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Tag: Money Laundering

featured News

Court remands Malami, son, wife in Kuje prison

The Federal High Court sitting in Abuja has ordered the remand of former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), alongside his son and one of his wives, at the Kuje Correctional Centre pending the hearing and determination of their bail applications. The remand order was issued on Tuesday by the […]

News

Malami, son, wife plead not guilty to 16-count EFCC charges

A former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), on Tuesday pleaded not guilty to 16 counts of money laundering instituted against him by the Economic and Financial Crimes Commission. Malami was arraigned before Justice Emeka Nwite of the Federal High Court sitting in Abuja alongside his son, Abubakar Abdulaziz Malami, […]

News

EFCC arraigns ex-AGF Malami, son over alleged money laundering

The Economic and Financial Crimes Commission is set to arraign a former Attorney-General of the Federation, Abubakar Malami, today, Tuesday, December 30, before the Federal High Court in Abuja over alleged money laundering offences. Malami will be arraigned alongside his son, Abubakar Malami, and Bashir Asabe, an employee of Rahamaniyya Properties Ltd, a company linked […]

featured News

Nigeria exits global money-laundering watchlist

Nigeria has achieved a major global milestone with its removal from the Financial Action Task Force grey list, a decision that immediately restores international confidence in the nation’s financial system and reinforces President Bola Tinubu’s reform-driven economic agenda. The FATF, the world’s leading body on combating money laundering and terrorist financing, announced on Friday that […]

featured News

EFCC declares Sujimoto CEO wanted for alleged money laundering

The Economic and Financial Crimes Commission has declared Olasijibomi Ogundele, Chief Executive Officer of Sujimoto Luxury Construction Limited, wanted over alleged money laundering and diversion of funds. The anti-graft agency announced the development in a notice signed by its spokesperson, Dele Oyewale, on Friday. According to the EFCC, Ogundele, 44, is an indigene of Ori-Ade […]

Shonubi takes over as acting CBN gov
News

Money launders exploiting diaspora remittances – CBN

The acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has hinted that many cases of trafficking in persons, goods, or services, are done through diaspora remittances.   Shonubi made this assertion while delivering a lecture titled, “Diaspora Remittances and Nigeria Economic Development” at the National Institute for Security Studies in Abuja on Thursday, […]

Kenyan court freezes Flutterwave accounts over money laundering
News

Flutterwave denies money laundering allegations

A Nigerian fintech startup, Flutterwave, has rubbished allegations that it participated in a $59 million money-laundering scheme in Kenya that resulted in the closure of the company’s bank accounts. A Kenyan court had ordered the closure of the bank accounts of Flutterwave when the Asset Recovery Agency of Kenya informed the court that 56 bank […]

Kenyan court freezes Flutterwave accounts over money laundering
Banking

Kenyan court freezes Flutterwave accounts over money laundering

A High court in Kenya has frozen bank accounts linked to a Nigerian fintech company, Flutterwave, over alleged money laundering and card fraud. Flutterwave which is run by Gbenga Agboola was tied in an investigation involving 56 bank accounts holding 7billion Kenyan shillings ($59.3m) suspected to have been laundered by foreign nationals, according to The […]

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  • 7th July 2022
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Naira redesign: CBN has my approval, Buhari clarifies
Policy and Regulations

Money Laundering Act: Banks, firms to pay N1m daily for suspicious transactions

As part of its fresh move against money laundering, the Federal Government has enforced a fine of N1m per day for any financial institution or non-financial business and profession that fails to report any suspicious transaction. This is according to the Money Laundering (Prevention and Prohibition) Bill, 2022, which the President, Major General Muhammadu Buhari […]

Policy and Regulations

FG extends money laundering law to casinos, others

The Federal Government has introduced stricter regulations in the operation of casinos in Nigeria, as part of its fresh move against money laundering. This is just as a new law recently passed by the National Assembly prohibits ownership and operation of shell accounts in the country. The President Major General Muhammadu Buhari (retd.), had on […]

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