Crime
Court Sentences Former Bank PHB Boss, Francis Atuche To Over 6 Years In Prison
Published
5 years agoon
By
News Editor
A Lagos High Court sitting in the Ikeja area has sentenced former managing director of defunct Bank PHB, Francis Atuche to over 6 years in prison.
In a judgment that lasted over 10 hours, Justice Lateefat Okunnu convicted Atuche alongside a former Chief Financial Officer of the bank, Ugo Anyanwu.
The two were convicted on at least 6 of a 27-count amended charge of conspiracy to commit a felony and stealing brought against them by the Economic and Financial Crimes Commission (EFCC).
While Atuche who was found guilty on counts 1, 3, 5, 7, 9, and 23 of the charge would serve a 6-year term for each count, Anyanwu will serve a 4-year jail term for counts 2, 4, 6, 8, 10, 11, 22 and 24 of the amended charge.
They are to serve their jail term consecutively. This sentence is coming after a trial that lasted over 12 years.
In delivering her sentence, Justice Okunnu held that the EFCC successfully proved its case against the convicts beyond a reasonable doubt.
The judge rejected claims by the defendants suggesting that they were merely professionally negligent.
She specifically held that Atuche and Anyanwu abused their powers, ignored established rules and regulations thereby putting the bank and depositors’ funds in danger.
The court also came to the conclusion that the convicts corruptly took advantage of their positions to confer on themselves undue financial benefits without regard to the health of the bank.
“The convict stole from the bank and depositors and because of their action, taxpayers money was used to bail out the bank”.
Justice Okunnu held that she had considered the plea of the convicts, but there must be consequences for wrongdoing, adding that sentences are not just for punishment but also for deterrence.
She also ruled that the defendant should make restitution of the amount stolen from the bank. They are to pay back the sum of N25.7billion to the Federal government to replace the funds stolen from the public to bail out the bank.
According to the Judge, they are to serve their jail terms at the Kirikiri maximum correctional facility in Lagos.
Atuche’s wife cleared
Justice Okunnu however, cleared Atuche’s wife on the charge of conspiracy and stealing.
According to the judge, the EFCC failed to link her to the crime and insisted that suspicion no matter how strong can not take the place of fact.
The judge held that it was not proven that she was aware of the source of the funds she received into her account from her husband and she had no powers to take any decision to influence the transaction.
Charges
The EFCC had alleged that between November 2007 and April 2008, the accused persons stole about N25.7bn belonging to the bank.
The anti-graft agency had also claimed that of the total N25.7bn, they stole about N14.7bn by fraudulently describing it as a loan to some companies and subsequently converted the said sum to personal use.
The Commission had listed the companies as Future View Securities, Extra Oil Limited, Resolution Trust and Investment Limited, and Tradjek Nigeria Ltd.
The EFCC also alleged that another N11bn stolen by the defendants was used to purchase about 984,375,000 units of Bank PHB shares for themselves.
According to the commission, the sum used for purchasing the shares was described as a loan to some companies including, Guesstrade Services, Sentron Trading, Montrax Investico, Claremount Management Ltd., Trenton Trade, and others.
In proof of its case against the accused persons, the EFCC called 12 witnesses who gave oral evidence. It also subpoenaed 6 others to present some documents which were admitted as exhibits by the court.
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Crime
NDLEA Re-Arrests 83-Year-Old Woman With Methamphetamine, Colorado in Abia, Seizes Over 3,000kg of Cannabis Nationwide
Published
6 days agoon
October 11, 2026
The National Drug Law Enforcement Agency (NDLEA) has re-arrested an 83-year-old woman, identified as Uloma Sunday, over alleged drug trafficking after operatives recovered consignments of methamphetamine and Colorado from her residence in Abia State, about 17 months after her initial arrest.
The latest arrest was made on October 7 at the suspect’s residence in Ite-Uzo, Umuaguma, Obingwa Local Government Area, following intelligence reports that she allegedly operated a drug joint where criminal elements terrorising the community gathered.
The NDLEA Director of Media and Advocacy, Femi Babafemi, disclosed this in a statement issued on Sunday, saying the substances were concealed around the elderly woman’s waist with a wrapper when operatives apprehended her.
According to the agency, Sunday was first arrested on May 17, 2025, alongside her 32-year-old daughter, Chisom Uchechi, at the same residence. The operation reportedly led to the recovery of 50 grammes of methamphetamine, 522 grammes of skunk, 260 grammes of fresh cannabis leaves and 12 grammes of tramadol.
Babafemi said both women pleaded guilty to the charges brought against them and were sentenced to 12 months’ imprisonment or an option of a ₦200,000 fine each. They reportedly paid the fines and were subsequently released.
The agency said the latest arrest followed fresh intelligence on the alleged drug activities at the residence.
South African Woman Arrested With 32.74kg of Cannabis in Rivers
In a separate operation, NDLEA operatives, working in collaboration with the Nigeria Customs Service, arrested a 30-year-old South African woman, Gebashe Sithandiwe Jessie, at the Port Harcourt International Airport, Omagwa, Rivers State, over the alleged importation of 32.74 kilogrammes of a cannabis strain known as Thai Loud.
Babafemi said the 30 parcels of cannabis were concealed in two travelling bags belonging to the suspect, who reportedly arrived from Thailand through Doha aboard Qatar Airways flight QR1431.
The NDLEA spokesperson said the suspect confessed to having previously trafficked drugs through other African countries before allegedly attempting to expand her trafficking route to Port Harcourt.
The arrest forms part of a series of operations conducted by the agency at major airports, logistics facilities and other locations across the country.
NDLEA Intercepts 354,000 Tapentadol Tablets, 75.9kg of Colorado in Lagos
At the Murtala Muhammed International Airport in Lagos, NDLEA operatives intercepted 354,000 tablets of tapentadol, weighing 307.20 kilogrammes, in a consignment of nine cartons shipped from Pakistan aboard a Royal Air Maroc flight.
According to Babafemi, the shipment was placed under surveillance upon arrival on September 29, while a joint examination conducted on October 6 uncovered the pharmaceutical consignment.
In another operation, officers intercepted 70 parcels of Colorado weighing 75.90 kilogrammes, concealed in six Ghana-Must-Go bags inside a consolidated cargo shipment from the United Kingdom, which arrived on September 29.
The agency subsequently arrested several suspects allegedly connected to the consignment.
Babafemi identified the suspects as clearing agent John Edrah, 54, who was arrested on September 30; Uber driver Taofiq Ajibola, 54; Adetunji Adebayo; and clothing trader Kazeem Damola Dosunmu, 48.
Ajibola was reportedly arrested while collecting one of the bags at a logistics company in the Mafoluku area of Oshodi, while Adebayo and Dosunmu were apprehended when they allegedly arrived to collect the remaining five bags.
The NDLEA spokesperson said Ajibola claimed the drugs had been sent by a UK-based associate identified as Lukman Sa’idu, while Dosunmu allegedly said his consignment came from another UK-based individual identified as Yusuf.
The agency said investigations into the cases were ongoing.
Over 3,000kg of Cannabis Seized in Multiple States
Beyond the airport interceptions, NDLEA operatives recorded significant seizures of cannabis and other illicit substances in Cross River, Edo, Ondo, Kaduna and Lagos states.
In Cross River State, operatives arrested 46-year-old Adama Inuwa during a raid on Iyala Nkun village in Ikom Local Government Area on October 4.
The operation reportedly led to the recovery of 181 bags of cannabis sativa weighing 1,100 kilogrammes, alongside 17.15 kilogrammes of cannabis seeds.
In Edo State, officers intercepted a black Toyota Camry conveying 1,049 blocks of compressed cannabis weighing 702.83 kilogrammes at Otuo, Owan East Local Government Area, on October 5.
Three suspects — Monday Orji, 52; Monday Lawal, 40; and Precious Uduegele, 20 — were arrested in connection with the seizure.
In a separate operation in Benin City, NDLEA operatives arrested 26-year-old Ojugo Mercy at Asoro, off Sakponba Road, with 989 grammes of Loud, 13 grammes of Colorado and 83 grammes of methamphetamine.
Ondo State also recorded two major cannabis seizures during operations conducted on October 5.
Babafemi said operatives arrested 21-year-old Happy Endurance at her hideout in the Shasha area of Akure, recovering 29 bags of cannabis weighing 290 kilogrammes.
Another operation at an apartment in Oba-Ile, Akure, led to the arrest of 42-year-old Tunde Adebayo, with 35 bags of cannabis weighing 351 kilogrammes reportedly recovered.
In Kaduna State, operatives arrested 29-year-old Mohammed Musa during a patrol along the Zaria-Kaduna Expressway.
The operation led to the recovery of 31 jumbo bags of skunk and 775 blocks of the substance, with a combined weight of 1,027 kilogrammes.
Meanwhile, in Lagos State, NDLEA operatives arrested Musbau Balogun Adekunle in the Orile area on October 6, recovering 32.51 kilogrammes of skunk and 52.65 kilogrammes of cannabis seeds.
The seizures, alongside other interceptions recorded during the week, underscore the scale of the agency’s operations against the distribution and transportation of illicit drugs across the country.
Tramadol, Diazepam Seized in Taraba, Kano-Maiduguri Road Operations
In Taraba State, NDLEA operatives, supported by soldiers, arrested Abdulrasheed Mohamed, 31, and Abubakar Saidu, 37, at Chanchanji village in Wukari Local Government Area on October 9.
The operation reportedly resulted in the recovery of 166,200 tablets of tramadol, each with a stated strength of 225mg, weighing a combined 107 kilogrammes.
On the same day, a stop-and-search operation along the Kano-Maiduguri Road led to the arrest of 32-year-old Yahaya Musa.
The agency said officers recovered 24,990 capsules of tramadol, 50,000 tablets of diazepam and 22,000 tablets of Exol-5 from the suspect.
The seizures add to the agency’s ongoing efforts to disrupt the distribution of controlled pharmaceutical substances and other illicit drugs through road transportation networks.
NDLEA Recovers Rifles, Ammunition From Suspect in Jos
In Plateau State, NDLEA operatives arrested 45-year-old Christian Chukwudi Uju at his residence on Rukuba Road, Jos, on October 8, following an operation that uncovered illicit drugs, firearms and ammunition.
Babafemi said the items recovered included 47 grammes of methamphetamine, two pump-action rifles, one locally made gun, 199 live cartridges, five rounds of 7.62mm ammunition and one round of 9mm ammunition.
The discovery of firearms and ammunition alongside the suspected illicit drugs adds another dimension to the agency’s enforcement activities, particularly its efforts to address the links between drug-related criminality and broader security concerns.
The NDLEA did not provide further details on the circumstances surrounding the alleged possession of the weapons or the next stage of the investigation.
NDLEA Intensifies Anti-Drug Campaign in Schools, Communities
Alongside its enforcement operations, the agency said its state commands sustained public sensitisation programmes under the War Against Drug Abuse (WADA) campaign during the week.
The awareness activities were conducted in schools, religious centres, workplaces and communities to educate members of the public about the dangers associated with drug abuse and illicit drug trafficking.
Among the institutions covered were Progressive Grammar School in Tede, Oyo State; Ehugbo Technical College in Afikpo, Ebonyi State; and Baptist High School in Lambata, Niger State. Similar programmes were also organised in schools across Kano, Lagos and Ogun states.
The agency said the initiatives were designed to complement its enforcement activities by promoting drug prevention, public awareness and community participation in the fight against substance abuse.
Marwa Commends Operatives, Calls for Sustained Enforcement
The NDLEA Chairman, Brigadier General Mohamed Buba Marwa (retd.), commended officers involved in the various operations, praising their intelligence-driven efforts to intercept illicit drugs and apprehend suspected traffickers.
According to Babafemi, Marwa urged commands across the country to sustain the agency’s balanced approach to drug control, combining enforcement against drug trafficking with preventive education, public sensitisation and rehabilitation initiatives.
The latest operations reflect the agency’s continued focus on drug trafficking networks operating through residential locations, airports, road corridors and cargo facilities.
The NDLEA said its activities would continue as it intensifies efforts to disrupt the supply of illicit drugs, apprehend suspects and address the wider public health and security challenges associated with drug abuse and trafficking.
Crime
NDLEA Busts Mexican Drug Kingpin, Dismantles Industrial-Scale Meth Lab in Ebonyi
Published
1 month agoon
September 15, 2026By
News Editor
The National Drug Law Enforcement Agency (NDLEA) has arrested a suspected Mexican drug kingpin, Arturo Carrera Loaiza, allegedly linked to a network of transnational drug cartels seeking to establish methamphetamine laboratories in Nigeria.
The arrest, according to the agency, came as operatives dismantled another industrial-scale methamphetamine laboratory and recovered hundreds of kilogrammes of precursor chemicals, laboratory equipment and other materials used in the illicit production of the drug.
Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Mohamed Marwa (Rtd), who disclosed the development in Lagos on Tuesday, vowed that Nigeria would not be allowed to become a safe haven for international drug syndicates.
Marwa, represented at the briefing by the agency’s Director of Media and Advocacy, Femi Babafemi, said the latest breakthrough followed months of intelligence gathering and painstaking investigation into a wider transnational network behind a series of clandestine drug laboratories uncovered in different parts of the country.
The NDLEA boss recalled that on May 16, 2026, operatives arrested three Mexican nationals and seven Nigerian collaborators at a forest hideout in Ogun State.
A month later, on June 17, another Mexican national and four Nigerian collaborators were arrested at a clandestine methamphetamine laboratory concealed in a forested area of Tapa village, Ibarapa North Local Government Area of Oyo State.
Field tests conducted at the Oyo facility confirmed the presence of large quantities of methamphetamine and precursor chemicals.
Investigations by the agency’s Special Operations Unit subsequently established that the 56-year-old Mexican methamphetamine expert arrested in Oyo State had allegedly been recruited into Nigeria by a Mexican drug kingpin.
Working with international partners, investigators obtained a photograph of the suspected kingpin, who the arrested Mexican national positively identified as the person who recruited him and facilitated his movement into Nigeria.
Further intelligence indicated that the suspected kingpin entered Nigeria on June 10, 2026, alongside another Mexican national.
The investigation eventually led operatives to Arturo Carrera Loaiza, who was arrested on August 19, 2026, while allegedly attempting to flee Nigeria through the Lagos airport.
During interrogation, Loaiza reportedly claimed that he was invited into Nigeria by a Nigerian contact identified only as “Henry” under the pretext of establishing a restaurant business.
He also denied knowledge of methamphetamine production or any involvement with the clandestine laboratory in Tapa village.
However, the NDLEA said forensic evidence obtained during the investigation contradicted his claims.
According to the agency, investigators recovered photographs showing Loaiza dressed in a blue laboratory coat and standing among equipment consistent with methamphetamine production.
Analysis of location metadata embedded in the photographs reportedly led investigators to a property under construction at Isiata Ugoni Okposi in Ebonyi State.
On August 30, NDLEA operatives raided the Ebonyi property, which was linked to one John Samuel Ivo Okike.
Interviews with individuals found at the site, including the site engineer and caretaker, reportedly revealed the existence of a suspicious temporary structure erected over the septic tank area at the rear of the property, as well as persistent strong chemical odours coming from the premises.
A CCTV memory card recovered from the property provided what the agency described as a major breakthrough.
Forensic analysis of the footage allegedly showed a foreign national wearing a blue laboratory coat, matching the appearance of Loaiza in the photographs earlier recovered by investigators.
The footage also reportedly captured repeated appearances by Okike.
More significantly, the NDLEA said CCTV footage showed chemicals and laboratory equipment being moved from the property at about 9:00 p.m. on August 21, with Okike allegedly directing the operation alongside other individuals.
Acting on intelligence from a confidential source, NDLEA operatives subsequently traced the relocated materials to an isolated house in a neighbouring community, where they were allegedly being kept by one Nwanja Obasi.
A raid on the location led to the recovery of a substantial cache of chemicals, laboratory equipment and paraphernalia allegedly connected to methamphetamine production.
Among the items recovered were a dehydrator containing a white cloth sieve with loose methamphetamine embedded in it, three additional empty dehydrators, 442.8kg of acetone, 37.1kg of toluene, 20kg of an acetone/bromobenzene mixture, 1.7kg of ethanol, 5.1kg of chloride salt, 31.5kg of hydrochloric acid, 200kg of P2B and 1kg of tartaric acid.
Other items recovered included condensing units, condenser heads, a condenser, a fabricated reaction pot, an access pump, weighing scales, mixers, drums, gas burners, gloves and a blue laboratory coat reportedly matching the one seen in the CCTV footage.
The agency said the recovered materials, CCTV footage, forensic findings and eyewitness accounts had significantly strengthened the case against individuals allegedly connected to the network.
Marwa warned that the NDLEA would intensify its efforts to prevent international drug cartels from using Nigeria as a base for illicit drug production.
“Nigeria will not be allowed to become a haven for transnational drug cartels seeking to relocate their laboratories from other jurisdictions into our forests and rural communities,” Marwa said.
He added that the arrest of Loaiza and the dismantling of the Ebonyi facility, coming after similar operations in Ogun and Oyo States, demonstrated the growing intelligence and forensic capabilities of the NDLEA.
Marwa commended operatives of the Special Operations Unit, Strike Force, Forensics and the Oyo, Ogun and Ebonyi State Commands for what he described as their professionalism, courage and diligence.
He further vowed that the agency would continue to follow every lead until the wider network, including its financiers and local collaborators, was identified and brought to justice.
The NDLEA also urged residents, particularly those living in rural and forested communities, to report suspicious activities, unusual chemical odours and unfamiliar structures that could be connected to clandestine drug operations.
Members of the public can contact the agency through its toll-free line 080010203040 or email info@ndlea.gov.ng.
Business & Economy
How Fraudsters’ Deepfake ads used Elon Musk, Johann Rupert to Swindle South African Investors of $61.5 million
Published
2 months agoon
August 26, 2026
For adopting deepfake digital ads to swindle unsuspecting investors, South Africa’s Financial Sector Conduct Authority, FSCA, has fined online trading platform Banxso R2 billion ($123 million). And its four directors were handed 30-year industry bans after a year-long investigation concluded the company used deepfake advertisements featuring billionaires Johann Rupert and Elon Musk to steal approximately R1 billion ($61.5 million) from South African investors.
The FSCA detailed the scheme in its 2026 Regulatory Actions report, describing it one of the most significant enforcement actions against digitally enabled financial fraud in South African history.
The deepfake advertisements showed Rupert and Musk, two of the most recognizable business figures in the world, falsely promising investors profits of up to R300,000 ($18,450) a month from an initial investment of R4,700 ($289). The offering was branded as “Immediate Matrix.” Individuals who responded to the advertisements were systematically redirected to Banxso representatives and encouraged to trade primarily in contracts for difference, complex high-risk derivative instruments the FSCA regards as unsuitable for most retail investors.
Banxso and its representatives have consistently denied being behind the advertisements, claiming the firm was itself a victim of hacking. The FSCA launched its investigation in March 2024 after receiving information about the deepfake campaign and concluded that Banxso was directly or indirectly involved in, or at minimum materially benefited from, the dissemination of the deceptive material.
The investigation found that misleading information, including promises of unrealistic returns, was provided to prospective clients to undermine their ability to make informed decisions. Client funds were not placed with legitimate liquidity providers but were instead controlled internally by Banxso, commingled, transferred between non-designated accounts and rendered difficult to trace. The FSCA found that client funds were misappropriated and used for personal and business expenses.
The enforcement actions that followed reflected what the FSCA described as the scale, seriousness and systemic nature of the misconduct. Banxso owner Harel Adam Sekler, Warwick David Sneider, Manuel de Andrade and Mohammed Bux each received 30-year debarments. Henry James Simpson received a 10-year debarment. The R2 billion ($123 million) fine was imposed on Banxso, Sekler and Sneider jointly, with additional fines of R16 million ($984,000) on Banxso, R20 million ($1.23 million) on De Andrade, R10 million ($615,000) on Bux and R5 million ($307,500) on Simpson. Banxso’s financial services provider license was withdrawn.
The FSCA has referred its findings and supporting evidence to the Directorate for Priority Crime Investigation, known as the Hawks, to support potential criminal proceedings.
The legal battle is far from over. In September 2025, Banxso and its key individuals applied to the Financial Services Tribunal for reconsideration of the license withdrawal. The Tribunal dismissed the applications in December. In February 2026, the five Banxso representatives lodged fresh applications for reconsideration of the debarments and administrative penalties. That matter remains pending.
According to reports, the Western Cape High Court ruled that Banxso’s business model was illegal, triggering liquidation proceedings. Those proceedings are currently stalled following a legal challenge by Flamingo Clearing House, a company also owned by Sekler that served as Banxso’s CFD liquidity provider and was identified as a key player in the scheme.
The case represents the clearest illustration yet of how artificial intelligence-generated deepfake technology is being weaponized in South Africa’s financial markets, using the faces and reputations of the country’s most prominent billionaires to manufacture credibility for fraudulent investment offerings.
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