EFCC
Lagos Court Jails Two for ₦36.5m Theft
Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, January 27, 2026, convicted and sentenced Obiesie Elyon Chukwugene and Afolabi Adebayo Olumuyiwa to one year imprisonment each for stealing ₦36,570,000 (Thirty-Six Million, Five Hundred and Seventy Thousand Naira).
The convicts were initially arraigned alongside a firm, D Velvetbox Agro Farm Limited, by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on November 21, 2024, on a 15-count charge bordering on stealing.
Count one of the charge reads: “That you, Obiesie Elyon Chukwugene, being the Managing Director of D Velvetbox Agro Farm Limited, a company incorporated in Nigeria, on or about May 27, 2023, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of ₦5,000,000 belonging to Judith Okoli, by falsely representing to her that the money was for investment in poultry farming, whereas you used the money to settle debts owed to other investors.”
Count two reads: “That you, Afolabi Adebayo Olumuyiwa, trading under the name and style of Triple J Farm, a registered business name in Nigeria, on or about March 31, 2023, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of ₦5,000,000 belonging to Judith Okoli, by falsely representing to her that the money was for investment in poultry farming, whereas you used the money to settle debts owed to other investors.”

The defendants initially pleaded not guilty to all the counts, prompting the prosecution to open its case.
During the trial, prosecution counsel, A. M. Dambuwa, called two witnesses and tendered several documents, which were admitted in evidence by the court.
However, during the proceedings, the defendants were re-arraigned on an amended two-count charge, to which they pleaded guilty.
Delivering judgment on Wednesday, Justice Oshodi held that the prosecution proved its case beyond reasonable doubt and found the defendants guilty as charged.
“I find the defendants guilty on the amended information and convict them accordingly. This is the judgment of the court,” the judge ruled.
The court consequently sentenced both convicts to one year imprisonment each, without an option of fine, with effect from November 21, 2024, the date they were remanded in custody.
The court also convicted D Velvetbox Agro Farm Limited, imposing a ₦1,000,000 fine, to be paid through the first convict, Chukwugene, who is the company’s Managing Director.
Justice Oshodi further ordered a joint restitution of ₦5,000,000 to be paid by both convicts within five months.
Additionally, the court ordered that the Toyota Camry recovered from the first convict be forfeited to the petitioner, Judith Okoli, and released to her or any person duly authorised by her.
The court held that the convicts fraudulently collected a total of ₦36,570,000 from the petitioner under the guise of poultry farming investment, but diverted the funds to settle personal debts owed to other investors.
EFCC
EFCC Counsel Misquoted in ALGON Lawyer’s Fraud Allegation Judgment
The Economic and Financial Crimes Commission (EFCC) views with grave concern the misrepresentation of the reaction of its counsel, Larry Peters Aso, to the judgment delivered by Justice Suleiman Belgore of the Federal Capital Territory (FCT) High Court in a fundamental rights enforcement suit filed by legal practitioner Dr Ted Iseghoi-Edwards.
The judge reportedly cleared Iseghoi-Edwards of alleged fraud relating to services rendered to the nation’s 774 local government councils. He also disagreed with the EFCC’s position regarding its investigation report on the London-Paris Club refunds.
Reacting to the judgment, Aso thanked the judge for his industry in attending to the matter and stated that the EFCC would apply for a Certified True Copy (CTC) of the judgment “and study it to know the necessary steps to take.”
He did not make any statement about an EFCC report from 2024 concerning allegations that Iseghoi-Edwards “fraudulently obtained the judgments, because he instituted proceedings against the Federal Government in the United States.”
Additionally, claims that Aso said the report was prepared under pressure from higher authorities “after Iseghoi-Edwards assigned his promissory notes to third parties in the United States, where they threatened to sue the Federal Government” are entirely mischievous and amount to deliberate character assassination.
This framing was intended to insinuate that extraneous influences affected the matter, which was not the case.
The record of proceedings from Tuesday, October 20, 2026, when the judgment was delivered, can be accessed to verify Aso’s reaction.
The Commission urges the media to be more objective in reporting court proceedings in the interest of justice.
EFCC
FBI Commends Olukoyede, EFCC for Support in Tackling Sextortion, Cybercrime
The Federal Bureau of Investigation (FBI) has commended the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Commission for their efforts and vital role in Operation Artemis, a joint international effort to disrupt financially motivated sextortion networks targeting minors.
The commendation was conveyed in a letter signed by FBI Director Kash Patel, who praised the Commission for its collaboration with the Bureau in the arrest and extradition of suspects facing federal charges in the United States.
In the letter addressed to Olukoyede, Patel acknowledged the Commission’s contribution to the operation, stating that “the Economic and Financial Crimes Commission, EFCC, has played a vital role in Operation Artemis, a joint effort focused on disrupting financially motivated sextortion rings targeting juveniles.”
He said that, under Olukoyede’s leadership, the EFCC designated personnel to support the investigations and facilitate the transfer of suspects from Nigeria to face prosecution in the United States.
Specifically, the FBI Director commended the EFCC for apprehending Adebola Festus Adekunle and Mudashiru Afeez Olawale, who were indicted in the United States in 2023 over allegations relating to the sexual exploitation and extortion of minors.
The two suspects were extradited to the United States in August 2026, with the EFCC facilitating the process following investigations and extradition proceedings. They are facing federal charges relating to sexual exploitation in cases involving the deaths of minors.
Patel noted that the successful outcome of the cases would not have been possible without the EFCC’s assistance and commitment to international law enforcement cooperation.
“The successful outcome of these cases would not have been possible without your assistance and dedication to international law enforcement collaboration,” he said.
The FBI Director further expressed appreciation to Olukoyede and the Commission for their commitment to justice and continued cooperation, while expressing optimism about strengthening the partnership between both agencies.
“Please accept my sincere appreciation for your commitment to justice and steadfast cooperation. I look forward to the continued partnership with the EFCC,” he stated in the letter.
The extradition of Adekunle and Olawale followed FBI investigations into separate sextortion schemes targeting male minors in the United States. The investigations linked the alleged activities to two teenage victims who died by suicide after being subjected to online sexual exploitation and extortion.
EFCC
EFCC Photo News
The Japanese Ambassador-Designate to Nigeria, His Excellency, Hideo Suzuki Paid a Courtesy Visit to the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede in his office today, October 28, 2026. He was accompanied on the visit by First Secretary, Security, Yuji Murakami and Senior Information Analyst, Dogara Ankut.


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