Latest news with #OlaOlukoyede
Zawya
11-07-2025
- Business
- Zawya
EFCC warns Nigerians on rising virtual asset, investment scams
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised the alarm over the growing threat of virtual asset and investment scams across Africa, warning that fraudsters are increasingly leveraging digital technologies to exploit unsuspecting investors. The warning was delivered on Thursday through the Ilorin Zonal Director of the EFCC, Mr. Daniel Isei, during a public lecture marking the 2025 African Union Anti-Corruption Day in Ilorin. The African Anti-Corruption Day, observed annually on July 11, aims to raise awareness about the dangers of corruption and to mobilize collective action against it. This year's theme focuses on the evolving nature of financial crimes in the digital age. In his address, titled 'Understanding Virtual Assets & Investment Scams,' Olukoyede stated that Africa's fight against corruption is being undermined by a surge in illicit financial flows, with money laundering and virtual asset fraud topping the list. He explained that virtual assets, including cryptocurrencies and digital tokens, are not inherently criminal but become dangerous tools in the hands of fraudsters. 'Technology is advancing rapidly, and while virtual assets were created for legitimate financial innovation, criminals are exploiting them for money laundering and fraudulent investments,' he said. Olukoyede cited recent investigations revealing how politicians and corrupt individuals hide stolen funds in cryptocurrency wallets to evade detection. He also warned about the growing trend of fraudulent investment schemes that use virtual assets to lure desperate investors with promises of quick returns. Highlighting the infamous CBEX scam, the EFCC Chairman described it as a case study of how ignorance and negligence among investors can fuel the success of fraudulent schemes. 'The CBEX case showed how failure to conduct due diligence and report suspicious transactions on time can lead to devastating losses,' he said. 'No investment scam can succeed without the negligence of the investing public.' Despite the increasing complexity of virtual asset fraud, Olukoyede assured the public that the EFCC remains a step ahead through proactive intelligence gathering, continuous training, and operational breakthroughs. He noted that the agency has already recorded significant successes in investigating and prosecuting such crimes. He emphasized the need for public enlightenment and stakeholder collaboration to tackle the menace. 'Virtual asset and investment fraud are preventable,' Olukoyede said. 'The key is education, vigilance, and timely reporting. This interactive forum is a step in the right direction.' The EFCC Chairman also urged experts at the forum to demystify virtual assets for the benefit of ordinary Nigerians and help close the 'window of ignorance' that fraudsters exploit. In his presentation, an Assistant Chief Superintendent of the EFCC, ACE II James Allison, highlighted the growing vulnerability of Nigerians to digital investment scams and cryptocurrency-related frauds. In his lecture, titled 'Understanding Virtual Assets and Investment Fraud,' Allison explained how fraudsters are exploiting virtual assets such as cryptocurrencies, NFTs, and unregulated investment platforms to defraud unsuspecting members of the public. 'Fraudsters are increasingly taking advantage of people's lack of understanding of virtual assets. They dangle unbelievable returns on investment, create fake trading platforms, and often vanish without a trace once they secure their victims' money,' he said. Allison cited real-life cases handled by the Commission, including instances where young Nigerians lost millions of naira to Ponzi schemes disguised as crypto-trading platforms. He listed common red flags such as guaranteed high returns, pressure to invest quickly, lack of licensing or registration, and vague company information. To protect themselves, he advised members of the public to 'research thoroughly before investing, verify regulatory compliance, and never trust unsolicited offers.' He concluded with a strong caution: 'If it sounds too good to be true, it's probably a fraud.' As the event concluded, he urged participants to engage in open, fact-based discussions, emphasizing that fighting corruption and financial fraud is a shared responsibility. The event brought together stakeholders from civil society, youth groups, academia, security agencies, and the media. Discussions at the forum focused not only on emerging threats but also on the collective responsibility of citizens in building a corruption-free Nigeria.
BBC News
10-06-2025
- Business
- BBC News
CBEX resume back wit investors money for dia account but no withdrawal
Months afta CBEX bin crash, many investors don begin see dia balance for dia CBEX account but as di money don appear dem no fit withdraw am. Di platform claim say investors go need deposit $200 to withdraw funds above $1,000 while funds below $1,000 investors go need deposit $100. Checks from BBC Pidgin show say di platform ask investors make dem login into dia account do dem go fit reclaim dia money. One of di victim inform BBC Pidgin say im dey see im money but e no fit withdraw am back as cash. E tok say investors account don dey active but e dey impossible for dem to withdraw dia money. Di Economic and Financial Crimes Commission bin don announce say dem arrest some suspects in connection wit di scheme, while dem assure di victims say dem still dey conduct investigation. Inside one interview, Ola Olukoyede, Chairman of di Economic and Financial Crimes Commission, tok say dem don investigate 58 pyramid scheme. "We don go far on CBEX but we need make pipo know say e dey appeal to di greed of di pipo make Nigerians dey careful becos any business wey tok say e go give pipo double your money in three months run comot from am," e tok. For April, many Nigerians bin lose dia money to CBEX afta di platform bin promise dem say dem go get 100 percent return on dia investment. Tori be say na ova 1.3 trillion naira ($809,000) CBEX sweep comot from investors accounts, afta dem suddenly stop dia operations and investors no get access into dia accounts again. So far, EFCC don declare some of di operators of CBEX wanted for Nigeria and di commission tok say dem don recover some money back. How to avoid falling for CBEX trick again As di platform don restore dia app, dem want new investors and dem want make old investors put money back into di ponzi scheme. According to Federal Bureau of Investigation report e advise pipo make dem no rush into any investment scheme, make dem do dia findings bifor dem put dia money becos Ponzi Scheme dey always want di money of new investors to pay new investors. FBI tell pipo say na just make believe say di investment dey safe na why dem dey show pipo dia account balance but na trick to lure money pipo into investment. Di agency advise say make pipo ensure say dem get unbiased third party financial adviser bifor dem go invest dia money. FBI tell dem make dem inform di state security regulators so dem go fit conduct dia investigation to check if di investment platform dey genuine or e just wan trick pipo out of dia money.
BBC News
26-05-2025
- Business
- BBC News
EFCC go pay di victims of CBEX back dia money?
Chairman of di Economic and Financial Crimes Commission, Ola Olukoyede don reveal say dem don get some of di money back and arrest some pipo wey bin dey behind di trading platform wey crash last month wey dem dey call CBEX. E tok dis open for interview wey bin comot on Sunday about wetin be di latest wey dey go on wit di trading platform. E tok say, "we don go far on CBEX, we don fit get some reasonable amount of money for crypto wallet wey be di same way we dem comot di money. E no get way wey you go fit give dis pipo dollars in cash witout say you go through dis way." CBEX bin first enta wahala for April afta dem bin suspend withdrawal for di platform bifor users find out say dia account balance dey read zero for di app. Tori be say na ova 1.3 trillion naira ($809,000) CBEX sweep comot from investors accounts. CBEX investment bin dey promise 100 percent return on investment for investors in one month and dis na why pipo bin rush am. Di mata make one group of angry youths bin storm CBEX office for Oke Ado area of Ibadan, di Oyo State capital, to loot items afta di trading platform bin crash. Oga Olukoyede explain give TVC tori pesin say di moves dem don make na to arrest and charge pipo go court and block di money wey dem fit block bifor e disappear for crypto. "We don make reasonable arrest and pipo dey tok. We no go tok too much make di process no come get k-leg. We still dey pursue many pipo wey we don declare wanted. We still dey investigate plenti wallet." How CBEX bin work Oga Olukoyede tok say na mostly foreigners bin get hand inside and wetin dem do na to use kontri pipo name take register do business for here. E add say di CBEX be dey work for different kontris like Egypt, Kenya and Myanmar. "Make I just give small idea of how dat tin bin work so Nigerians go know. Dem come in, most of di perpetrators na foreigners, so dem enta come hire Nigerians wey register di companies for dem, as at dat time weda dem bin sabi say wetin dem dey carry di company na fraud or not, we dey investigate dat one join. Dem register di companies come use am create awareness. In fact dem go do seminars, we get tapes of dia seminars, conferences, dem go bring in professionals, sabi pipo for capital markets. "One of dem wey be PhD Holder and specialist in capital markets dey follow us tok now. Dem go carry dem come to come teach pipo and wen you see pipo wey get dat kain levels, e go convince you. "Pipo come dey carry dia money, change am to dollar, from dollar dem go carry am put for dia crypto wallet, and from dat dem go move di money go oda those crypto wallet we dey call non custodial crypto wallet bicos dem no gey KYC, you no ift trace am to anybodi. So na from dat KYC, dem go come move am to some wallet to Europe, or Cambodia and from den di money don go. "But we don block some of di wallets wey di money neva go finish and na wia we don reach now. I still don hear say some pipo still dey di systems and Nigerians still dey fall victim. Dem need to learn form dis." EFFC boss tackle Nigerians on di greed wey fit don carry money lost inside CBEX, say e no get anywia for world wey pesin go make 100% on investment in three months. E say, "Wen di going bin dey good, wen pipo bin dey make 100%, dem no tell EFCC, but wen di bubble come burst, evribodi come dey blame EFCC say shey we no see dem. "Two weeks bifor dat bubble burst, we bin release list of 58 companies wey we investigate, file charges against and some of dem sef bin dey convicted, for pyramid scheme. Many odas bin plead guilty. We list deme out and we tell Nigerians say,dis na dia names, dey careful. We write to CBN and we write to SEC bicos we dey work wit dem". Meanwhile, di anti-graft agency bin tell BBC News Pidgin say dem dey collaborate wit di International Criminal Police Organisation (Interpol) and di Federal Bureau of Investigation (FBI) and odas to find dose wey dey behind di CBEX platform and how dem fit recover some money.
Zawya
21-05-2025
- Business
- Zawya
Nigeria: FG to sell 753 housing-unit estate linked to Emefiele
The Executive Chairman, Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, on Tuesday formally handed over the forfeited Abuja estate, containing 753 duplexes and other apartments, allegedly belonging to the embattled former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the Federal Ministry of Housing and Urban Development. This was disclosed by the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, in a tweet on his X (formerly Twitter) handle, yesterday. Though the details of the handover were sketchy as of the time of filing this report, the minister tweeted that it was in line with the directive of President Ahmed Bola Tinubu. 'Finally, the housing units will be offered for sale through a transparent and competitive process, which will be widely advertised and managed via the Renewed Hope Portal,' the minister tweeted. Dangiwa further tweeted that the ministry, in collaboration with EFCC, would show that the fight against corruption can deliver real benefits to Nigerians. He added that the duplexes be completed and made available to the Nigerian public through a transparent and accountable process. According to Dangiwa, the formal handing over of the uncompleted duplexes marked a significant milestone in government's effort to ensure that recovered assets were not left to waste, but transformed into productive infrastructure that directly benefited Nigerians. 'Today, I had the honour of hosting the hardworking Chairman of the EFCC, @officialEFCC, Mr. Olanipekun Olukoyede, as he officially handed over 753 duplexes and other apartments located in the Cadastral Zone of the Federal Capital Territory, seized from the former Governor of the Central Bank of Nigeria, to the Federal Ministry of Housing and Urban Development. 'This handover is in line with the directive of His Excellency, President Bola Ahmed Tinubu, GCFR, that the recovered estate be completed and made available to the Nigerian public through a transparent and accountable process. 'It marks a significant milestone in government's effort to ensure that recovered assets are not left to waste, but are transformed into productive infrastructure that directly benefits Nigerians. 'As a next step, we will conduct a comprehensive integrity and structural assessment of all buildings and associated infrastructure to ensure safety and suitability for habitation. 'We will also complete all outstanding infrastructure, including roads, drainage systems, and other essential amenities, to make the estate fully functional. 'Additionally, a standardized housing design framework will be developed to ensure architectural uniformity and provide guidance to prospective allottees. 'Finally, the housing units will be offered for sale through a transparent and competitive process, which will be widely advertised and managed via the Renewed Hope Portal,' the minister tweeted. Dangiwa further tweeted that the ministry, in collaboration with EFCC, would show that the fight against corruption can deliver real benefits to Nigerians. 'Together with the EFCC, we will work to show that the fight against corruption can deliver real benefits — turning looted assets into livable homes for Nigerians,' he tweeted. Justice Jude Onwuegbuzie of the High Court of the Federal Capital Territory (FCT), sitting at Apo, Abuja, had on Monday, December 2, 2024, issued an order of final forfeiture of the 753 uncompleted duplexes and other apartments located on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja. The commission had stated that the proceedings for the forfeiture of the estate were in line with Section 17 of the Advance Fee Fraud Act, which allowed for action-in-rem. EFCC spokesman, Dele Oyewale, had stated that the proceedings that yielded the final forfeiture of the estate were products of actionable intelligence available to the commission. According to him, 'The company flagged by our investigations denied ownership of the estate following publications made in leading national newspapers. 'On the basis of this, the commission approached the court for an order of final forfeiture, which Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court granted on Monday, December 2, 2024,' Oyewale had stated. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
