10 Major Companies Facing EFCC Prosecution in 2026

Drawing on official EFCC releases, court filings and other publicly available records, below are 10 of the most significant ongoing cases involving companies and corporate interests in 2026.

As these matters remain before the courts, all allegations are subject to judicial determination, and the defendants are presumed innocent unless proven guilty.

1. Cresco Oil and Gas Limited — N336.99 million
One of the most closely watched corporate fraud cases in 2026 involves Cresco Oil and Gas Limited and its principal, Abdulkarim Muhammad Arome.

The EFCC alleges that Abdulkarim Muhammad Arome, Peter Daniels Prosper (who is at large) and Cresco Oil and Gas Limited that the EFCC alleges they fraudulently converted N336,993,863.35 belonging to Lotus Bank through a scheme involving conspiracy, stealing, and retention of criminal proceeds. Prosecutors allege that the funds were diverted between 2022 and 2023.

The case highlights increasing EFCC attention on alleged abuses within the banking and energy sectors, particularly where corporate accounts are suspected to have been used to disguise illicit transactions.

The court ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the case until October 7, 2026, for the commencement of trial.

2. 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited — N206 million
In January 2026, the EFCC arraigned Sarumi Samusideen Babafemi, an associate of social media personality Ismaila Mustapha (aka Mompha), alongside his companies, 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited on a five-count charge bordering on conspiracy, concealment, and transfer of proceeds of crime to the tune of N206,000,000

According to prosecutors, the companies allegedly served as channels for concealing and transferring criminal proceeds totaling approximately N206 million between 2013 and 2018. The charges include conspiracy, transfer of proceeds of crime, and concealment of illicit funds.

The matter underscores how investigators increasingly scrutinize corporate entities allegedly used for layering and movement of suspicious funds.

3. Intermediate Investment Holdings Limited — $1.5 million
The EFCC arraigned Ufoma Joseph Immanuel alongside his company, Intermediate Investment Holdings Ltd., over allegations of obtaining a $1,500,000 investment from Adebisi Adebutu of R28 Holdings Limited in March 2026 by false pretence.

Prosecutors claim investors were induced to provide funding under representations connected to energy-sector investments and shareholding arrangements that were allegedly false.

The investment was described as “Cash and/or Capital Cost in Chappal Petroleum Development Company Limited; Business Development Cost in Intermediate Investment Holdings Limited”.

The case reflects growing regulatory concern over private investment schemes and unverified capital-raising arrangements.

4. Viscount Microfinance Bank — N19 million and $30,000
The EFCC arraigned Blessing Gozi-Anyaokei, Managing Director of Viscount Microfinance Bank, on allegations of illegally converting investors’ funds.

According to the charge sheet, the sum of N19,000,000 and $30,000 by Ernest Terkula Jor entrusted for investment purposes was allegedly diverted for personal use.

Microfinance banks play a critical role in Nigeria’s financial inclusion agenda.

Any allegation involving depositor or investor funds tends to attract significant regulatory attention, such as restricted from traveling outside Nigeria except with the permission of the court.

5. Abu-Haneefa Oil and Gas Ltd — N691.68 million
Another closely watched corporate prosecution in 2026 involves Abu-Haneefa Oil and Gas Ltd, whose Managing Director, Musa Farouk Abubakar, was arraigned alongside the company and another defendant Sandra Chizoba Attoh before the Federal High Court in Abuja in June 2026.

According to the EFCC, the defendants face a 15-count amended charge bordering on conspiracy, corruption and money laundering involving approximately N691,677,310. Prosecutors allege that company funds believed to be proceeds of unlawful activity were transferred through corporate accounts and used in property transactions. The defendants pleaded not guilty, and the matter has been adjourned for trial.

The case underscores the EFCC’s focus on tracing allegedly illicit funds through corporate bank accounts and property acquisitions in the oil and gas sector.

6. FC Njoku and Company — N736.32 million
Felix Njoku, through FC Njoku and Company, former Finance Director of the Nigerian Railway Corporation is accused of receiving funds from contractors.

The FC Njoku and Company, owned by Felix Njoku, is the business allegedly used in transactions linked to unlawful enrichment.

EFCC prosecutors allege that he received the cumulative sum of N240,940,000 from contractors of the Nigerian Railway Corporation through the bank account of FC Njoku and Company domiciled in Zenith Bank Plc, linked to contracts awarded during his tenure.

The case reinforces EFCC’s efforts to investigate corporate vehicles allegedly used to conceal proceeds of corruption and public procurement abuses.

7. Nigerian Railway Corporation Procurement (Related Corporate Network) — N2.04 billion
While the defendants are public officials, the ongoing NRC investigation involves alleged payments from contractors and businesses that secured public contracts.

The EFCC alleges procurement-related corruption involving three senior officials: Felix Njoku, a former Director of Finance of the Nigerian Railway Corporation; Benjamin Chinwuba Iloanusi, presently a Director in the Procurement Department of the NRC, and Oche Jerry Ogbole-Inalegwu, presently Director, Mechanical.

They were arraigned on separate charges bordering on alleged abuse of office, money laundering, and unlawful enrichment by public officials totaling over N2.04 billion, making it one of the largest ongoing anti-corruption prosecutions this year.

The case could become an important test of Nigeria’s public procurement controls and contractor oversight mechanisms.

8. Chayomi Aluminum Limited — N1.87 billion
Notably, this is one of the largest private-sector fraud prosecutions initiated by the EFCC in 2026.

In March 2026, the EFCC arraigned an alleged serial fraudster Titilayo Eboh, alongside Chayomi Aluminum Limited and an alleged accomplice, Abubakar Funtua (now at large) over a purported N1.87 billion foreign exchange fraud.

According to the anti-graft agency, the defendants allegedly collected funds from Mr. Olamayowa Abdulwasiu Olabisi and Mr. Adekanmi Adedire, representatives of Himark Intertrades Limited under the false pretence that they had the US dollar equivalent of the said sum to exchange for them at the rate of N420 per dollar, which was never delivered.

The prosecution highlights the EFCC’s increasing focus on businesses allegedly used as instruments for large-scale financial deception.

9. Ski Hi-Entertainment — N16.85 million
Another major corporate prosecution emerged in July 2026 when the EFCC disclosed the arraignment of Ifeanyichukwu Ogbu, the Chief Executive Officer of Ski Hi-Entertainment. He was arraigned on a three-count charge bordering on issuance of a dud cheque to the tune of N16,847,000 in Enugu.

The defendant was arrested following claims of Oby Onwuakor, the Sales/Front Office Manager of Ski Hi-Entertainment, on behalf of its management, that Ogbu made reservations for members of three Nigerian Premier Football League clubs and that after the expiration of their stay in the hotel, the entire bill accumulated to N17, 424,600, paying only N1million and issuing three cheques to them which, upon presentation for payment, were dishonored on the ground of insufficient funds in the account.

The matter appears on the Commission’s official news docket and ranks among the largest corporate-related fraud prosecutions reported by the agency this year.

The case also reflects the Commission’s growing focus on corporate executives rather than only politically exposed persons.

10. Jasfad Resources Enterprises — N1.6 billion
The EFCC re-arraigned an unlicensed Bureau de Change (BDC) operator, Aliyu Abubakar of Jasfad Resources Enterprises, alongside the Bauchi State Accountant-General over alleged money laundering involving N1.6 billion in public funds in April 2026.

Prosecutors alleged that funds were transferred from government accounts into accounts operated by the BDC business and subsequently converted through financial channels.

The case highlights how corporate entities and financial service businesses can be used to facilitate the movement and layering of illicit funds, making it relevant to anti-money laundering compliance, transaction monitoring, and beneficial ownership scrutiny.

Culled from Nairametrics