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EFCC Arraigns Ex-BSIEC Chairman, 10 Others Over Alleged ₦1.1bn Election Funds Fraud

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The Economic and Financial Crimes Commission (EFCC) has arraigned a former Chairman of the Benue State Independent Electoral Commission (BSIEC), Dr. Tersoo Loko, alongside 10 others before the Federal High Court sitting in Makurdi over an alleged ₦1.1 billion fraud.

Dr. Loko and his co-defendants, Kuleve Terlumun, Serki Manasseh, Denen Ronald, Tatyough Thaddeus, Dominic Terhember, Benjamin Igbawua, Adese Asom, Orkuma Nyiusta, Owoicho Odeh and Mhir Iyenge, were arraigned before Justice Mohammed Abubakar on a 30-count charge bordering on criminal misappropriation of public funds and money laundering.

According to the EFCC, the defendants allegedly diverted funds released for the conduct of the 2020 and 2022 local government elections in Benue State, amounting to ₦1,665,403,100.

The anti-graft agency disclosed that Dr. Loko was arrested by its Makurdi Zonal Directorate following a petition alleging abuse of office and diversion of election funds.

“The petition alleged that while ₦985,403,001.74 and ₦680 million were released for the 2020 and 2022 local government elections respectively, only ₦565,039,506 was utilised for both exercises,” the EFCC stated.

The Commission further alleged that a total sum of ₦1,100,363,594 remained unaccounted for by the former BSIEC chairman.

One of the charges read in court stated: “That you, Dr. Tersoo Joseph Loko, while serving as Chairman of the Benue State Independent Electoral Commission sometime in 2022 in Makurdi, did receive the sum of ₦118,166,000 from BSIEC funds, which you diverted for personal use, knowing or having reasonable grounds to believe that the money was proceeds of unlawful activity.”

Another count alleged that the defendant similarly diverted ₦110,905,000 from BSIEC funds in abuse of his office, contrary to the provisions of the Money Laundering (Prohibition) Act, 2011 (as amended).

All the defendants pleaded not guilty to the charges when they were read to them.

Following the pleas, counsel to the EFCC, M. Yusuf, urged the court to fix a trial date, stating that the prosecution was ready to “prove its case beyond reasonable doubt.”

In his ruling, Justice Abubakar granted each of the defendants bail in the sum of ₦50 million, with one surety in like sum.

The judge ordered that each surety must possess a valid international passport, while the defendants were also directed to deposit their passports with the court registrar.

Pending the perfection of their bail conditions, the court ordered that the defendants be remanded in custody.

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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EFCC

EFCC Photo News

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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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