EFCC declared Former bank director wanted

Kennedy Izuagbe, a former Director of Societe Generale Bank Nigeria Plc, has been declared wanted by the Economic and Financial Crimes Commission (EFCC).He is wanted for an alleged fraud of over N3.6 billion.
An official statement from the EFCC said "Kennedy Izuagbe, a former Director of Societe Generale Bank Nigeria Plc and Managing Director of Carlisle Properties and Investment Limited, has been declared wanted by the Economic and Financial Crimes Commission. Izuagbe, 45, who is being investigated in a case of conspiracy and money laundering to the tune of over N3.6 billion, has gone into hiding and all efforts to reach him have proved abortive.

""He is linked to the several shady deals and gross financial misconducts that took place in the bank, in which several millions of naira were granted as loan without due diligence. The suspect, who is believed to have fled the country, is a native of Iviukhua village, near Agenebode, Etsako East local government area of Edo State. The EFCC enjoins members of the public with information on the whereabouts of Izuagbe to contact any of its offices in Lagos, Abuja, Port Harcourt, Enugu, Gombe and Kano, or the nearest police station."


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Okumagba BGL boss arrested by EFCC over alleged N28.9bn fraud

                                 

The Managing Director of BGL Plc, Mr. Albert Okumagba, has been arrested by officials of the Economic and Financial Crimes Commission EFCC for allegedly being involved in a N28.9bn fraud. According to Punch, Okumagba was arrested on Wednesday September 9th following a petition by the Security and Exchange Commission in May, 2015.

 "The EFCC has arrested Mr. Albert Okumagba, Group Managing Director of BGL Plc, a financial services company, for offences allegedly bordering on obtaining money by false pretences. The 51year old, who hails from Delta State, was picked up late Wednesday, September 9, 2015, by operatives of the EFCC. His arrest was triggered by investigation into a petition submitted to the anti-graft agency by the Security and Exchange Commission in May 2015.

The suspect is alleged to have diverted the sum of N28.9bn being proceeds of private placements of 4.3bn ordinary shares of 50k each at N7.00k per share in 2007. The company, whose subsidiaries include BGL Capital, BGL Private Equity, BGL Security and BGL Asset Management, allegedly lured 50 investors from across the country into subscribing to the company’s shares, promising them options of liquidity and exit within two years"the source said The source added that contrary to promises made to them by Okumagba, his investors were not able to liquidate their assets.

 He also failed to fulfill a promise of listing his organization, BGL on the Securities and Exchange Commission two years after the offer in 2008. Confirming his arrest, the Head of Media and Publicity of the EFCC, Wilson Uwujaren said he was being interrogated. No fewer than 40 petitions were said to have been sent to the SEC against BGL by aggrieved capital market investors in the country as well as the Rivers State Ministry of Finance.




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EFCC fails to remit N1.7bn to FIRS

Few days after being accused of refusing to remit over N2tn said to have been seized from corrupt public officeholders, the Economic and Financial Crimes Commission has been linked to another scandal following the revelation that the commission recovered over N1.7bn from 15 companies for the Federal Inland Revenue Service but failed to remit same to the agency. Several calls, e-mails and SMS to the spokesperson for the EFCC, Mr. Wilson Uwujaren, for response on Saturday, were not replied.

 The Chief Executive Officer, Panic Alert Security System, Mr. George Uboh, while appearing before the Senate Committee on Ethics, Privileges and Public Petition on August 26, had disclosed how the Chairman of the EFCC, Ibrahim Lamorde, allegedly short-changed Nigeria of over N2tn. But Uboh, in an interview with journalists in Abuja on Saturday, said the over N1.7bn recovered from 15 companies was “over-due taxes on behalf of FIRS.”

 He alleged that the money was not remitted to the agency, saying, “FIRS in its submission denied receiving any payments/transfers from EFCC in respect of the said companies.” Documents Uboh made available to journalists showed that the funds were recovered between 2010 and 2011. The security expert said members of the public interested in getting details of his earlier N2tn seized by EFCC but unremitted to government should download the documents from his website: www.pasecng.com.

 The petitioner also expressed his readiness to expose the country’s former presidents, vice presidents, current and ex-governors as well as the current administration over numerous shady practices. “EFCC has been the house of refuge where looters hide. I want to demystify EFCC”, Uboh stated.

 The breakdown of the N1,767,594,842.65 said to have been recovered by the EFCC and list of the 15 companies include Zakhem Construction Limited — N401m; Daewoo Nigeria Limited — N208m; WAPCO — N311m; Mikano International Limited —N16m; Protea Hotel, Apo Apartments — N10m; Reiz Continental Hotels — N32m; Coscharis Motors Limited — N130m; and Elizade Nigeria Limited — N555m. Others are ITCC Technical Limited, Kaduna — N47m; Grand Ibro Hotel, Abuja — N14m; Efab Properties, Abuja — N19m; Le Meridien Hotel, Port Harcourt – N10m; Northern Nigeria Flour Mills Plc – N2.7m; Ni’ Ima Guest Palace – N2.8m; and Okomu Oil Palm Plc – N5m.



The Punch
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Lamorde fails to appear before Senate committee over Alleged N1trillion diversion

EFCC Chairman, Ibrahim Lamorde today failed to appear before the senate committee on Ethics, Privileges and Public Petitions investigating claims by a petitioner, George Uboh, that the anti-graft boss diverted N1 trillion recovered loots from corrupt politicians including former Bayelsa governor Diepreye Alamiyeseigha and former Police boss Tafa Balogun.

At the opening session of the hearing which commenced in the National Assembly, the petitioner, George Uboh provided documents to substantiate his claims. EFCC boss had however written to the committee asking for more time to gather relevant documents and was given another date to appear before the committee to answer to the petition.

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Senate to proceed with the probe of Ibrahim Lamorde

The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Sen. Samuel Anyanwu said on Tuesday, August 8, that his committee will go ahead with the proposed probe of the EFCC Chairman, Ibrahim Lamorde.Anyanwu said this when he spoke with news men in Abuja.

FG Warns by PDP not to Intimidate them With EFCC

Peoples Democratic Party, PDP, senators have warned the Federal Government against using the Economic and Financial Crimes Commission, EFCC, to intimidate them, vowing to resist such attempt.They asked President Muhammadu Buhari to ensure that some people do not use his name to misuse state machinery in fighting their perceived political opponents in the guise of waging anti-corruption war.

Saraki's wife and Yar'Adua's daughter invited By EFCC Over Allegations of Fraud

According to a breaking news report by Premium Times, wife of Senate President, Bukola Saraki, Toyin Saraki and one of the daughters of former President Umaru YarÁdua, Zainab Dakingari have been invited by the EFFC over alleged fraud and money laundering.

EFCC Begins Probe Of Uduaghan Administration

 The Economic and Financial Crimes Commission has commenced an investigation into the administration of Delta State Governor, Dr. Emmanuel Uduaghan. Investigations on Wednesday revealed that a team of operatives attached to the Economic Governance Unit of the commission was entrusted with the responsibility of looking into the account books of the Delta State Government under Uduaghan.