100million (One Hundred Million Naira), each as well as one surety each, in like sum. The sureties he held must have landed properties in Abuja of which the particulars of the properties would be deposited with the court. The sureties are also to deposit their passports and two recent passport photographs with the court. In addition, all the documents the sureties provided, including their residences must be verified by the court before approval.
He ordered that they should be remanded in correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.
Sapphire Egemasi, a 28-year-old Nigerian software developer once known for showcasing a life of affluence and global travel, is currently in federal custody in the United States, facing charges connected to a wide-reaching internet fraud and money laundering scheme, as reported by The Guardian Nigeria.
U.S. prosecutors allege that she was part of a syndicate that defrauded several American government institutions of millions of dollars.
Egemasi was arrested by the Federal Bureau of Investigation (FBI) in April 2025 in the Bronx, New York. Her arrest followed a federal grand jury indictment issued in 2024, which accused her and multiple co-conspirators, led by Ghanaian national Samuel Kwadwo Osei, of conducting a coordinated cyber operation that targeted U.S. city governments through phishing attacks and spoofed websites.
According to Peoples Gazette, Court filings reveal that between September 2021 and February 2023, the syndicate designed and deployed fake websites mimicking official domains of American government agencies. The goal was to deceive municipal employees into entering secure login credentials, which were then used to divert funds into fraudulent accounts controlled by the group.
Egemasi’s alleged role in the scheme was central to its technical execution. Investigators claim she developed the spoofed websites used in the phishing operations and also helped route stolen funds through a series of wire transfers across various banks.
In one instance, prosecutors say the group successfully diverted $965,000 from the government of Kentucky into an account with PNC Bank. In another case, $330,000 was moved into a Bank of America account. Authorities described the transfers as highly sophisticated, masked with false documentation to resemble legitimate government disbursements.
According to investigators, Egemasi had lived in Cambridge, United Kingdom, before her arrest and had spent time in Ghana, where she is believed to have first connected with the other members of the fraud ring. She was allegedly recruited for her software programming skills and soon became the syndicate’s primary tech specialist.
To conceal the source of her income, Egemasi publicly claimed on social media that she had interned at firms such as British Petroleum, H\&M, and Zara—assertions that U.S. prosecutors say are not supported by any employment records. On platforms such as LinkedIn and Instagram, she maintained the image of a young African woman thriving in tech. Her posts frequently featured designer fashion, luxury gadgets, and travel across countries, including France, Greece, and the United Arab Emirates.
Federal authorities contend that the lifestyle she advertised online was financed by proceeds of fraud. They argue that her public persona was carefully curated to deflect suspicion while she remained actively involved in the illegal operation.
Egemasi and her co-defendants are now awaiting trial in Lexington, Kentucky. If convicted, she faces up to 20 years in prison, financial restitution, and potential deportation after serving her sentence.
The case is part of a broader crackdown by U.S. federal agencies on transnational cybercrime, especially fraud schemes that exploit public institutions. While the investigation remains ongoing, prosecutors have indicated that more individuals connected to the case may face charges.
The Economic and Financial Crimes Commission (EFCC) has said it is currently working on helping six Nigerian banks recover billions of Naira stolen by hackers, who gained access to the banks’ systems, according to Nairametrics.
Chairman of the Commission, Mr. Ola Olukoyede, disclosed this during an interview on TVC on Sunday.
While declining to mention the affected banks to protect their image, the EFCC boss indicated that major banks were involved.
“As I’m talking to you, we have about six banks—I will not mention names because of their image—that have been hacked into by young people,” Olukoyede disclosed.
According to the EFCC boss, the Commission has been able to recover over N9 billion for one of the banks. “This is a major bank,” he added.
“For another one, we’ve been able to save about N6 billion,” he said.
Banks’ staff involved
Olukoyede noted that the fraud could not have happened without the involvement of the banks’ staff, who connived with the hackers.
He explained that the hackers used devices, which they plugged into the bank’s systems, to perpetrate the heinous act.
“They actually do it with the insiders, the bank staff. They will plug the device into their platform, wherever the other person is, even if he’s outside Nigeria, he will be able to control the platform of the bank.
“So, from there, wherever, whether it’s in Eastern Europe or America, he can move money. He can move billions in seconds just the way your bank account officer can move your money in and out of your account,” the EFCC Chairman said.
He added that while the hackers may not be able to move the money out completely, they can distribute it to accounts of many customers.
He said they also move money to wallets or to POS, and from there, they withdraw the money and disappear.
“So many banks are vulnerable as I’m talking to you now. But that may not have been possible without the connivance of the bank staff,” he emphasized.
Why EFCC is intervening
Olukoyede said the anti-graft agency is paying attention to the fraud in banks because of its impact on the economy.
According to him, the agency has been doing a lot in that area and not talking about it in order not to get Nigerians panicky, which may lead to mass withdrawal from the affected banks.
“It’s not the fault of the bank, but it’s the fault of the staff of the bank, some of the staff. And that’s why we have told the bank executives, look inwards.
“There is no way this act could be carried out successfully without the connivance of your staff. In all the cases we have seen, we’ve always seen the hand of bank staff,” he said.
What you should know
Nigerian banks lost N52.26 billion to fraud in 2024, based on data released by the Nigeria Inter-Bank Settlement System (NIBSS).
The data showed a significant increase of N34.59 billion compared to the N17.67 billion recorded in 2023.
According to the latest report, the amount lost to fraud has increased by 196% over the past five years, in parallel with the growth of financial transactions in the digital payments sector.
Although the annual fraud count reported decreased by 31%, from 101,624 in 2020 to 70,111 in 2024, the amount lost to fraud grew by 350%, rising from N11.61 billion to N52.26 billion within the same period.
Nairametrics
The Federal High Court, Abuja, on Thursday approved an interim order forfeiting landed and building properties linked to two one-time Directors of Finance and Accounts at the Rural Electrification Agency (REA), Suleiman Bulkwang and Abdullahi Sambo, over an alleged N1.4 billion fraudulent payments probe within the agency involving the two suspects.
Sambo was said to have benefited N742 million.
Justice Obiora Egwatu granted the orders after the legal team of the Economic and Financial Crimes Commission (EFCC), led by Ekene Iheanacho SAN, applied via an ex parte motion that the interim forfeiture order be granted.
“An interim order of this Honourable Court forfeiting to the Federal Government of Nigeria the properties described in the Schedule below, which are reasonably suspected to be derived from proceeds of unlawful activities,” the motion partly reads.
The seven properties forfeited include a 1-hectare plot of land in Ungwan Rere, Lafia Government Area, Nasarawa State (linked to Sambo), and four units of two-bedroom flats in Kubwa, Abuja (linked to Suleiman Bulkwang).
EFCC Investigation Details
EFCC court filings stated that Mr. Sambo, in March 2023, allegedly pre-informed staff of the REA department that monies were going to be paid into their bank accounts, which they had to remit for a supposed “project supervision and monitoring.”
The Commission added that seven REA staff acknowledged the directive from Mr. Sambo for the disbursement upon receipt of the funds from the Government Integrated Financial Management Information System (GIFMIS) platform, in their extrajudicial statements.
“Mr. Sambo directed the staff in his department to execute their roles on the Government Integrated Financial Management Information System (GIFMIS) platform, and he ultimately approved and effected the fraudulent payments totaling N1,481,389,518.11,” the Commission stated.
The EFCC added that between March and June 2023, Mr. Sambo directed staff of his department to effect payments totaling N1,481,389,518.11 to the various bank accounts of the seven staff of the accounts department of REA, including his own and that of Usman Kwakwa, his Personal Assistant.
“The payments were done without the approval of the Managing Director and also without the prerequisite preparation and audit of payment vouchers by the audit department as required,” the Commission added.
The Commission said that upon receipt of funds, Mr. Kwakwa was instructed by Mr. Sambo to further disburse the total funds to his allies, Bureau De Change operators, Mr. Sambo himself, senior staff of the Agency, and other persons.
“Mr. Sambo personally benefited the total sum of N742,486,700.00 from REA through his staff, most of which was used to acquire identified properties through his ally Danmama Mohammed,” the Commission stated.
The Commission told the court that Bulkwang and Sambo have “indicated willingness” to forfeit the properties allegedly derived from unlawful activities.
The EFCC highlighted that the development is a “non-conviction based asset forfeiture proceeding.”
What Transpired in Court
At the court session, EFCC lawyer Mary Babatunde moved the ex parte motion and urged the court to grant her prayers.
She added that the court should order the publication of the forfeited assets in national dailies for anyone interested to appear before the Court and show cause within 14 days why the final order of forfeiture of the funds mentioned should not be made in favour of the Federal Government of Nigeria.
After hearing from the lawyer, the judge, having reviewed the associated court processes, granted her prayers by forfeiting the properties in the interim and giving a 14-day window for interested parties to show cause.
The judge then adjourned to July 7 for a report of compliance.
The REA is the implementing agency of the Federal Government of Nigeria responsible for the electrification of rural and unserved communities.
In March 2024, President Bola Tinubu approved the indefinite suspension of the Managing Director/CEO of the REA, Ahmad, alongside three Executive Directors of the agency, from office following findings during a comprehensive investigation into the financial activities of the REA.
Recall that EFCC had in November 2024 arraigned Suleiman Garba Bulkwang before the Federal High Court in Abuja over a five-count charge of alleged fraud and money laundering amounting to N223,412,909.
Several other REA officials are currently being prosecuted in different courts.
Nairametrics
The Kaduna Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has taken into custody Bashir, a former contractor for the Kaduna State government and the Chief Executive Officer (CEO) of Formal Act Legacy Limited. He is facing allegations of engaging in multiple fraudulent activities amounting to N30 billion.
Though his contract with the state government had been terminated, no less than 251 complaints received by the Commission against the suspect pointed to the allegation that Ibrahim is parading himself to unsuspecting victims as consultant for the 23 local government areas in Kaduna State as well as that of the United Charity Foundation, UCF, FICCORD with affiliation to Sustainable Development Goals, SDGs Office.
The anti-graft agency in a statement by its spokesman, Dele Oyewale said, it was also alleged that the suspect informed his victims that he had a 2020 Memorandum of Understanding, MoU with the Kaduna State government for the purpose of sourcing intervention grants from global donor agencies for the funding of LGA projects in the state and supporting the actualization of SDGs within the state.
According to the statement, “while investigations revealed that the suspect is not a consultant to UCF, his 2020 MoU with Kaduna State government was terminated by the state government in October 2023 as a result of default on the terms of the MoU by the suspect.
“However, despite the termination of the MoU, the suspect intentionally engaged in unauthorised award of fictitious contracts to the tune of approximately N30 billion (Thirty Billion Naira) by convincing his contractor victims to supply items meant for construction of hospitals, motorised boreholes, hospital beds and mattresses, drugs and vaccines which he would allegedly receive on behalf of the Kaduna State government, sold some and diverted their proceeds to his personal use.
“From investigations, it was further discovered that when he took delivery of the supplies, he would warehouse them, kept the LGAs in the dark about their delivery and furthermore, failed to pay he contractors the value of what they supplied. It is also alleged that the suspect was selling contract award papers using proxies with whom he shared the proceeds.
“These fraudulent acts coupled with his unilateral alteration of the nature of the contracts and their terms, allegedly led to the termination of the MoU he had with the state government in 2023.
“Items recovered from him include Toyota Hilux pick up vans, ambulances, buses, dispatch motorcycles, caches of drugs and vaccines for children, stacks of hospital beds and mattresses and heavy duty generators. Found in his office store are large quantities of tablets, capsules, syrups, infusions, ointments/creams; medical consumables that include hand gloves, syringes, and mucus extractor.
“The Commission is collaborating with NAFDAC and the Kaduna State Ministry of Health in the evaluation of the cache of medicines found in his storage facilities as well as in carrying out qualitative analysis on them.
“Following the inspections, Umar Ahmad Suleiman, Investigation and Enforcement Officer, Federal Tax Force, NAFDAC said some of the drug manufacturers registered with NAFDAC and that while some of the medicines are still within shelf life, some have expired with some being outright counterfeits and their manufacturers, unregistered with NAFDAC.
“Corroborating the position of the NAFDAC official, Abubakar Isa Balarabe, a pharmacist and Team Leader, Ministry of Health Kaduna State observed that some of the medicines have expired, noting also that the warehouse where the medicines were stored fell below standard. “The storage is not fit for any medicine because of the way and manner it was kept,” he said.
The Commission however stated that, the suspect will be charged to court as soon as the investigation is concluded.
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