The Central Bank of Nigeria (CBN) says it will begin mystery shopping exercises across bureau de change (BDC) outlets to strengthen compliance with anti-money laundering and counter-terrorism financing regulations. The CBN spoke in a circular to all licensed BDC operators, signed by Amonia Opusunju, director of compliance department, on Thursday. Mystery Shopping is a technique used by companies to evaluate …

The Ikeja Special Offences Court, on Tuesday, admitted further evidence in the ongoing trial of Ismaila Mustapha, popularly known as Mompha. Mompha is facing trial over alleged N6 billion money laundering before Justice Mojisola Dada. He is being tried, alongside his company, Ismalob Global Investment Limited, on eight counts bordering on conspiracy, retention of proceeds of crime, failure to disclose …

United States of America-based Nigerian, Samson Omoniyi, who was arrested alongside eight others for alleged money laundering and fraud, may be sentenced to 20 years imprisonment if found guilty by the US authority. This was contained in a press statement by the Office of the Public Affairs of the US Department of Justice late Wednesday. The statement noted that Omoniyi, …

The Federal Government has withdrawn the money laundering charges filed against an executive of Binance Holdings Limited, Tigran Gambaryan. In April, the Economic and Financial Crimes Commission (EFCC) arraigned Binance, a cryptocurrency firm, and Gambaryan, on allegations of money laundering. Gambaryan has been in detention since February following the clampdown on Binance over alleged manipulation of the Nigerian currency. At …

Justice Chukwujekwu Aneke of the Federal High Court in Lagos yesterday adjourned the ongoing trial of a former governor of Ekiti State, Ayodele Fayose, who is facing an 11-count charge of money laundering and fraud of N3.3 billion. Justice Aneke adjourned the case after a retired permanent secretary in the Office of the Secretary to the Government of the Federation, …

A senior official of the Ministry of Foreign Affairs has said the United States is pressing for consular access to a detained Binance executive, Tigran Gambaryan, currently held at the Kuje custodial centre in Abuja. Gambaryan, a US citizen and Binance’s financial crimes compliance chief, was arrested in February 2024 along with another executive, Anjarwalla, upon their arrival in Nigeria. …

The Economic and Financial Crimes Commission (EFCC), will on Thursday, 11 July, arraign a former Minister of Power, Saleh Mamman, before Justice J. K. Omotosho for alleged N33 billion money laundering offences. According to an insider at the commission, Mamman would be arraigned on a 12-count charge bordering on conspiracy to commit money laundering and possession and use of known …

Kaduna State House of Assembly has recommended that the immediate-past governor of the state, Mallam Nasir el-Rufai be prosecuted for alleged abuse of office and money laundering in his administration. This was following the investigation of the ad-hoc committee set up by the House, led by Hon. Henry Zacharia. According to the report submitted by Zacharia on Wednesday, most of …

The Office of the Attorney General of the Federation (AGF) has taken over the N5 billion fraud case filed by the Economic Financial Crimes Commission (EFCC) against a former Minister of Aviation, Stella Oduah. The Chief State Counsel, David Kaswe, disclosed this at the court during proceedings on Tuesday. He stated that a letter had been sent to the EFCC …

The Federal Government has charged the governorship candidate of the Peoples Democratic Party (PDP) in Ogun State during the 2023 election, Hon. Oladipupo Adebutu, with money laundering and vote-buying. The government also dragged Zenith Bank, its Managing Director, Ebenezer Onyeagwu, and the head of card services at the bank, Celestina Appeal, before the Federal High Court in Abeokuta for allegedly …