TechPression

Tag: EFCC

  • EFCC busts Ponzi scheme academy in Abuja, nabs 133 suspects

    EFCC busts Ponzi scheme academy in Abuja, nabs 133 suspects

    Operatives of the Economic and Financial Crimes Commission (EFCC) raided a Ponzi scheme academy in Abuja on Monday and arrested 133 individuals.

    Following intelligence reports about the academy’s activities, the suspects were apprehended at Compensation Layout in Gwagwalada, Abuja.

    Read also: EFCC releases full list of Ponzi scheme operators in Nigeria

    How the Ponzi Scheme Academy operates 

    The academy, known as Q University (also referred to as Q-Net), lures young Nigerians with promises of high returns on investment. Participants are encouraged to recruit others into the scheme, with the belief that they will eventually join the ranks of billionaires after completing a training program called “Special Training for New Generation Billionaires.”

    To begin the training, participants are required to fill out an “Independent Representative Application Form,” which features promotional slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”

    Items recovered from the suspects 

    The EFCC carried out the operation in collaboration with officials from the Nigerian Army’s 176 Guards Battalion. Computers, phones, and other electronic devices were among the items recovered from the suspects.

    The EFCC has assured the public that once investigations are concluded, the suspects will be charged in court.

    Read also: EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

    Revelation of ponzi scheme operators by EFCC 

    The Economic and Financial Crimes Commission (EFCC) earlier this month published a list of 58 companies that use Ponzi schemes, also known as illegal investment schemes, to defraud unsuspecting Nigerians.

    Several of these companies have been sued by the EFCC. Five of the cases have already been found guilty, five are still awaiting arraignment, and five more have pleaded guilty and are awaiting a review of the facts.

    This action demonstrates the EFCC’s commitment to sanitising Nigeria’s financial system and protecting its citizens from fraudulent investment platforms.

  • EFCC releases full list of Ponzi scheme operators in Nigeria

    EFCC releases full list of Ponzi scheme operators in Nigeria

    The Economic and Financial Crimes Commission (EFCC) on Tuesday published a list of at least 58 companies that use Ponzi schemes, also known as illegal investment schemes, to defraud unsuspecting Nigerians.

    This action demonstrates the EFCC’s commitment to sanitising Nigeria’s financial system and protecting its citizens from fraudulent investment platforms.

    In a statement released on Tuesday, the EFCC stated that these companies are operating unlawfully due to their failure to register with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

    Read also: EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

    The statement reads, “The Economic and Financial Crimes Commission, EFCC, hereby alerts Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.”

    “The companies are neither registered with the Central Bank of Nigeria, CBN, nor the Security Exchange Commission, SEC. The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” it added.

    Both regulatory bodies confirmed in separate letters that these organisations lack the necessary authorisation to function as investment businesses.

    Several of these companies have been sued by the EFCC. Five of the cases have already been found guilty, five are still awaiting arraignment, and five more have pleaded guilty and are awaiting a review of the facts.

    “The Commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment,” the statement reads.

    How Ponzi schemes operate

    Ponzi schemes typically attract people seeking quick riches because they offer high returns with little to no risk. However, these schemes are not long-term viable because they rely on funds from new investors to provide returns to earlier investors. When the plan fails because fewer new investments are made, participants lose a lot of money.

    As demonstrated by these companies’ alleged involvement in fraudulent activities, due diligence is essential prior to making any investments.

    The EFCC reiterated its commitment to shielding Nigerians against financial predators and fraudulent investment schemes.

    “The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to safeguard the public from opportunistic and predatory operators and use the instrumentality of its anti-corruption mandate to stimulate growth in the economy.”

    In order to prevent further exploitation of Nigerians, the commission pledges to monitor the economy aggressively and continuously.

    Read also: EFCC announces online auction of 900 luxury vehicles seized from Yahoo Boys, corrupt politicians

    Below is the full list of the companies designated as Ponzi scheme operators by the EFCC:

    1. Wales Kingdom Capital

    2. Bethseida Group of Companies

    3. AQM Capital Limited

    4. Titan Multibusiness Investment Limited

    5. Brickwall Global Investment Limited

    6. Farmforte Limited & Agro Partnership Tech

    7. Green Eagles Agribusiness Solution Limited

    8. Richfield Multiconcepts Limited

    9. Forte Asset Management Limited

    10. Biss Networks Nigeria Limited

    11. S Mobile Netzone Limited

    12. Pristine Mobile Network

    13. Letsfarm Integrated Services

    14. Bara Finance & Investment Limited

    15. Vicampro Farms Limited

    16. Brooks Network Limited

    17. Gas Station Supply Services Limited

    18. Brass & Books Limited

    19. Annexation Biz Concept

    20. Maitanbuwal Global Ventures

    21. Crowdyvest Limited

    Other firms include:

    22. Jadek Agro Connect Limited

    23. Adeeva Capital Limited

    24. Oxford International Group and Oxford Gold Integrated

    25. Skapomah Global Limited

    26. MBA Trading & Capital Investment Limited

    27. TRJ Company Limited

    28. Farm4Me Agriculture Limited

    29. Quintessential Investment Company

    30. Adeprinz Global Enterprises

    31. Rockstar Establishment Limited

    32. SU. Global Investment

    33. Citi Trust Funding PLC

    34. Farm Buddy

    35. Eatrich 369 Farms & Food

    36. Globertrot Farmsponsors Nigeria Limited

    37. Farm Sponsors Limited

    38. Cititrust Credit Limited

    39. Farmfunded Agroservices Limited

    40. Adamakin Investment & Works Limited

    Additional firms include:

    41. Cititrust Holding PLC

    42. Green Eagles Agribusiness Solutions Limited

    43. Chinmark Homes & Shelters Limited

    44. Emerald Farms & Consultant Limited

    45. Ovaioza Farm Produce Storage Limited

    46. Farm 360 & Agriculture Company

    47. Requid Technologies Limited

    48. West Agro Agriculture & Food Processing Limited

    49. NISL Ventures Limited & Estate of Laolu Martins

    50. XY Connect Investment Limited

    51. River Branch Unique Investment Limited

    52. Hallmark Capital Limited

    53. CJC Markets Limited

    54. Crowd One Investment

    55. Farmkart Foods Limited

    56. KD Likemind Stakeholders Limited

    57. Holibiz Finance Limited

    58. Ifeanyi Okpe Oil & Gas Services

    59. Servapps Nigeria Limited

    60. Barrick Gold Mining Company

    61. 360 Agric Partners Limited

  • EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

    EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

    The Economic and Financial Crimes Commission (EFCC) on Friday announced the repatriation of $120,548.43 and N70.6 million to foreigners defrauded by Yahoo Boys. A chunk of the victims were American, Spanish and Swiss citizens.

    EFCC said the restitution of ill-gotten funds was “a gesture of its commitment to tackling economic and financial crimes,” according to a statement released on Friday.

    Read also: EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

    EFCC burnishes

    Olukoyede affirmed that the money transfer was consistent with the nation’s federal laws and crackdown on financialcrimes.

    “We are doing this to demonstrate to the countries involved that it is within the confines of an international treaty, legal process, and convention,” he stated.

    Appeal to other countries to reciprocate 

    He went on to say that it was imperative that recovered assets be returned as soon as possible and urged other countries to do the same for Nigeria.

    On behalf of the victims, Olukoyede made this plea on Friday in Abuja when the recovered assets were turned over to the US, Swiss, and Spanish embassies.

    Read also: FBI traces Bobo Chicago’s $2.8m scam to African Shrine; Wale Ogundana’s nightclub licence revoked

    “Once properties or assets are recovered on behalf of a country, it is important to expedite action for restitution. We are demonstrating this to the world, and we expect that the rest of the world will also reciprocate the same gesture towards Nigeria,” he added.

    According to the head of the EFCC, countries that keep withholding assets compromise international justice.

    “We are using this opportunity to appeal to those countries that are holding the proceeds of crimes recovered on behalf of Nigeria not to continue to sit on those assets,” he said.

    He added that a nation is considered an accessory to financial crimes under legal frameworks if recovered assets are not returned.

    “The assets were properties of Nigeria. Within the purview of the law, a recipient of proceeds of crime that sits over it is an accessory to the crime,” Olukoyede stated.

    “Once proceeds of crime are recovered, the most responsible thing to do is to restitute the victims,” he emphasised.

  • EFCC announces online auction of 900 luxury vehicles seized from Yahoo Boys, corrupt politicians

    EFCC announces online auction of 900 luxury vehicles seized from Yahoo Boys, corrupt politicians

    The Economic and Financial Crimes Commission (EFCC) has invited Nigerians to take part in an online auction of luxury vehicles that were seized from Yahoo Boys, corrupt politicians and other individuals involved in criminal activities during the Commission’s investigations.

     

    In line with the Proceeds of Crime (Recovery and Management) Act 2022, the EFCC made the announcement on Monday, revealing details of the auction, including the auctioneers, a list of available vehicles, and the locations where these cars can be viewed. The cars will be up for auction in various cities such as Abuja, Benin, Sokoto, Uyo, Lagos, Kaduna, Ilorin, Port Harcourt, Enugu, Kano, and Ibadan.

     

    In a statement issued on Monday, the EFCC stated: “The general public is hereby notified that the @officialEFCC, through its appointed auctioneers, will conduct an e-auction of the under-listed vehicles that are subject to final forfeiture orders.”

     

    Vehicles available for auction

    Among the vehicles listed for auction are high-end models such as the Lexus, Porsche Panamera, Crosstour, Mercedes Benz, and Venza, to name a few. The EFCC posted a list of auctioneers, along with the locations where the vehicles can be found.

     

    Also read: EFCC freezes N548.6 million linked to crypto platforms ByBit and KuCoin

     

    Auction details and locations

    Rihago Auction Ltd will handle the sale of 34 recovered vehicles in Abuja. The vehicles will be available at designated locations, and the following is a list of the vehicles and their respective tag numbers as provided by the EFCC:

    1. Toyota Camry | ADC/ABJ/AU/01 | Baze Exhibit Car Park
    2. Toyota Corolla Sport | ADC/ABJ/AU/02 | Baze Exhibit Car Park
    3. Toyota Camry SE | ADC/ABJ/AU/03 | Baze Exhibit Car Park
    4. Toyota Camry LE | ADC/ABJ/AU/04 | Baze Exhibit Car Park
    5. Scion TC Sports Car | ADC/ABJ/AU/06 | Baze Exhibit Car Park
    6. Mercedes-Benz GLK 350 4MATIC | ADC/ABJ/AU/08 | Baze Exhibit Car Park
    7. Mercedes-Benz GLK 350 4MATIC | ADC/ABJ/AU/10 | Baze Exhibit Car Park
    8. Toyota Corolla LE | ADC/ABJ/AU/12 | Baze Exhibit Car Park
    9. Toyota Corolla CE | ADC/ABJ/AU/14 | Baze Exhibit Car Park
    10. Porsche Panamera | ADC/ABJ/AU/15 | Baze Exhibit Car Park
    11. Lexus ES 350 | ADC/ABJ/AU/16 | Durumi, Gudu
    12. Lexus ES 300 | ADC/ABJ/AU/18 | Durumi, Gudu
    13. Toyota Camry XLE | ADC/ABJ/AU/19 | Durumi, Gudu
    14. Toyota Avalon | ADC/ABJ/AU/20 | Durumi, Gudu
    15. Jaguar XF | ADC/ABJ/AU/24 | Durumi, Gudu
    16. Toyota Corolla Sport | ADC/ABJ/AU/25 | Durumi, Gudu
    17. Mercedes-Benz GLK 350 4MATIC | ADC/ABJ/AU/27 | Durumi, Gudu
    18. Toyota Camry XLE | ADC/ABJ/AU/28 | Durumi, Gudu
    19. Mercedes-Benz C300 4MATIC | ADC/ABJ/AU/31 | Durumi, Gudu
    20.  Mercedes-Benz C300 4MATIC | ADC/ABJ/AU/32 | Durumi, Gudu
    21.  Mercedes-Benz C300 4MATIC | ADC/ABJ/AU/35 | Durumi, Gudu
      22. Ford Expedition | ADC/ABJ/AU/29 | Baze Exhibit Car Park
      23. Lexus ES 300 | ADC/ABJ/AU/37 | Durumi, Gudu
      24. Mercedes-Benz C300 4MATIC | ADC/ABJ/AU/40 | Durumi, Gudu
      25. Mercedes-Benz GLA 250 4MATIC | ADC/ABJ/AU/41 | Durumi, Gudu
      26. Mercedes-Benz E350 4MATIC | ADC/ABJ/AU/45 | Durumi, Gudu
      27. Mercedes-Benz C300 4MATIC | ADC/ABJ/AU/46 | Durumi, Gudu
      28. Toyota Corolla | ADC/ABJ/AU/52 | Baze Exhibit Car Park
      29. Lexus | ADC/ABJ/AU/54 | Baze Exhibit Car Park
      30. Hyundai Mini Bus | ADC/ABJ/AU/58 | Baze Exhibit Car Park
      31. Volkswagen Touareg V6 | ADC/ABJ/AU/62 | Baze Exhibit Car Park
      32. Passat Car | ADC/ABJ/AU/64 | Baze Exhibit Car Park

    The auction will give interested bidders the opportunity to acquire these luxury vehicles, which were previously forfeited as part of the EFCC’s efforts to fight corruption and recover illicitly acquired assets.

  • Nigerian court frees Binance executive Tigran Gambaryan from money laundering charges after eight months

    Nigerian court frees Binance executive Tigran Gambaryan from money laundering charges after eight months

    The Abuja Division of the Federal High Court has freed Binance executive Tigran Gambaryan from a case of money-laundering instituted by the Economic and Financial Crimes Commission (EFCC).

    The Nigerian government on Wednesday withdrew all charges levelled against Mr Gambaryan stating he was only a staff of Binance Holdings and could not be held liable for the organisation’s financial activities.

    Read also: Binance Executive trial: Court summons Nigeria’s Central Bank

    Mr Gambayran had been detained since February when he visited Nigeria at the request of the federal government to answer questions about Nigerians’ cryptocurrency activities on the platform.

    He was detained alongside his colleague Nadeem Anjarwalla, who managed to escape from custody in March.

    Justice Emeka Nwite had previously denied Mr Gambaryan bail on two occasions.

    EFCC counsel R.U. Adagba informed the court on Wednesday of the agency’s decision to withdraw the charges against Mr. Gambaryan, citing his deteriorating health. However, she added that the EFCC would continue pursuing charges against Binance Holdings, excluding Mr Gambaryan from further legal proceedings.

    Read also: Clampdown on crypto exchange continues as Nigeria’s court freezes ByBit, KuCoin, others accounts

    The withdrawal of charges was unexpected, as Justice Nwite had scheduled October 25 for the continuation of Mr Gambaryan’s trial but events have now overtaken the matter.

    The release of the Binance executive followed weeks of intense diplomatic negotiations between Nigeria and the United States. U.S. lawmakers had mounted pressure on the Nigerian government, prompting relevant agencies in both countries to work toward Mr Gambaryan’s release.

    In a similar yet separate case, Nigerian government through the Federal Inland Revenue Service (FIRS) filed tax evasion charges against Binance Holdings in the same Federal High Court in Abuja where Mr Gabaryan had been standing trial.

  • Nigerian court jails six Internet fraudsters in Kwara

    Nigerian court jails six Internet fraudsters in Kwara

    Kwara State High Court on Monday convicted six persons for Internet fraud after the Economic and Financial Crimes Commission (EFCC) filed a slew of charges against the suspects who were all men.

    Convicted fraudsters include Anthony Stephen, Timilehin Adeniyi, Olayiwola Ayomide Abdulmalik, Idris Muhammad, Ismail Mustapha, Oyekola Odunayo, and Anthony Stephen and were sentenced to prison with an option of paying fine.

    Justice Sulaiman Akanbi sentenced four people: Messrs Idris, Ismail, Oyekola and Anthony while Justice Adebayo Yusuf convicted Abdulmalik and Adeniyi.

    Read also: The Role of AI in Strengthening Africa’s Cybersecurity Landscape

    Mr Idris was accused of impersonating “one Dorthy” to scam a foreigner into sending him $600 via cash app. He pleaded guilty to the charge.

    “That you, Idris Muhammed, on or about the 13th day of July 2024 to 13th of August 2024 in Ilorin within the Jurisdiction of this Honourable Court, did cheat by personation when you pretended to be one Dorthy Onanewlevel Palmer and fraudulently deceived one Lavergne Adriana Racheal to send $600 (six hundred dollars) to you via cash app and thereby committed an offense contrary to Section 321 of the Penal Code and punishable under Section 324 of the Penal Code,” EFCC stated in the charge sheet.

    Ismail, on his part, adopted an alias, Myre Roddy, which he used to defraud victims on TikTok.

    “That you, Ismail Temitope Mustapha (Alias: Myre Roddy), sometime between the years 2022 and 2023 within the judicial division of the High Court, did cheat by personation when you pretended to be one Myre Roddy via Tik Tok account @roddy0s3 and induced one Ron Woldron to part with the gross sum of $500 (five hundred dollars) via vide apple gift cards; and thereby committed an offense contrary to Section 321 of the Penal Code and punishable under Section 324 of the Penal Code,” the anti-graft agency charged.

    Defendants pleaded guilty

    The six defendants pleaded guilty to Internet fraud and impersonation charges filed by the nation’s anti-graft commission.

    EFCC prosecutors Victoria Igodo and Andrew Akoja submitted all the items found on the convicts at the time of arrest and proceeds of the fraud to the court following their plea of guilt.

    Consequently, Idris was sentenced to two years imprisonment with the option of paying N100,000. He was further ordered to surrender his iPhone 13 and $300 to the federal government.

    Read also: Nigeria partners with Cisco to enhance cybersecurity

    In a similar ruling, the court ordered Ismail to forfeit his iPhone 11 Promax and pay $300 to the federal government in addition to receiving a one-year prison sentence with the option of a N100,000 fine.

    Odunay, guilty of a two-count fraud charge, received a two-year jail term with an option of N200,000 fine. He got two weeks community service for the second count or pay N50,000 fine.

    The Court decided that the $300 and N34,900 that were taken from him would be forfeited to the Federal Government.

    Anthony was ordered to forfeit his iPhone 12 and the $25 he received from his illegal actions to the government. He was sentenced to one year in prison with a N50,000 fine.

    Similarly, Timilehin and Olayiwola were given a six-month prison sentence with N200,000 each option by Justice Yusuf.

  • EFCC freezes #548.6 million linked to crypto platforms ByBit and KuCoin

    EFCC freezes #548.6 million linked to crypto platforms ByBit and KuCoin

    The Economic and Financial Crimes Commission (EFCC) has obtained court orders freezing accounts linked to cryptocurrency services ByBit and KuCoin, totalling N548.6 million, or around $670,000.

    The platforms’ alleged contribution to the further depreciation of the naira is the subject of this motion, dated September 3, 2024.

    Read also: Clampdown on crypto exchange continues as Nigeria’s court freezes ByBit, KuCoin, others accounts

    Currency Manipulation and Foreign Exchange Violations by Crypto Firms

    The EFCC has accused ByBit, KuCoin, and others of enabling illegal foreign exchange transactions and destabilising the naira’s value by facilitating unauthorised naira-for-USDT exchanges. An affidavit by EFCC investigator Okoro Philip noted that these platforms contributed to market manipulation that caused the naira to drop sharply from N1,250 to N1,980 against the dollar in April 2024.

    Twenty-two frozen bank accounts have been identified as channels used for these illicit transactions. According to the EFCC, individuals behind these accounts were involved in foreign exchange activities despite not being licensed to do so and were using ByBit and KuCoin as the exchange medium for naira and USDT.

    Broader Concerns Over Money Laundering and Terrorism

    In addition to currency devaluation, the EFCC has expressed concerns about money laundering and terrorism financing facilitated by the anonymity of these crypto platforms. To investigate these activities further, the Commission has requested more information from banks related to the frozen accounts.

    Read  also: Binance Executive trial: Court summons Nigeria’s Central Bank

    Ongoing Government Efforts to Regulate Cryptocurrency

    This latest freeze is part of a broader crackdown by Nigerian authorities on cryptocurrency platforms. The court order follows a similar ruling from April 2024, when the EFCC froze over 1,146 accounts linked to suspected illegal financial activities. While some freezing orders have been lifted, the EFCC continues to build cases against those involved.

    By targeting platforms like ByBit and KuCoin, the Nigerian government is attempting to curb the negative impact of unregulated cryptocurrency on the nation’s economy. The investigation is ongoing as the EFCC seeks to address the economic harm caused by unauthorised crypto-related transactions.

  • EFCC denies hacking claims, attributes X account downtime to technical glitch

    EFCC denies hacking claims, attributes X account downtime to technical glitch

    The Economic and Financial Crimes Commission (EFCC) has clarified the recent unavailability of its official X account, formerly known as Twitter, denying reports that it was hacked. The anti-graft agency explained that the account’s inaccessibility was due to a technical glitch during an update process.

    The EFCC’s official X account, which boasts over two million followers, has been inaccessible for several days, sparking rumours of a potential cyberattack. The landing page for the account displayed a message stating, “The term you entered did not bring up any results. Please try again later,” leading to widespread speculation about the account’s status.

    Read also: Yahoo boys allegedly hack, delete Nigeria’s EFCC twitter (X) account

    EFCC Spokesperson Addresses Concerns

    In response to these concerns, Dele Oyewale, the spokesperson for the EFCC, addressed the issue, emphasising that the account was not compromised. “Our X account is down temporarily due to ongoing upgrades, and we will soon bounce back,” Oyewale stated. “You know, when there is an upgrade in a system, it may be temporarily down and inaccessible. We are doing the upgrade to serve the public better.”

    The EFCC further explained in a formal statement that the technical glitch occurred while attempting to update specific information on the account’s biography.

    “The attention of the Economic and Financial Crimes Commission, EFCC, has been drawn to some unsubstantiated claims in a section of the media suggesting that the official X (formerly Twitter) account of the Commission has been hacked and hijacked by unknown individuals,” the statement read. “The Commission wishes to state that these claims are false and misleading categorically.”

    The statement continued, “Contrary to such unfounded claims, the Commission’s official X account has not been compromised. A technical glitch occurred while attempting to update certain information on the Commission’s biography on the app. This issue was promptly reported to the X Support Team, and restoring the account is now in its final stages.”

    Read also: GTBank denies website cloning and confirms a domain breach attempt

    EFCC’s X Account in Final Stages of Restoration

    Oyewale reassured the public that the EFCC’s other social media channels, including its Facebook and Instagram profiles and official website, remain fully operational. He also mentioned that the EFCC is working diligently with the X Support Team to resolve the issue and restore full functionality to the account as soon as possible.

    The EFCC’s statement sought to quell concerns and misinformation about the nature of the account’s downtime, reaffirming that the issue is purely technical and unrelated to any external interference.

    As the commission nears resolving this glitch, stakeholders and the public are encouraged to continue following the EFCC’s other verified communication channels for updates and official information.

  • Yahoo boys allegedly hack, delete Nigeria’s EFCC twitter (X) account

    Yahoo boys allegedly hack, delete Nigeria’s EFCC twitter (X) account

    The official Twitter account of Nigeria’s Economic and Financial Crimes Commission (EFCC) has been inaccessible for three consecutive days, raising concerns of a possible cyberattack by suspected “Yahoo Boys”—a colloquial term for Nigerian cybercriminals.

    Disappearance of EFCC’s Twitter Account

    The account, which has over two million followers, disappeared from the platform, with checks on Thursday morning revealing the message: “This account doesn’t exist.” The sudden outage has led to widespread speculation about the cause, especially given the recent threats of cyber warfare from a group of suspected internet fraudsters.

    Read also: Cybercriminals hijack GTBank website

    EFCC’s Response: Network Problem or Cyber Attack?

    Dele Oyewale, the EFCC’s spokesperson, confirmed the issue but attributed it to a network problem rather than a cyberattack. “Our ICT department is working on it. They have been on it for almost three days now. We are hoping it will come up again,” Oyewale told The Gazette on Wednesday night.
    Despite these reassurances, the timing of the outage—coming shortly after online threats against the EFCC—has fueled suspicions that the agency may be under cyber attack. The threats were reportedly posted on Reddit and other online forums in retaliation for the EFCC’s recent crackdown on suspicious online activities. Some of the youths involved claimed that EFCC detectives had extorted them, leading to vows of cyber retaliation.

    Social Media Concerns and Related Security Issues

    While the EFCC’s other social media platforms remain unaffected, the disappearance of its Twitter account has sparked anxiety among Nigerian netizens, particularly on X (formerly Twitter). The outage has also drawn comparisons to other recent cybersecurity concerns within Nigeria.
    In a related development, concerns have been raised about the security of customer data at Guaranty Trust Bank (GTBank). Numerous users took to social media to report that GTBank’s website may have been compromised, sharing screenshots of the allegedly hacked site. This has led to growing fears over the safety of personal and financial information held by the bank.

    Read also: How to protect yourself against deepfake attacks

    Call for Action, Public Reassurance and Need for Improve Cyber Security

    As fears escalate, GTBank customers have called on the bank to urgently address the situation and provide reassurance regarding the security of their data. Similarly, the EFCC is under pressure to resolve its Twitter account outage swiftly and clarify the circumstances surrounding it, given the broader implications of a potential cyber attack on a high-profile government agency.

  • Naira Abuse: How social media aids EFCC

    Naira Abuse: How social media aids EFCC

    Nigeria has long grappled with the offence of Naira abuse, with penalties ranging from fines to imprisonment. The Central Bank of Nigeria’s Act of 2017 prohibits actions like hawking, spraying, squeezing, dancing, or writing on the Naira. Despite these regulations, incidents of abuse have persisted, prompting authorities to take action.

    With 36.75 million (16.2%) Nigerians using social media as of January 2024, varied lifestyles are displayed online. Some Nigerians, particularly celebrities and influencers, have made it a culture to display their affluence and spending prowess, even if it means mutilating the naira.

    These content have become tools that provide the government with valuable evidence and insights to to enforce existing laws and bring offenders to justice. The Nigerian authorities are already maximising these platforms as the Economic and Financial Crimes Commission (EFCC) has been in the news for its swift action in nabbing a socialite who has been under its raider for a while.

    Read also: EFCC to arraign Binance officials for money laundering

    Bobrisky’s naira abuse case with EFCC

    BOBRISKY IN EFCC NET OVER NAIRA ABUSE
    Bobrisky in EFCC net over naira abuse allegations.

    The arrest of the flamboyant celebrity crossdresser Bobrisky by the EFCC has brought renewed attention to the issue. The crossdresser’s lavish lifestyle, often flaunted on social media, includes videos of him spraying cash at various events, leading to his arrest for alleged naira abuse. His latest stint surfaced on social media, where he was shown spraying naira notes at the premiere of Eniola Ajao’s movie Ajakaju.

    “We are very serious about restoring the dignity of the Naira,” stated EFCC spokesperson Dele Oyewale, underscoring the gravity of the situation. Bobrisky’s case has become emblematic of the broader struggle against Naira abuse in Nigeria.

    Legal proceedings against the self-acclaimed ‘mummy of Lagos’ have garnered significant public interest, with debates raging on social media platforms. The EFCC’s efforts to uphold the integrity of the Naira through enforcement actions like Bobrisky’s arrest have received both praise and criticism from Nigerians. Some argue that high-profile arrests send a strong message about compliance, while others question the prioritisation of such cases amidst other pressing issues.

    Legal Action Against Offenders: Setting a Precedent

    Bobrisky is not the only individual facing legal consequences for naira abuse. Actress Oluwadarasimi Omoseyin was sentenced to six months in prison for spraying and stepping on Naira notes at a social event in Lagos. This decision underscores the seriousness with which the judiciary views naira abuse, setting a precedent for future enforcement efforts.

    Netizens react as Nubi abuses Naira, and Etiko Handles currency with care.

    In another turn of events, an X user, Dr Penking, highlighted an old video of Lagos state’s tourism ambassador, Pelumi Nubi, allegedly abusing Naira notes at a celebration. The video went viral, eliciting strong reactions from social media users. While some criticised Nubi for her actions, others questioned the fairness of enforcement, noting disparities in treatment.

    Nigerians await whether or not Lagos state’s newest tourism pride would also be prosecuted.

     

    View this post on Instagram

     

    A post shared by Destiny Etiko (@destinyetikoofficial)

    Meanwhile, it appears EFCC’s naira abuse offenders crackdown is aiding the CBN’s Act of 2017, as footage of Nigerian actress Destiny Etiko handling the Naira with care at a party surfaces online. The actress was seen handing the bride bundles of cash one after the other, instead of the usual act of celebrities raining individual naira notes on celebrants at parties.

    Read also: EFCC nabs unlicensed forex dealer over alleged N2 billion fraud in Lagos

    Social Media’s Role in Combating Naira Abuse

    Naira abuse not only undermines the integrity of the national currency but also poses significant risks to the economy and public health. By leveraging the power of social media, Nigerian authorities are taking decisive steps to enforce existing laws, track down offenders and build robust legal cases to crackdown on offenders and promote financial stability.

    This innovative approach highlights the transformative potential of technology in the fight against financial crimes, paving the way for a more secure and resilient economic future in Nigeria.