EFCC uncovers N37bn fraud in federal ministry, indicts Buhari’s minister, contractor - Newstrends
Connect with us

News

EFCC uncovers N37bn fraud in federal ministry, indicts Buhari’s minister, contractor

Published

on

Osun Account Freeze: EFCC Insists It Has 72-Hour Power Without Court Order

EFCC uncovers N37bn fraud in federal ministry, indicts Buhari’s minister, contractor

The Economic and Financial Crimes Commission (EFCC), has uncovered a total sum of N37,170,855,753.44 allegedly laundered in the Ministry of Humanitarian Affairs under former minister Sadiya Umar-Farouk, Punch has reported.

Details of the ongoing probe obtained by the newspaper revealed that the money was transferred from the Federal Government’s coffers and sent to 38 different bank accounts domiciled in five legacy commercial banks belonging to or connected with a contractor.

Following receipt of the funds, the contractor allegedly transferred N6,746,034,000.00 to Bureau De Change Operators, withdrew N540,000,000.00 in cash, purchased luxury cars with N288,348,600.00, and bought luxury houses in Abuja and Enugu State with N2,195,115,000.00.

Fifty-three companies were allegedly traced to the contractor, who was also said to have used 47 of the companies to lift Federal Government contracts amounting to N27,423,824,339.86. He is also linked with 143 bank accounts in 12 commercial banks in which 134 accounts are corporate accounts linked to different companies.

Checks by Punch with the Corporate Affairs Commission revealed that Okwete is a director in only 11 of the 53 companies, while the remaining 42 companies’ accounts are only linked to his Bank Verification Number as a signatory to the accounts.

The newspaper reports that the Federal Ministry of Humanitarian Affairs currently serves as the parent ministry to eight agencies, including the National Social Investment Office, the Office of the Senior Special Assistant to the President on Sustainable Development Goals, and the National Commission for Refugees, Migrants, and Internationally Displaced Persons, among others.

Umar-Farouq was the pioneer Minister of Humanitarian Affairs, Disaster Management and Social Development. She was appointed by former President Muhammadu Buhari in July 2019 as the youngest cabinet member.

READ ALSO:

Her work with Buhari dates back to his days as the leader and presidential candidate of the defunct Congress for Progressive Change when she was the national treasurer of the party and later the national treasurer of the All Progressives Congress.

She was later appointed minister in 2019 by President Buhari.

The EFCC document revealed, “Between 2018 and 2023, the subject (contractor ) received the sum of N37,170,855,753.44 from the coffers of the Federal Government linked to the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

“The monies were sent to 38 bank accounts domiciled in five legacy commercial banks. The suspect transferred N6,746,034,000.00 to Bureau De Change Operators, N540,000,000.00 withdrawn in cash, N288,348,600.00 used to purchase cars, and used N2,195,115,000.00 to purchase choice properties within Abuja and Enugu State.

“Fifty-three companies were traced to the suspect. He used 47 of the companies to lift Federal Government contracts amounting to N27,423,824,339.86. He is associated with 143 bank accounts in 12 commercial banks in which 134 of the 143 accounts are corporate accounts linked to different companies.”

In 2020, the Independent Corrupt Practices and Other Related Offences Commission said it uncovered N2.67bn meant for the ministry’s school feeding programme in private bank accounts.

The former ICPC Chairman, Prof Bolaji Owasanoye, disclosed that the commission unravelled N2.67bn in personal accounts, being payment made to some federal colleges for school feeding during the COVID-19 lockdown in 2020.

Other discoveries by the ICPC include 18 buildings, 12 business premises and 25 plots of land. Owasanoye said under the Open Treasury Portal review carried out between January and August 15, 2020, of the 268 Ministries, Departments and Agendas, 72 had cumulative infractions of N90m.

READ ALSO:

The former ICPC chairman argued that the money was paid when children were not in school.

Despite requests by the Socio-Economic Rights and Accountability Project to Umar-Farouq to publish details and names of the suspects, the former minister failed to reveal their names.

Reacting to this, SERAP had written on its official Facebook page, “Following the disclosure by the ICPC that N2.67bn meant for school feeding during the COVID-19 lockdown ended up in private bank accounts, we’re calling on the Minister of Humanitarian Affairs, Disaster Management and Social Development of Nigeria, Sadiya Umar-Farouq, to immediately publish details of those suspected to be responsible, or face legal action.

“If the names are not immediately published, we’ll issue a freedom of information request to ensure that those involved are named and shamed.

“We’ll also pursue appropriate legal actions to hold suspected perpetrators to account, in the public interest.

“Diverting funds meant to feed school children (who are already disproportionately affected by corruption), especially during COVID-19, is a blatant violation of the rights to education, health, and dignity, as well as the government’s own COVID-19 transparency frameworks.

“Corruption in school feeding increases distrust in the government. The Federal Government must ensure that transparency and accountability measures are fundamental to all school feeding and other initiatives in the context of COVID-19, to ensure the children receive the support they need.”

When contacted over the development, the spokesperson for the EFCC, Dele Oyewale, neither confirmed nor denied the story.

Oyewale simply said, “No comments on that.”

EFCC uncovers N37bn fraud in federal ministry, indicts Buhari’s minister, contractor

(PUNCH)

Loading

News

Tinubu’s UNGA Absence Fuels Questions Over Planned Trump Meeting

Published

on

US Court Grants Four-Day Extension for Release of Tinubu Drug-Trafficking Records

An American lobbying firm linked to former Vice President Atiku Abubakar has claimed that a proposed meeting between President Bola Tinubu and US President Donald Trump on the sidelines of the United Nations General Assembly will no longer take place.

The claim by Von Batten Montague York-LC came shortly after the Nigerian Presidency confirmed that Tinubu would not physically attend the 81st UN General Assembly in New York.

Instead, Vice President Kashim Shettima has been directed to lead Nigeria’s delegation to the gathering.

In a post on X, the US-based firm said the proposed Tinubu-Trump meeting had been cancelled. It also claimed that any possible US endorsement of Tinubu ahead of Nigeria’s 2027 presidential election was no longer on the table.

The firm alleged that securing a meeting with Trump and obtaining his endorsement was a major objective of Tinubu’s planned UNGA trip. It further claimed that about $9 million in Nigerian public funds had been spent on efforts to facilitate the proposed engagement.

Those allegations have not been independently established.

Tinubu to Miss UNGA

The development follows the Presidency’s confirmation that Tinubu will not attend the annual gathering in person.

The President had previously been listed as a speaker for the high-level General Debate, but the government subsequently announced that Shettima would represent him.

The change ends weeks of uncertainty over whether Tinubu would travel to New York. Nigeria’s UN ambassador had earlier indicated that arrangements had been made for the President to attend the 81st session.

Meanwhile, reports of a possible Tinubu-Trump meeting had attracted attention because of the two countries’ diplomatic and economic engagements.

The latest statement by the lobbying firm is therefore another development in the ongoing debate over whether such a meeting would take place. However, the firm’s claims about the proposed meeting, the alleged $9 million expenditure and Tinubu’s supposed objective remain allegations rather than independently verified facts.

Tinubu’s UNGA Absence Fuels Questions Over Planned Trump Meeting

Loading

Continue Reading

News

EFCC Recovers N140m for B4 Sail as Alleged Loan Debt Hits N2.25bn

Published

on

Economic and Financial Crimes Commission (EFCC)
EFCC Recovers N140m for B4 Sail as Alleged Loan Debt Hits N2.25bn

The Economic and Financial Crimes Commission (EFCC) has returned N140 million recovered during an investigation into an alleged loan fraud to B4 Sail Limited, an investment and money-lending company in Lagos.

The funds were handed over in bank drafts on Thursday, September 17, at the EFCC’s Lagos Zonal Directorate 2 office in Ikoyi.

The Acting Zonal Director, Bawa Usman Kaltungo, presented the recovered money to representatives of B4 Sail.

How the Investigation Began

The recovery followed a petition filed by B4 Sail on April 20, 2026, concerning Jacob Oyebola Esan and companies linked to him.

According to the petition, Esan approached the company in August 2025 on behalf of Geo Fields Plc to secure a N500 million loan to support the business.

The facility reportedly carried a monthly interest rate of 15 per cent and was expected to be repaid within one month.

The EFCC said its investigation later established that Esan had obtained other loan facilities from B4 Sail, taking his total exposure to N1.065 billion.

As security for the loans, shares belonging to Esan were pledged through Calyx Securities Limited, which acted as the clearing house for the stocks. The arrangement reportedly gave B4 Sail a lien over the shares and first claim to proceeds from their sale.

However, the commission said the shares were eventually sold without B4 Sail’s knowledge.

This allegedly contributed to Esan’s failure to repay the facilities. With accrued interest, the outstanding amount subsequently rose to N2.2505 billion.

The EFCC said the N140 million recovery was being returned to the company as part of its responsibility to ensure recovered funds reach legitimate owners and victims after due process.

EFCC Recovers N140m for B4 Sail as Alleged Loan Debt Hits N2.25bn

Loading

Continue Reading

News

Soludo Pardons Native Doctor Akwa Okuko After 2-Year Jail Sentence

Published

on

Soludo Pardons Native Doctor Akwa Okuko After 2-Year Jail Sentence

Controversial Anambra native doctor Chidozie Nwangwu, widely known as Akwa Okuko Tiwara Aki, has received a pardon from Governor Chukwuma Soludo.

The governor made the announcement on Friday while visiting the Correctional Centre in Amawbia as part of an inspection of custodial facilities in the state.

Nwangwu’s release comes after the High Court in Awka sentenced him to two years in prison following his arrest by the state government.

Although the court imposed a two-year sentence, the time Nwangwu had already spent in custody was taken into account. Consequently, he was left with 11 months to complete his term.

Conditions Attached to the Court Sentence

The court had also ordered the demolition of Nwangwu’s shrine as part of the measures arising from the case.

In addition, it directed that once he completed his sentence, the native doctor should contribute to youth reorientation programmes. He was also expected to renounce Oke-ite and related charm practices and publicly speak against them.

Authorities had accused Nwangwu of involvement in fetish-related activities, including alleged preparation of charms reportedly intended for young people pursuing financial gains.

His arrest came amid the Anambra State Government’s campaign against practices it linked to criminality and fraudulent activities.

During Friday’s visit, Soludo said his pardon initiative was not solely about Nwangwu. He stressed that attention must also be given to the welfare and wellbeing of people held in correctional facilities.

The governor subsequently inspected the custodial facility at Waterside, Onitsha, as part of the exercise.

Soludo Pardons Native Doctor Akwa Okuko After 2-Year Jail Sentence

Loading

Continue Reading

Trending