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EFCC Arrests 792 Suspects in Crackdown on Investment and Cryptocurrency Fraud

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The Chairman of the EFCC, Ola Olukoyede
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— Commission recovers ₦566bn, 1,502 properties in two years

The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 suspects involved in investment and cryptocurrency-related fraud, as part of its intensified crackdown on cyber-enabled financial crimes across Nigeria.

The Chairman of the EFCC, Ola Olukoyede, represented by the Director of Public Affairs, Wilson Uwujaren, disclosed this on Thursday in Abuja during a press briefing to mark his second anniversary in office.

Olukoyede revealed that the syndicate included 192 foreign nationals, who were arrested alongside their Nigerian accomplices and later prosecuted for cyberterrorism and cryptocurrency fraud.

“Another notable arrest and prosecution was the case of 792 investment and cryptocurrency fraud suspects apprehended in a sting operation in Lagos in December 2024.

The syndicate included 192 foreigners, who have since been prosecuted for cyberterrorism and cryptocurrency fraud and deported,” he stated.

The EFCC chairman emphasized that the development sends a strong signal to both local and international cybercriminals that Nigeria will not serve as a safe haven for financial crimes.

“This development conveys the message that Nigeria will not tolerate foreigners turning it into a safe haven for cybercrimes,” he added.

EFCC Performance Data

According to figures released by the anti-graft agency, between October 2023 and September 2025, the EFCC:

Received 19,318 petitions,

Conducted 29,240 investigations,

Filed 10,525 cases in court, and

Secured 7,503 convictions.

Olukoyede said these statistics demonstrate the Commission’s renewed focus on tackling complex financial crimes, including cyberfraud, money laundering, and investment scams.

Asset Forfeiture and Recoveries

The EFCC also secured the forfeiture of 1,502 real estate assets within the same period, comprising 402 in 2023, 975 in 2024, and 125 so far in 2025.

Among the major forfeited properties are 753 duplex units in Lokogoma, Abuja, and Nok University, which has since been renamed the Federal University of Applied Sciences, Kachia, in Kaduna State.

“The total forfeited real estate assets in two years is 1,502 properties. The recovered property includes two notable landmarks: the final forfeiture of 753 duplexes in Lokogoma, Abuja, and the forfeiture of Nok University, now Federal University of Applied Sciences, Kachia,” Olukoyede stated.

In addition to asset forfeiture, the Commission recovered ₦566.3 billion and several foreign currencies during the two-year period.

Breakdown of the recovered funds includes:

₦566,319,820,343.40

$411,566,192.32

£71,306.25

€182,877.10

CAD $5,510.00

AUD $740.00

¥89,859.00

₹1,300.00

CFA 8,381,375.00

AED 70.00

SAR 310,265.00

GH₵ 225.00

R 50.00

₩73,000.00

Surge in Investment and Crypto Scams

Nigeria has witnessed a sharp rise in investment and cryptocurrency-related fraud over the past three years, with victims losing billions of naira to fake online trading platforms and digital asset schemes.

Most of these operations, disguised as legitimate investment opportunities, lure unsuspecting citizens with unrealistic profit promises and social media promotions, leading to devastating financial losses.

Olukoyede reaffirmed the EFCC’s commitment to curbing cyber-enabled crimes, recovering stolen assets, and restoring integrity to Nigeria’s financial system.

“Under my watch, the EFCC remains steadfast in the fight against economic and financial crimes. We are determined to recover stolen assets and strengthen public confidence in Nigeria’s financial institutions,” he said.

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Senate Moves to Reshape Legal Profession, Proposes Two-Year Mandatory Pupillage for New Lawyers

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The Nigerian Senate on Wednesday considered sweeping reforms to the legal profession, passing into second reading a bill seeking to amend the Legal Practitioners Act 2004. Central to the proposal is a mandatory two-year pupillage programme for newly called lawyers, designed to align training and regulation with global best practices.

Debating the bill at plenary, lawmakers agreed that the legal system must evolve in response to technological advancement, complex commercial transactions, and growing demands for professional accountability. The bill was sponsored and led by the Leader of the Senate, Senator Opeyemi Bamidele.

According to Bamidele, the current law — nearly six decades old in design — no longer reflects contemporary realities of legal practice. He explained that the reform seeks to modernise oversight structures, strengthen discipline mechanisms, and enhance the quality of service within the profession.

A major highlight of the bill is the restructuring of the Body of Benchers, which, for the first time, will be established as a corporate legal entity with financial autonomy, strengthened secretariat, and defined rule-making authority. The reforms also introduce a clearer institutional framework for committees, oversight, and policy enforcement.

The Senate Leader stressed that the initiative would deliver “a coordinated and well-modernised regulatory framework that addresses admission to the bar, discipline, and professional standards.”

The bill also seeks to fast-track disciplinary processes by reorganising the Legal Practitioners Disciplinary Committee (LPDC). Under the proposed structure, multiple panels would sit across the country while wielding broader sanctioning powers, including suspension, disbarment, restitution, compensation, cost awards, and formal apologies. For transparency, disciplinary outcomes will be published, while affected practitioners will retain the right of appeal to the Supreme Court.

Additionally, the proposal creates a new Ethics, Adherence and Enforcement Committee empowered to inspect law offices, demand records, investigate public complaints, and prosecute cases before the LPDC.

To further boost competence, two years of compulsory pupillage and ongoing professional development will now be requirements for lawyers before full practice certification and licence renewal.

The bill also criminalises unauthorised legal practice, clearly defining the practice of law to protect the public from impersonators and unqualified service providers. Other provisions address the regulation of foreign lawyers, reform of the Senior Advocate of Nigeria rank, and improved safeguards for clients and public trust.

Speaking in support, Chief Whip of the Senate, Senator Tahir Monguno, recalled his experience entering practice over 35 years ago, noting that the realities of the digital age justify reform.

“This bill is very apt and germane,” Monguno said. “We are in the digital age, and our legal profession must reflect these realities.”

The Senate subsequently referred the bill to its Committee on Judiciary, Human Rights and Legal Matters for public hearing and a report within two weeks.

 

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Tinubu Approves Nigerian Team for US–Nigeria Joint Security Working Group

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President Bola Ahmed Tinubu
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President Bola Tinubu has approved the Nigerian contingent of the US–Nigeria Joint Working Group, a new collaborative platform aimed at strengthening security cooperation between both countries.

The decision follows agreements reached during a recent high-level visit to Washington, D.C., led by the National Security Adviser (NSA), Nuhu Ribadu. Ribadu will head the Nigerian side of the Working Group, supported by senior officials drawn from key security and government institutions.

The Nigerian members include Minister of Foreign Affairs, Amb. Yusuf Maitama Tuggar; Minister of Defence, Mohammed Badaru Abubakar; Minister of Interior, Hon. Olubunmi Tunji-Ojo; and the Minister of Humanitarian Affairs, Dr. Bernard M. Doro.

Also on the team are the Chief of Defence Staff, Gen. Olufemi Oluyede; Director-General of the National Intelligence Agency, Amb. Mohammed Mohammed; and the Inspector General of Police, Kayode Egbetokun.

Ms. Idayat Hassan of the Office of the National Security Adviser and Mr. Paul Alabi of the Nigerian Embassy in the United States will serve as the secretariat.

President Tinubu urged the members to work closely with their US counterparts to ensure the effective implementation of all agreements reached across various sectors.

The announcement was made on Wednesday in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

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Obasanjo Returns $20,000 Allegedly Given for Fayose’s Birthday Logistics

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EX President Olusegun Obasanjo and Former Ekiti State, Ayo Fayose
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Former President Olusegun Obasanjo has returned the $20,000 allegedly provided to him by former Ekiti State Governor, Ayo Fayose, ahead of Fayose’s 65th birthday celebration, following a fresh disagreement between the two political figures.

Fayose confirmed the development during an interview with AF24 News, where he narrated the sequence of events surrounding the controversy. According to him, preparations for his birthday prompted him to reach out to individuals he had previously fallen out with politically. He noted that this move was aimed at “mending fences,” but stressed that his call to Obasanjo should not be misconstrued as an apology.

The former governor recounted that Obasanjo visited his Lagos residence days before the celebration and expressed willingness to attend the event, despite having a conflicting engagement in Rwanda. Fayose said that during the visit, Obasanjo requested financial support for his travel logistics, prompting him to provide $20,000.

“I changed $20,000 and gave it to him. How can you accept somebody’s money and come and be spiting that person?” Fayose said, expressing disappointment over Obasanjo’s subsequent public remarks.

The matter escalated after Obasanjo stated that he had not opened the money and would return it, comments that Fayose considered disrespectful. In response, Fayose said he sent the former president a strongly worded text message demanding clarity and expressing his displeasure.

Following the exchange, Obasanjo reportedly returned the money.

“I have written to him, and he has returned my $20,000,” Fayose confirmed during the interview. When asked how he felt about the return of the funds, he replied: “I am very happy. I will not allow such a man to carry my money away.”

The clash adds another layer to the long-standing political tension between both men, who have had a history of public disagreements spanning several years.

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