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Apr 25, 12:27 PM
EFCC Arraigns Olu of Obafemi, Targets $1 Billion CBEX Fraud, Seizes 73 Properties, Investigates Mele Kyari
Nigeria
Regulation
Crime
Crypto
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World

EFCC Arraigns Olu of Obafemi, Targets $1 Billion CBEX Fraud, Seizes 73 Properties, Investigates Mele Kyari

Authors
  • Punch Newspapers
  • Sahara Reporters
  • Daily Trust
4

The Economic and Financial Crimes Commission (EFCC) of Nigeria has taken several legal actions against individuals and entities involved in fraud and cybercrime. The Ogun State Government arraigned the Olu of Obafemi, Oba Taofeek Owolabi, before the state High Court in Abeokuta on charges of land grabbing and N75 million fraud. Additionally, Abdulazeez Anidugbe and Ibikunle Kazeem were arraigned before a Magistrate Court in Abeokuta. The EFCC also secured a Federal High Court order in Abuja to arrest and detain six alleged promoters of the Crypto Bridge Exchange (CBEX), implicated in a cryptocurrency investment fraud exceeding $1 billion. Subsequently, the EFCC declared four individuals wanted for their involvement with CBEX. In Lagos, the Federal High Court granted the EFCC an interim forfeiture order for 73 properties and numerous gadgets linked to cybercrime and money laundering, involving Chinese suspects. The court later ordered the final forfeiture of a Lagos property to the Nigerian government. Furthermore, a group of lawyers and civil society organizations filed a petition against Mele Kyari, the former Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC), prompting the EFCC to vow an investigation. Other notable incidents include the Nigerian Police's reported extortion of travelers in Niger State and the recovery of human parts from buildings disguised as churches in Ogun State. The Nigerian Army announced plans to investigate soldiers accused of extorting money from farmers and residents in terror-affected communities in Kwara State.

Written with ChatGPT (GPT-4).

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