E-Financial
AMCON, EFCC to Raid Banks over Debts
Asset Management Corporation of Nigeria (AMCON), says it is collaborating with the Economic and Financial Crimes Commission (EFCC) as strategy to recover N4.6 billion from debtors across the country.
The corporation said this in a statement issued after a meeting with the management of the EFCC in Lagos, adding that the decision was for both agencies to consolidate on the gains in the areas of investigating, prosecuting and compelling all obligors of AMCON in accordance with the relevant statutes.
The agencies said they were working on taking another look at some banks and their officials that were instrumental to the abuse and violation of internal processes that led to the huge non-performing loans in AMCON’s portfolio.
“The agencies are planning to revisit, reinvestigate and duly prosecute such banks and the responsible officials,” the statement said.
Mr Ibrahim Magu, EFCC Acting Chairman, who welcomed Mr Ahmed Kuru, Managing Director, AMCONand his team described the assignments of both agencies of government as “very tough, overwhelming and challenging.”
He however added that he was happy that AMCON under Kuru is doing everything within its mandate to confront the obligors with all the risks involved in the process of doing so.
He said it was for that reason that EFCC established AMCON Desk with dedicated EFCC officials that ensured that all AMCON related cases in EFCC received speedy attention.
Magu assured Kuru that the AMCON Desk at EFCC would continue to be functional adding that the EFCC was willing to increase the number of personnel on the desk if so required.
He said that the agency would be willing to establish a Lagos branch if necessary to make sure these huge loans are recovered in the interest of the Nigerian economy.
The EFCC boss affirmed that some of those obligors “who took loans without the intention of paying back” did not envisage that someday an agency like AMCON would come knocking on their doors seeking to recover the loans.
Magu, therefore, condemned the impunity with which those transactions were done.
According to him, giving the similarity in the objectives of both agencies, the acting EFCC boss said there was need for joint training towards fostering better understanding between AMCON and the EFCC.
While reaffirming the commitment of the EFCC to cooperate and provide the much needed support to AMCON, Magu urged AMCON to ensure justice is done in all cases.
He said that was because most of the obligors might not have acted alone in their unwillingness to repay, but might involve the connivance of some of the bank officials whose motive was to cheat the banks ab-initio.
He, however, disclosed that “in appropriate circumstances, these bankers would also be called upon to account for their roles in granting these questionable facilities.”
Kuru thanked the Acting Chairman of EFCC for receiving the AMCON delegation and appreciation for his passion and cooperation in the collaboration with AMCON toward recovering the enormous bad debts from recalcitrant obligors of AMCON.
He also thanked the acting chairman for creating that unit that had led to several recoveries. while appreciating the contribution of the AMCON Desk at EFCC.
He said that AMCON was willing to provide the required support to the AMCON Desk at EFCC by providing information, logistics and training to the team.
Recounting AMCON’s role in the economy especially in the banking sector, Kuru said that since its establishment, AMCON acquired debts from 22 banks worth N3.7 trillion and provided financial accommodation to 10 banks of about N2.2 trillion.
He observed that despite AMCON’s recovery efforts, the corporation still holds unresolved loans in excess of N4.6trillion which represents about 75 per cent of total national budget.
The managing director expressed concern that failure on the part of AMCON to resolve the debts will have far reaching implication for the nation at large.
Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
E-Financial
Financial Fraud in Nigeria Surges by 45 Percent, 70 Percent of Losses Linked to Digital Platforms – CBN
Central Bank of Nigeria (CBN) has raised the alarm over a significant rise in financial fraud cases in the country, revealing that fraud surged by 45% within one year, with 70 Percent of the resulting losses traced to digital channels, particularly unregulated virtual asset platforms.
Olayemi Cardoso, governor, CBN,
This was disclosed by Olayemi Cardoso, governor, CBN, in a speech delivered on his behalf by Muhammad Sani Abdullahi, deputy governor for Economic Policy, at a public lecture organized by the Economic and Financial Crimes Commission (EFCC) on Thursday in Abuja.
He added that findings from the CBN’s Financial Stability Report 2024 reveal a sharp increase in fraud.
“The CBN Financial Stability Report 2024 reveals a 45% surge in financial fraud cases, with 70% of losses linked to digital channels, including unregulated virtual asset platforms. Furthermore, over 30 Ponzi-style investment schemes exploiting digital currency narratives have been flagged by the SEC and other agencies.
“These developments pose major risks, including loss of consumer confidence, weakening of financial integrity and reputational challenges for Nigeria in the global financial system.
“In Nigeria, over $56 billion in crypto-related transactions were recorded between July 2022 and June 2023, making us Africa’s digital transaction leader. But this growth is not without consequences,” Cardoso stated.
Cardoso noted that while digital innovation has enabled broader financial inclusion, it has also introduced complex regulatory and security challenges.
“The present era of rapid technological transformation has made the adoption of digital financial services in Nigeria, including cryptocurrencies and tokenized investments, increase exponentially.
“The surge in digital innovation has brought benefits, such as greater financial inclusion and also given rise to complex challenges, such as fraud and money laundering,” he stated.
Emomotiti Agama, director general, Securities and Exchange Commission (SEC), emphasized the growing risks posed by virtual asset fraud to investor confidence and market integrity.
“Corruption remains a significant impediment to Africa’s economic growth, social development, and investor confidence.
“Today, as digital innovation transforms financial systems, we face new challenges, particularly the rise of virtual asset fraud and sophisticated investment scams, exploiting unsuspecting investors.
“These threats undermine market integrity, erode trust, and divert resources meant for sustainable development,” he said
Agama reiterated the SEC’s dedication to enhancing investor protection through increased education and awareness on how to identify and avoid fraudulent schemes.
He also emphasized the Commission’s efforts to update regulatory frameworks in response to emerging risks in virtual assets and digital investments, while promoting international cooperation to tackle corruption and illicit financial flows.
Malam Lanre Issa-Onilu, director general, National Orientation Agency (NOA), commended the EFCC for its efforts in combating financial crimes. He warned that the human cost of fraud extends far beyond the financial system.
“Experience has shown that deception is foundational to fraud, and if its impact goes far deeper, it undermines citizens’ confidence in their country. Every Naira lost to fraud causes far-reaching effects.
“It is about a child pulled out of school, a livelihood ruined, and an enterprise destroyed. These crimes are not abstract. They affect people, and our country pays dearly for it.”
He said the NOA had launched a nationwide campaign against the “get rich quick” mentality among Nigerians.
“At the National Orientation Agency, we believe that value orientation is our most powerful tool. That is why we launched a nationwide campaign several months ago against the spread of get-rich-quick syndrome. The initiative is helping all Nigerians, especially young people, to understand that lasting success comes from honesty and hard work, and it takes time.”
Hussaini Ishaq Magaji, registrar general, Corporate Affairs Commission (CAC), stressed the need for regulators, institutions, and stakeholders to remain vigilant and proactive in addressing emerging threats such as fraud, money laundering, and financial manipulation.
Magaji noted the CAC’s ongoing collaboration with the Securities and Exchange Commission (SEC) and other sector-specific regulators to strengthen corporate governance and enforce compliance, ensuring transparency and accountability within Nigeria’s financial ecosystem.
Emomotimi Agama, Director General, Securities and Exchange Commission (SEC) has expressed concern over the growing threat of digital assets fraud, warning that it poses a significant challenge to market integrity and undermines investor confidence.
Speaking in Abuja at an event to mark African Union Anti-Corruption Day, themed “Understanding Virtual Assets and Investment Fraud”, Agama noted that corruption continues to be a major obstacle to Africa’s economic growth, social development, and attractiveness to investors.
He stated: “Today, as digital innovation transforms financial systems, we face new challenges, particularly the rise of virtual asset fraud and sophisticated investment scams exploiting unsuspecting investors. These threats undermine market integrity, erode trust, and divert resources meant for sustainable development”.
He explained that the SEC, as a frontline regulator, remains committed to “strengthening investor education on recognising and avoiding fraudulent schemes.; Enhancing regulatory frameworks to keep pace with evolving risks in virtual assets and digital investments; and Fostering cross-border collaboration to combat corruption and illicit financial flows”.
He stated that the Investment and Securities Act (ISA) 2025 introduced key provisions to regulate virtual assets (cryptocurrencies, digital tokens, and other blockchain-based assets) in Nigeria, with Commission as the primary regulator for virtual assets classified as securities or investment products.
Agama stated that all Virtual Asset Service Providers (VASPs) (exchanges, custodians, brokers) must obtain SEC approval and meet capital, governance, and cybersecurity standards.
On risk disclosures, the SEC DG noted that all platforms must warn investors about volatility, fraud, and regulatory risks, warning that there are stiff penalties for market manipulation, insider trading, and Ponzi schemes.
“The ISA 2025 provides a comprehensive legal framework for virtual asset regulation, balancing innovation, investor protection, and financial stability. The SEC will continue to issue guidelines to ensure compliance while fostering a secure digital asset ecosystem.
“We urge all stakeholders—governments, private sector players, civil society, and citizens—to join forces in promoting transparency, accountability, and ethical practices. Together, we can build resilient markets that drive Africa’s prosperity”, he added.
In his remarks, Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC) described virtual asset fraud as a fast-evolving threat to national economic security. “Another rising criminal engagement that has a potential to outpace, even money laundering, on the continent is virtual assets and investment scam”
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