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Nwabuoku’s ₦868.465m Fraud: Appeal Court Dismisses Bail Application for Lack of Merit

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A three-member panel of the Court of Appeal, Abuja Division, on Friday, July 10, 2026, dismissed the bail application filed by the convicted former Acting Accountant-General of the Federation (AGF), Chukwunyere Anamekwe Nwabuoku, for lack of merit.

Justice James Omotosho of the Federal High Court, Maitama, Abuja, had on Monday, March 23, 2026, convicted and sentenced Nwabuoku to 72 years’ imprisonment at the Kuje Medium Security Custodial Centre, Abuja, for laundering ₦868,465,000 (Eight Hundred and Sixty-Eight Million, Four Hundred and Sixty-Five Thousand Naira). He subsequently appealed the judgment and sought to be admitted to bail on health grounds pending the determination of the appeal.

Consequently, on May 8, 2026, Nwabuoku, through his lawyer, N. I. Quakers, SAN, filed an application for bail on the ground of his alleged ill health, which he claimed had deteriorated, necessitating medical attention beyond what the University of Abuja Teaching Hospital, designated to provide medical care for inmates of the Kuje Medium Security Custodial Centre, could offer.

In the application, Nwabuoku stated that he was a responsible citizen who had served as the Acting Accountant-General of the Federation and that he had credible sureties who could stand for his bail.

Counsel to the EFCC, Ekele Iheanacho, SAN, in response, filed a counter-affidavit on May 25, 2026, arguing that the offences for which the appellant was convicted were serious in nature, having involved massive corruption that hindered the government’s efforts to combat the pervasive insecurity facing the country.

The EFCC further argued that there was no medical evidence before the court to show that the appellant could not continue receiving treatment, including surgery, at the University of Abuja Teaching Hospital while serving his sentence. According to the prosecution, the fact that the appellant had been transferred between the Kuje Medium Security Custodial Centre and the University of Abuja Teaching Hospital for medical evaluation demonstrated that the Nigerian Correctional Service had been responsive to his medical needs and had not denied him access to medical care.

The EFCC also argued that granting the appellant bail pending the determination of his appeal would undermine public confidence in the administration of criminal justice.

“Granting bail to the Appellant/Applicant in the circumstances of this case would send a wrong signal to the public and undermine confidence in the fight against corruption, money laundering and the misuse of public funds earmarked for national security,” the prosecution submitted.

Delivering the ruling, Justice Adebukola Banjoko, who read the decision of the panel, held that the application lacked merit and accordingly dismissed it.

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EFCC

EFCC Uncovers Chinese-Operated Illegal Oil Refinery in Ogun

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The Economic and Financial Crimes Commission (EFCC) has uncovered an illegal oil refinery allegedly operated by Chinese nationals in the Ogere area of Ogun State.

The operation, conducted on Saturday, October 31, 2026, by operatives of the EFCC’s Lagos Zonal Directorate 2, followed credible intelligence and surveillance by the Commission into the activities of illegal sludge oil refiners.

The refinery was deserted when EFCC operatives stormed the premises, following the Commission’s earlier clampdown on four illegal lithium processing plants in the area.

However, waste products from the refining process were discovered at the site.

During the raid, operatives also discovered underground tanks believed to have been used for heating and processing sludge oil.

Two of the tanks inspected contained substances suspected to be Automotive Gas Oil (AGO), commonly known as diesel.

Preliminary investigations revealed that the operators sourced sludge oil, also known as black sludge, from Warri, Delta State, and Port Harcourt, Rivers State, and transported it to the illegal facility in Ogere for processing.

Further investigations indicated that the operators subjected the sludge oil to intense heat, allowing lighter petroleum components to pass through a series of chambers and filters in a process believed to produce Automotive Gas Oil (AGO) for sale in the Nigerian market.

Security personnel at the facility reportedly told EFCC operatives that the Chinese operators had neither disclosed their identities nor identified the company behind the facility.

Consequently, operatives of the EFCC’s Lagos Zonal Directorate 2 have taken over the premises as investigations continue to establish the identities of the operators, determine ownership of the facility and ascertain the full extent of the suspected illegal activities and economic sabotage.

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EFCC

EFCC Counsel Misquoted in ALGON Lawyer’s Fraud Allegation Judgment

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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.

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EFCC

FBI Commends Olukoyede, EFCC for Support in Tackling Sextortion, Cybercrime

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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.

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