Crime & Justice

Olukoyede Advocates Elaborate Reforms to Reduce Foreign Investment Risks in Africa

Published

12 months ago

September 19, 2025

Editor

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has described elaborate reforms as the panacea to investment risks across the African continent.

He made this disclosure on Friday, September 19, 2025 in Washington DC, United States of America at the EBII Group African Leaders & Partners Forum. According to him, lowering investment risks in Africa requires broad-based and radical reforms that would make the continent a beautiful bride to investors around the world.

“De-risking Africa requires us to pay attention to reforms to improve the ease of doing business, respect for the rule of law and human capital development. Success in this regard, requires strong institutions in view of the challenges, which already exist in the agricultural, renewable energy and solid minerals sectors”, he said.

The EFCC’s boss, who joined other world leaders at the Forum to discuss de-risking investment in Africa’s strategic sectors: agriculture, energy transition and critical minerals, pointed out that Africa had huge potentials and deep riches in minerals and talents of its young and tech savvy population but needs fully-integrated reforms to attract more foreign direct investments.

He particularly showcased the rising successes of the EFCC in tackling various economic and financial crimes in Nigeria, owing to effective reforms and operational dynamics. According to him, the EFCC, in its 22 years of existence has maintained a trajectory of vigorous investigations, prosecutions and assets tracing, recovery and return . The consistency of the Commission in plying its mandate, he explained, has made it possible for it to deepen and widen the investment fortunes of Nigeria.

“There can be no greater incentive to investors than assurance of due process and rule of law. From a background of zero conviction for financial and economic crimes, we have achieved over 13,000 convictions in 22 years of operation. In 2024, the Commission secured 4111 convictions. This rekindles confidence that investors who for whatever reason felt cheated can seek redress and get justice’’, he said. Besides, he stressed that the Commission also offers advisory service, on demand, to foreign investors seeking information to navigate potential risks in Nigeria’s investment landscape.

“At intervals, EFCC issues alerts, to put the investing public on notice regarding trends in the investing environment that could expose them to unmitigated risks. An example was the notice on 58 Ponzi Schemes masquerading as investment schemes, which was published in March, 2025”

Referencing his reforms and initiatives since he assumed office about two years ago, the anti-graft czar affirmed that the corruption prevention aspect of the EFCC’s mandate was enhanced in 2024 by the activities of the Department of Fraud Risk Assessment and Control. Created in 2023, and mandated to deploy risk-based approaches in preventing corruption in Ministries, Departments and Agencies, MDAs, the department recorded major milestones in tracking the disbursement and utilization of public funds. It evaluated the over $50m contract under the Pi-CNG project ensuring Ninety-five percent delivery of buses and conversion kits.

Other milestones of the Commission he placed before the global audience include the arrest of 792 crypto currency and internet fraudsters in Lagos in one single operation and in one day, the unmasking and forfeiture of 753 duplexes and other apartments in Abuja, the involvement of the EFCC in Nigeria’s efforts to enhance compliance with global standards on anti-money laundering and counter-terrorist financing (AML/CFTto exit the FATF’s grey list, the investigation and prosecution of sophisticated digital assets and investment fraud including the Crypto Bridge Exchange, CBEX, scam in which subscribers to a phony crypto investment scheme lost over half a billion dollars.

“ Some of the masterminds are being prosecuted before courts in Nigeria. Before CBEX, the Commission also investigated Binance, one of the major Crypto exchanges. The investigation was a revelation in terms of the quantum of resources controlled by the exchanges outside of the Nigerian financial system”, he said. He beckoned to the rest of the world to learn from the evidential successes of the EFCC as it collaborates in joint operations with the FBI, National Crime Agency, Canadian Royal Mounted Police and others to drive reforms in financial crimes investigations.

Olukoyede assured the global community that Nigeria and the rest of Africa hold better prospects. “Whether we like it or not, there is an ongoing scramble for Africa, which confirms global expectations of a continent waiting to unleash its potential. However, this time, the scramble is not in terms of territorial influence, as was the case in colonial times. Rather, forward-looking partners who are willing to key into the vision of Africa are already active in the continent, helping to build the foundation of our prosperity”.

Other speakers at the Summit include, Commonwealth Secretary-General, Shirley Ayorkor Botchwey, American Congressman, Jonathan Jackson, Chief Executive Officer of the African Union Development Agency- NEPAD, AUDA-NEPAD, Nardos Bekele-Thomas, Rwandan Ambassador to the United States, Matilde Mukantabana, Chief Executive Officer, National Bankers Association and Executive Director, National Bankers Association Foundation, Nicole Elam and Director| Chief Investigator, Texas Financial Crimes Intelligence Centre.

Crime & Justice

Court Jails Fake Spiritualist for Sextortion in Abuja

Published

1 week ago

September 10, 2026

Staff Editor

Justice C.N. Nwabulu of the Federal High Court, Abuja, on Tuesday, September 8, 2026, convicted and sentenced a fake spiritualist, Solomon Odigie Moses, to one year’s imprisonment.

Moses was arraigned on a one-count charge bordering on cheating and impersonating a spiritualist, thereby defrauding and obtaining the sum of $1,100 (One Thousand, One Hundred United States Dollars) from an Indian lady seeking spiritual healing.

Moses, who was arrested in Ekpoma, Edo State, received and laundered the $1,100 through his Zelle payment platform, after which the naira equivalent was paid into his local bank account.

The convict subsequently deceived the victim into taking a naked spiritual bath, which he recorded live without her permission, and thereafter blackmailed her, demanding that she send him money or he would make the video public.

Investigation by the EFCC revealed that the victim had to pay the sum of $1,100 to the suspect to prevail on him not to release the video of her nudity to the public.

The charge against him read: “That you, Solomon Odigie Moses (A.K.A. DR SOLOMON), sometime in 2026 in Abuja, within the jurisdiction of this Honourable Court, did fraudulently impersonate a spiritual leader named Dr. Solomon on a fictitious TikTok account and obtained the sum of $1,100 (One Thousand, One Hundred Dollars) from an Indian lady by name Sharon Kaur, for the purpose of spiritual prayer and assistance, thereby committing an offence contrary to Section 321 of the Penal Code Act (Abuja) LFN, 1990 and punishable under Section 322 of the same Act.”

He pleaded “guilty”, following which the prosecution counsel, Maryam Hayatudeen, urged the court to convict and sentence him accordingly.

In his ruling, Justice Nwabulu convicted and sentenced Moses to one year’s imprisonment with an option of a ₦300,000 (Three Hundred Thousand Naira) fine.

The judge further directed that the $1,100 proceeds of crime be forfeited to the victim through the EFCC.

Crime & Justice

Immigration Intercepts Two With ₦34m Allegedly Meant For Kidnap Ransom

Published

1 week ago

September 10, 2026

Staff Editor

The Nigeria Immigration Service (NIS) has intercepted two persons in Adamawa State with ₦34 million in cash, with the suspects allegedly linked to a kidnapping syndicate.

The suspects were intercepted with the cash during an operation in the state.

The Comptroller of Immigration Service, Sani Sule-Jega, disclosed this at a media briefing in Yola, the Adamawa State capital.

According to him, preliminary investigations showed that the suspects claimed the money was intended to pay ransom for their abducted brother.

In a separate operation, the Adamawa State Command of the NIS also intercepted 17 irregular migrants at Rumde Baruw in Yola North Local Government Area of the state.

The undocumented migrants were intercepted at a private three-bedroom residence during an operation by officers of the command.

Sule-Jega said preliminary profiling showed that 13 of the migrants were Cameroonian nationals, comprising eight males and five females, while the remaining four were Chadian nationals, all males.

The Comptroller noted a shift in the accommodation pattern of undocumented migrants, particularly their increasing use of private and unregistered apartments instead of conventional lodging facilities such as hotels.

He said the service was intensifying surveillance and intelligence-led operations to identify and address emerging patterns of irregular migration in the state.

Sule-Jega reiterated the command’s commitment to safeguarding Nigeria’s territorial integrity, improving migration management and strengthening border security.

He urged members of the public to remain vigilant and provide credible information that could assist security agencies in maintaining peace and security across the state.

The suspects and recovered cash have been taken into custody for further investigation and necessary action in accordance with established procedures and applicable laws.

The Comptroller General of Immigration has directed that the suspects and exhibits be handed over to the Nigeria Police Force for further investigation.

Crime & Justice

Court Adjourns KC Luxury’s Detention Challenge as NDLEA Says Bail Possible

Published

1 week ago

September 9, 2026

Staff Editor

Justice Friday Ogazi of the Federal High Court, Lagos, on Wednesday adjourned until September 21, 2026, the hearing of pending applications in the case involving detained businessman and social media influencer, Afolabi Kazeem Michael, popularly known as KC Luxury.

The adjournment followed submissions by counsel to Kazeem, Abdulakeem Labi-Lawal, SAN, and counsel to the National Drug Law Enforcement Agency (NDLEA), Abu Ibrahim, that the court should await the ruling of a sister court on an application challenging its jurisdiction to entertain the matter.

At the proceedings, Labi-Lawal told the court that although the NDLEA had obtained an order authorising it to keep Kazeem in custody for 30 days to conduct further investigations, the order did not expressly mandate that he remain detained throughout the entire period.

The senior lawyer further submitted that the NDLEA could release his client on bail if it was satisfied with the progress of its investigation.

The lawyer explained that Kazeem had challenged the jurisdiction of the Federal High Court to grant the detention order, adding that the application had already been argued and the parties were awaiting the court’s ruling.

He urged Justice Ogazi to adjourn the matter to enable the parties to respond to the processes already filed.

Labi-Lawal noted that the respondents had served their counter-affidavit on the applicant’s legal team and that the applicant had five days within which to respond.

Ibrahim, counsel to the NDLEA, did not oppose the application for adjournment but clarified that the 30-day remand order was obtained in August, before Kazeem subsequently approached the court seeking an order for his production.

Justice Ogazi consequently adjourned the matter until September 21 for further proceedings.

Kazeem, through his lawyers led by Labi-Lawal, is challenging the legality of the August 20, 2026, ex parte order authorising his detention for 30 days in the first instance for further investigation into allegations of drug trafficking.

In the application filed in Suit No. FHC/LAG/MISC/1199/2026, the defence is asking the court to set aside or discharge the order on the grounds that no criminal charge had been filed against Kazeem.

The lawyers argued that the Federal High Court’s jurisdiction to try offences under the NDLEA Act is distinct from its power to make a pre-charge remand order.

According to them, the fact that the Federal High Court has jurisdiction to try offences under the NDLEA Act does not automatically confer on it the power to remand an uncharged suspect merely to allow investigators more time to complete their investigation.

“The jurisdiction to try a person charged with an offence under the NDLEA Act is fundamentally different from the jurisdiction to remand a suspect who has not yet been charged,” the lawyers submitted.

The defence has also challenged the duration of the detention, arguing that the 30-day order is contrary to the provisions of the Administration of Criminal Justice Act (ACJA) 2015.

The lawyers relied on Sections 293 to 299 of the ACJA, which provide the statutory framework for pre-charge remand.

They specifically cited Section 296(1), which provides that an initial remand order shall be for a period not exceeding 14 days in the first instance.

The defence argued that the use of the words “shall,” “not exceeding” and “in the first instance” leaves no discretion for a court to substitute 30 days for the statutory maximum of 14 days.

They argued that where investigators require additional time to keep a suspect in custody, the law requires further judicial scrutiny rather than permitting a single, uninterrupted 30-day detention order.

Kazeem’s lawyers have also asked the court to abridge the time for hearing the application and bring forward the September 17 date earlier fixed for the review of the detention order.

They argued that allowing the detention to continue could amount to an ongoing infringement of Kazeem’s constitutional right to personal liberty and render his challenge to the detention order nugatory.