EFCC
EFCC Arraigns BFI Group Corporation, Six Others for Alleged €100m Fraud
The Economic and Financial Crimes Commission (EFCC) on Thursday, January 29, 2026, arraigned BFI Group Corporation and six others—Reuben M. Jaja, Uzor Chidi Jerry, David Femi James, Imeobong Jumbo Udom, Adeola Edward, and Emeka Emmanuel Okorie—before Justice M.S. Idris of the Federal Capital Territory (FCT) High Court, Jabi, Abuja, over an alleged €100 million fraud.
The defendants were arraigned on a five-count amended charge bordering on fraud, conspiracy, and false pretence.
At the proceedings, prosecution counsel, Ekele Iheanacho, SAN, drew the attention of the court to an amended charge dated January 27, 2026, and filed the same day, and urged the court to have the charge read to the defendants to enable them to take their pleas.
Count one of the charge reads: “That you, BFI Group Corporation, Reuben M. Jaja, Uzor Chidi Jerry, David Femi James, Imeobong Jumbo Udom, Adeola Edward, Emeka Emmanuel Okorie, and other persons at large, between August 12, 2020 and March 2021, in Abuja, within the jurisdiction of this Honourable Court, with intent to defraud, conspired among yourselves to induce the Central Bank of Nigeria (CBN) to confer benefit on BFI Group Corporation by false pretence and thereby committed an offence contrary to and punishable under Sections 8(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act.”
Count two reads: “That you, BFI Group Corporation and Reuben M. Jaja, between August 12, 2020 and March 2021, in Abuja, within the jurisdiction of this Honourable Court, with intent to defraud, attempted to obtain a Certificate of Capital Importation for the sum of €100,000,000 (One Hundred Million Euros) in favour of BFI Group Corporation by falsely claiming that the said amount was paid into account number 010147-EUR-CDACBN-52 purportedly maintained by the Central Bank of Nigeria, when you knew that no such account existed, thereby committing an offence contrary to Section 8(b) of the Advance Fee Fraud and Other Related Offences Act, 2006, and punishable under Section 1(3) of the same Act.”
The defendants pleaded “not guilty” to all the charges when they were read to them. Following the pleas, the prosecution requested a trial date and time to respond to the bail applications filed by the defendants.
Speaking on behalf of the defence, Chinedu Eze, counsel to the first and second defendants, urged the court to entertain an oral bail application, citing Sections 32(1)–(3) of the Administration of Criminal Justice Act (ACJA), 2015, and Abiola v. FRN (1995).
He further prayed the court to grant the second defendant bail on self-recognition, describing him as a prominent traditional ruler.
Prosecution counsel objected, arguing that the authorities cited were inapplicable. He noted that the defendants were no longer suspects under investigation but were already before the court, adding that bail in criminal trials is governed by Section 162 of the ACJA.
“A suspect who has been charged is no longer a suspect but a defendant. The authorities cited by the defence do not apply. The bail applications are already before this court in writing, and the prosecution is entitled to respond. Turning around to request oral bail is inconsistent and prejudicial to fair hearing. Such an application is misplaced and should be discountenanced, my Lord,” Iheanacho argued.
Justice Idris thereafter adjourned the matter to February 3, 2026, for ruling and adoption of bail applications.
The court ordered that the fourth defendant be remanded in the EFCC custody, while the other defendants were remanded at the Kuje Correctional Centre, Abuja.
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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