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Billions Recovered: EFCC Unearths Massive ₦38.66 Billion Haul In Explosive Refinery Fraud Probe.

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1 month ago

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The Economic and Financial Crimes Commission (EFCC) has recovered over ₦38.66 billion in cash and assets as part of an active investigation into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries. The total recovery comprises ₦9.4 billion, $21.2 million (roughly ₦29.26 billion at the official exchange rate of ₦1,380 to the dollar), and various landed properties linked to the individuals under investigation.....KINDLY READ THE FULL STORY HERE▶

  • The probe focuses on approximately $2.79 billion released between 2021 and 2023 for maintenance work on refineries in Port Harcourt, Warri, and Kaduna.

  • Allegations include money laundering, procurement fraud, economic sabotage, criminal conspiracy, and abuse of office.

  • The Federal Government had committed significant funds to these projects—$1.56 billion for Port Harcourt, $740.7 million for Kaduna, and $492.3 million for Warri—yet investigators found minimal evidence of actual operational improvements.

  • Officials from the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary, refinery managing directors, and major contractors like Daewoo Engineering Nigeria Limited and Tecnimont SPA are currently under scrutiny.

Enforcement Actions and Key Individuals

  • The EFCC has interrogated over 30 senior NNPCL officials and more than 50 representatives from contracting and subcontracting firms.

  • Last year, the commission arrested several high-ranking officials, including Umar Isa, Tunde Bakare, Ahmed Adamu Dikko, and Ibrahim Onoja.

  • Former Port Harcourt Refinery Managing Director Ahmed Dikko is accused of bypassing contractual procedures; authorities have traced ₦983.9 million, $227,030, and three landed properties to him, all of which are subject to an interim forfeiture order.

  • Senior official Jimoh Yisawu is accused of approving inflated invoices and payments to unqualified third-party contractors, resulting in losses exceeding $10 million and nearly ₦8 billion.

  • Investigations traced over ₦1.4 billion and four landed properties to Yisawu, which have also been placed under interim forfeiture while prosecutors prepare formal charges.

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PAYING THE PRICE: EFCC Cracks Down Hard, Nails Middleman In ₦16 Million Laundering Storm!

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1 week ago

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July 31, 2026

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A Federal High Court in Ikoyi, Lagos, has sentenced Sunmonu Olasunkanmi Thaoban to four years in prison for laundering ₦16 million by disguising its illegal origins and converting it into a 2018 black G-Wagon Jeep.....KINDLY READ THE FULL STORY HERE▶

Court Sentences Man to Four Years for ₦16 Million Money Laundering, Forfeits G-Wagon

A Federal High Court in Ikoyi, Lagos, has sentenced Sunmonu Olasunkanmi Thaoban to four years in prison for laundering ₦16 million by disguising its illegal origins and converting it into a 2018 black G-Wagon Jeep.

Key Details of the Case

  • Guilty Plea & Sentencing: Justice Akintayo Aluko handed down the sentence on Thursday after Thaoban pleaded guilty to a two-count EFCC charge, alongside an alternative fine option of ₦1.8 million.

  • The Offense: Prosecutors stated that Thaoban acted as a middleman in 2023, funneling illicit funds to purchase the luxury vehicle, violating the Money Laundering (Prevention and Prohibition) Act, 2022.

  • Asset Forfeiture: In addition to the prison term, the judge ordered the permanent forfeiture of both the convict’s G-Wagon and mobile phone to the Federal Government.

Related BDC Convictions

In a separate proceeding, Justice Aluko also convicted four Bureau de Change (BDC) operators—Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud, and Muhammed Musa—for conducting unauthorized foreign exchange transactions outside the official market. Following their guilty pleas, each received a 12-month prison sentence with an option of a ₦100,000 fine.

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THE END OF THE ROAD: Death Penalty Handed Down To Killers Of DELSU Student!.

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1 week ago

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July 29, 2026

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A Delta State High Court has handed down death sentences to two individuals for their involvement in the 2018 killing of Delta State University (DELSU) undergraduate Elozino Ogege, following a ruling that found them guilty. Meanwhile, a third co-defendant facing charges related to the same incident was discharged and acquitted. The 2018 murder of Ogege had previously sparked significant public outrage and widespread demands for justice. Further details on the ruling are expected soon.....KINDLY READ THE FULL STORY HERE▶

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High-Stakes Arrest: Mastermind Boko Haram Spy Caught Red-Handed By Security Operatives!.

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1 week ago

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July 29, 2026

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Security forces have arrested a suspected Boko Haram informant, Abulfatahi, in Monguno, Borno State, in connection with the recent terrorist attack on Cross Kauwa.....KINDLY READ THE FULL STORY HERE▶

  • Operation & Timing: Apprehended on July 27 during an intelligence-led sweep targeting a local terrorist information network. Two other suspects were previously arrested and moved to the Joint Intelligence Fusion Centre.

  • Confession: During preliminary interrogations, Abulfatahi admitted to working for a Boko Haram commander named Akilu, who directs terrorist operations in Dabar Masara and Garin Mace.

  • Criminal Activities: The suspect allegedly collected illegal taxes for the terrorist commander and helped select targets for abduction around Monguno.

  • Evidence Recovered: Investigators found two phone numbers linked to Commander Akilu on Abulfatahi’s mobile device, which are aiding security forces in dismantling the broader network.

  • Next Steps: Authorities are expanding their investigations to uncover other collaborators and strengthen ongoing counter-terrorism efforts across the Lake Chad region.

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