EFCC Steps Up Anti-Financial Crime Drive with Court Cases, POS Crackdown

By Joseph Sunday  

The Economic and Financial Crimes Commission, EFCC, on Thursday gave updates on three fronts in its anti-corruption campaign which included two high-profile fraud trials in Lagos and a new partnership with the Corporate Affairs Commission targeting unregistered POS operators.

$1.5m Fraud Trial – EFCC Presents Witnesses Against Ifoma Immanuel:

The EFCC called two prosecution witnesses on June 23-24 in the trial of Ifoma Immanuel and Intermediate Investment Holdings Limited before Justice Mojisola Dada of the Lagos State Special Offences Court, Ikeja. 

Immanuel faces a two-count charge of obtaining by false pretence and forgery involving $1.5 million. 

EFCC investigations allege he induced Adebisi Adebutu of R28 Holdings Limited to invest the sum in projects tied to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited. 

The deal promised reimbursement, a $2.25 million development capital fee, and 22.4% equity in Intermediate Investment Holdings.

Key testimony:

• PW1 – Babatunde Adebayo, financial adviser:

Adebayo testified that in 2022, Immanuel directed him to transfer $500,000 to accounts in the US and Mauritius, including $400,000 to Immanuel’s personal account in Jersey Island. 

He said he insisted on using a corporate account, prompting Immanuel to nominate Intermediate Investment Holdings Limited.

• PW2: Paul Olufemi, Providus Bank compliance officer:

Olufemi confirmed the bank received an EFCC request on May 30, 2025, for account records linked to Immanuel. While tendering documents, the defense objected to some photocopies, which the prosecution withdrew. 

The case was adjourned to June 29, 2026.

N761.6m Subsidy Fraud – Court Sets Date for Ruling on Amended Charges:

Also on June 25, Justice S. S. Ogunsanya of the Lagos State High Court, Ikeja, adjourned ruling on a defense objection to amended charges in the trial of Abubakar Ali Peters and Nadabo Energy Limited.

The defendants face a 21-count charge of forgery and subsidy fraud involving N761.6 million. The EFCC alleges that on September 26, 2011, they fraudulently obtained N762,117,071.32 from the Federal Government by falsely claiming subsidy for importing 16,808,054 litres of PMS, when only 7,850,915 litres were actually imported.

Defense counsel E. O. Isiramen argued the prosecution’s May 15, 2026 amendment was substantial and came after the defense’s no-case submission. Prosecution counsel Seidu Atteh responded that the Administration of Criminal Justice Law permits amendments before judgment and said the changes reflected evidence already on record.

Ruling is set for September 24, 2026.

EFCC, CAC Target Unregistered POS Operators Over Security Risks:

In Abuja on June 25, EFCC Chairman Ola Olukoyede met with CAC Board Chairman Senator Ibrahim Adah to address security risks from unregistered Point of Sale, POS, operators.

Adah said only about 20% of POS operators are registered with CAC, violating CAMA 2020 and the Central Bank’s Agent Banking Regulations 2026. He warned that criminal proceeds, including ransom payments, are increasingly routed through POS terminals. 

He requested EFCC support to enforce compliance and build a reliable operator database for law enforcement.

Olukoyede called unregulated POS activities a “major challenge” to Nigeria’s financial system. 

He confirmed that the EFCC maintains a dedicated desk for CAC matters and disclosed that investigations into about 200 companies referred by CAC have yielded “very interesting discoveries.” Both agencies agreed to update their MoU on data sharing, particularly beneficial ownership information.

All three updates were signed by Dele Oyewale, Head of Media and Publicity, EFCC, on June 25, 2026.