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Tag: EFCC

EFCC to grill Tompolo over naira abuse at birthday party
News

EFCC to grill Tompolo over naira abuse at birthday party

The Economic and Financial Crimes Commission has announced it will question former Niger Delta militant leader, Chief Government Ekpemupolo—popularly known as Tompolo—over alleged abuse of the naira during his recent 54th birthday celebration. The agency made the disclosure on Monday via its official X (formerly Twitter) handle, posting a message that read, “Nobody is above […]

EFCC arrests 792 in major fraud bust
News

EFCC arrests 792 in major fraud bust

Nigeria’s Economic and Financial Crimes Commission has arrested 792 suspects during a raid on a building believed to be a hub for international fraud operations. The suspects, including 148 Chinese and 40 Filipino nationals, were detained on December 10 at the seven-story Big Leaf Building in Lagos, the country’s commercial capital, EFCC spokesperson Wilson Uwujaren […]

EFCC faults fintech over fraud among unbanked and middle class
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EFCC faults fintech over fraud among unbanked and middle class

The Economic and Financial Crimes Commission has expressed growing concern about the surge in fraudulent activities within Nigeria’s financial sector, particularly targeting the unbanked, under-served, and middle-class populations. EFCC Chairman, Ola Olukoyede, made these remarks during a recent stakeholder engagement in Abuja. He pointed to a troubling trend of negligence by some fintech companies in […]

News

EFCC disputes health claims of detained Binance executive

The Economic and Financial Crimes Commission has disputed health concerns raised by the family and legal team of Tigran Gambaryan, a detained Binance executive facing money laundering charges in Nigeria. On September 2, 2024, in the Federal High Court in Abuja, EFCC lead counsel Ekene Iheanacho informed Justice Emeka Nwite that Gambaryan’s reported health issues […]

EFCC arrests 792 in major fraud bust
News

Court orders final forfeiture of NOK university to FG

A Federal High Court in Abuja has ordered the final forfeiture of NOK University, Kaduna State, along with all its assets, to the Federal Government. The ruling was delivered on Friday by Justice Joyce Abdulmalik in response to a motion filed by the Economic and Financial Crimes Commission against Anthony Hassan and KYC Inter-Project Limited. […]

News

Stop illegal naira trade with PoS operators, EFCC warns banks

The Economic and Financial Crimes Commission has accused banks of colluding with Point-of-Sale operators to limit cash availability at Automated Teller Machines. According to EFCC, it is a financial crime for POS operators to have huge cash from banks at ATM’s expense. This was disclosed by the EFCC, via its official X handle on Saturday. […]

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EFCC bans dollar transactions in embassies

Alex Omenye The Economic and Financial Crimes Commission has taken a decisive step to halt the dollarization of Nigeria’s economy and safeguard the value of the Naira by prohibiting foreign missions from conducting transactions in foreign currencies. In a letter addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled “EFCC Advisory to Foreign […]

News

EFCC arrest BDC operators as naira slides to 1,416/$

The Economic and Financial Crimes Commission operatives on Tuesday reportedly arrested some Bureau De Change operators at the popular Wuse Zone 4 market on Tuesday amid the rapid depreciation of the naira. In addition, traders said some BDC operators resisted arrest in the course of the undercover operation, according to The Punch. The operatives had […]

Binance opens crypto trading to Syrians after US lifts sanctions
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Abuja court adjourns Binance exec Gambaryan’s trial till May 17

A Federal High Court sitting in Nigeria’s capital, Abuja, on Thursday adjourned the trial of detained Binance Holdings Limited executive, Tigran Gambaryan, till May 17 2024 for the continuation of his trial. AMBusiness reported that Gambaryan and his fleeing colleague, Nadeem Anjarwalla, and Binance Holdings Limited are being prosecuted by the Economic and Financial Crimes […]

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  • 2nd May 2024
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Binance halts support for USDC stablecoin on Tron blockchain
News

Binance executive pleads not guilty to money laundering charges

An Executive of Binance Holdings Limited, Tigran Gambaryan, has pleaded not guilty to the money laundering charges preferred against him by the Economic and Financial Crimes Commission. The Economic and Financial Crimes Commission on Monday charged Gambaryan before Justice Emeka Nwite at the Federal High Court in Abuja, according to The punch. Recall, that the […]

El Salvador moves Bitcoin to offline vault
Crypto

Binance trained ‘police, EFCC operatives’, blocked 281 accounts over money laundering

Binance stated it confined 281 accounts belonging to Nigerian residents as a result of money laundering concerns in 2022 and extensively partnered with the FG to protect users from illicit activity. The Binance team also stated in a press release, that it had visited the country twice during the fourth quarter, and the company’s Law […]

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