Crime & Justice
Olukoyede Advocates Elaborate Reforms to Reduce Foreign Investment Risks in Africa
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.
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), on Tuesday, September 29, 2026, arraigned a businessman, Christopher Elendu Enyinnwa, before Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, over an alleged ₦30.14 million fraud.
Enyinnwa was arraigned on a four-count charge bordering on fraudulent conversion and obtaining money under false pretences in connection with the proposed supply of slippers from China.
The defendant was alleged to have collected a total of ₦30,140,000 from the petitioner, Chidebere Love Okafor, for the supply of slippers from China.
Count One reads: “Christopher Elendu Enyinwa sometime in August 2024, at Lagos within the Ikeja Judicial Division, fraudulently converted for your own use the sum of Two Million Naira (₦2,000,000.00), property of Chidebere Love Okafor.”
Count Two reads: “Christopher Elendu Enyinwa sometime in August 2024, at Lagos within the Ikeja Judicial Division, fraudulently converted for your own use the sum of Eleven Million, Nine Hundred and Twenty-Three Thousand Naira (₦11,923,000.00), property of Chidebere Love Okafor.”
The defendant pleaded not guilty to the charges.
Following his plea, prosecution counsel, Fanen Anum, informed the court that the prosecution was ready for trial and had two witnesses available in court.
Defence counsel, K.C. Atuenyi, however, sought an adjournment to enable him to prepare for trial, explaining that he had prepared only for the arraignment.
Justice Abike-Fadipe overruled the defence request and directed the prosecution to call its first witness.
The first prosecution witness, PW1, Okafor Love Chidebere, who works at Gomac Industry Nigeria Limited and is the petitioner, told the court that she knew the defendant as a fellow church member.
According to her, Enyinnwa had told her that he travelled to China for business and could assist her in purchasing slippers from China.
She said, “He is my church member. I knew him in church. He told me he buys goods, and I approached him to buy slippers in China for me.”
The witness explained that, after discussing the product she wanted to purchase, she gave the defendant a sample of the slippers to take to China.
She said the defendant subsequently provided a price for the goods, which she initially considered high because she was negotiating with another company offering a lower price.
According to her, she eventually trusted Enyinnwa because he was her church member and agreed to proceed with the transaction.
She told the court that the defendant requested an initial deposit of ₦2 million, which she paid into his Access Bank account in August 2024.
The witness further stated that, after the defendant returned from China, he showed them samples of the slippers, following which some amendments were made and the samples were returned to him.
She said the defendant later requested ₦11,923,000 to commence production, which was also paid into his Access Bank account.
According to her, the defendant subsequently demanded another ₦15 million as the balance, which was paid to him.
She said, “After that, he told us that he will go back to ship the goods in a very short while.”
However, when the defendant did not travel as expected, the witness said they contacted him, and he claimed that he was having issues with his travel documents.
She further told the court that, after several calls, the defendant requested another ₦2 million to facilitate his travel documents.
According to her, she and her husband agreed to provide the money because they wanted him to travel back to China and complete the transaction.
The witness said the defendant eventually travelled to China in February 2025 and later informed them that he had shipped goods, including clothes, and would provide the relevant documents when the shipment arrived.
She said the goods, however, did not arrive as promised.
The witness further narrated that her pastor subsequently summoned her to his office and informed her that some of the defendant’s claims were allegedly untrue.
She said members of the church intervened in the matter and the defendant promised to refund the money, but had yet to do so.
According to PW1, “The total amount is ₦30,140,000. Up till now, I have not seen the goods and the money.”
During cross-examination, defence counsel, K.C. Atuenyi, requested another date to cross-examine the witness.
The prosecution thereafter urged the court to remand the defendant in a correctional facility.
Justice Abike-Fadipe adjourned the matter to November 26, December 16 and 17, 2026, for continuation of trial and ordered that the defendant be remanded in a correctional facility.
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.
FBI Commends Olukoyede, EFCC for Support in Tackling Sextortion, Cybercrime
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