Olukoyede, under whose leadership the EFCC has made unprecedented progress in the fight against economic and financial crimes by recovering over N566 billion alongside other currencies and assets in the last two years will speak on ‘Anti-Corruption Efforts of the EFCC to Boost Ease of Doing Business.’

The theme WES 2025 is ‘Tackling the Issue of Low Productivity in Nigeria’.

According to a statement by the organisers, World Stage Limited, a research and technology driven Africa focused firm, Olukoyede will join other top chief executives which include Dr. Olasupo Olusi, Managing Director/CEO, Bank of Industry (BoI); Mr Segun Ajayi-Kadir, Director-General, Manufacturers Association of Nigeria (MAN); Mr. Adewale Smatt-Oyerinde, Director General, Nigeria Employers’ Consultative Association (NECA) and Dr Abidemi Adegboye, an academia from the University of Lagos that have confirmed participation.

The statement also confirmed that one state governor, one minister and 21 organisations will receive WorldStage Economic Summit Awards For Outstanding Economic Impacts in 2025 at the summit.

WES is conceived to address economic challenges through diagnoses and application of practicable solutions with public and private sector engagement in a research and innovation driven platform to inspire new thinking in business initiative, policy formulation/implementation, economic reform and development.

Top corporate institutions that are supporting the WES 2025 include Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC), Nigerian Exchange Group Plc (NGX), NLNG, Zenith Bank, Access Bank, Polaris Bank, Fidelity Bank, Sterling Bank, Sahara Group and Ecobank.

Other critical stakeholders for economic productivity expected to take the front seats at the summit include federal, state governments and private bodies responsible for food production, technology transfer, job creation, energy supply, blue economy, banking  and export promotion.

The statement said, the summit will specifically attract those in the manufacturing, oil and gas, housing, agriculture, and water resources, banking, insurance, maritime, ICT, aviation, mining, hospitality & tourism, health care, education, transportation, local and foreign investors, and the media.

Mr Segun Adeleye, President/CEO, World Stage Limited said one of the biggest challenges facing Nigeria’s economy is low productivity.

“Even-though many are working, almost half of Nigerians are estimated to be poor, living below the national poverty line with multidimensional poverty at 63% and income poverty at 40%, just because the right jobs are not available,” he said.

“The question being asked by many is that if Nigeria’s economy is transforming, does the transformation deliver higher productivity jobs to raise living standards?”

He explained that WES 2025 will provide a template to discuss evidence-based policies to generate jobs that can lift people out of poverty; legislative intervention to curb annual economic loss through multiple public holidays; ideas on how to boost earnings in activities that are currently low productivity and small scale activities such as in farm and non-farm household enterprises; a stable macro environment, requiring a continuation of fiscal and exchange rate reforms that will inspire better integrating firms into global value chains and attracting foreign direct investment; further opening of the economy to international trade by removing trade restrictions and improving trade facilitation, as well as ensuring skills are aligned with the economy’s needs; design and implement national skills programs aimed at upskilling young Nigerians, to ensure many more embrace digital skills and capabilities; upgrading infrastructure as key ingredients of an effective policy mix; aggressive integration of mineral resources into national income generation stream to benefit from the opportunities presented by AfCFTA; financing structural transformation with accelerated domestic resource mobilization through reforming tax administration.

WorldStage Economic Summit has always been a hub of opportunity, an unparalleled platform for networking, learning, and adapting.

It is an invaluable experience that brings together public, industry leaders and like-minded professionals.

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Speaking during an interview with TVC, EFCC Chairman Ola Olukoyede confirmed that the agency is deep into its probe of the scheme. “We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he stated.

CBEX had lured Nigerians with promises of 100% returns in 30 days, using seminars and well-packaged presentations, including appearances by individuals posing as capital market professionals. 

Behind the scenes, however, foreign operatives were orchestrating a large-scale fraud with the support of local recruits. Many investors watched their account balances vanish after withdrawal restrictions began on 9 April 2025.

Olukoyede revealed that the EFCC has been tracking the flow of funds through complex layers of cryptocurrency wallets. “Even though in the crypto wallet, the same way the money was taken from them, there is no way you will get them in dollars. There is no way you get the dollars in cash without necessarily going through the same process,” he explained.

The fraudsters used non-custodial wallets, unregistered and anonymous, making it difficult to trace the end beneficiaries. “We are still investigating a lot of wallets and the wallets they created are called noncustodian wallets; in other words, no KYC. So, you can’t trace it to anybody,” he said. 

These funds were moved through Europe, with Eastern Europe and Cambodia identified as key destinations. “From the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed.”

The agency says it has arrested some suspects but is still searching for others who fled. “We are not going to give out too much because we don’t want the process to be truncated,” Olukoyede said. “We are still after quite a number of people that we have declared wanted.”

The scheme’s deceptive structure, the chairman noted, involved foreigners partnering with Nigerians to register clients, organise awareness campaigns, and hold investment seminars. 

“They registered the clients and they used them to create awareness. In fact, they have seminars. We have the tape of their seminars and their conferences. They bring in professionals, people who are specialists in capital markets. Yes, there was the case that they brought a PhD holder, a specialist in capital markets.”

Thousands of Nigerians, believing the platform was credible, invested their savings, only for it to collapse. Many were told to deposit additional funds in order to reactivate their frozen accounts. Victims reported being asked to pay at least $100, or $200 if their balance exceeded $1,000.

However, even after the collapse, CBEX reportedly resumed operations under the radar, reactivating new user registration and offering withdrawals. This was seen by many as a tactic to deflect investigations from legal authorities and attract fresh victims.

The EFCC has warned that the public must stay vigilant. “I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,” Olukoyede warned.

Investigations continue as the Commission digs deeper into CBEX’s network and monitors blocked wallets for any movement of funds. For now, the fight to reclaim stolen money and hold those responsible to account is still ongoing.

The post CBEX: EFCC Recovers Funds as Trail Leads to Europe, Cambodia appeared first on Tech | Business | Economy.

The EFCC boss made the call at the opening ceremony of the Commission’s National Cybercrime Summit at the State House Conference Centre, Abuja, emphasizing the devastating impact of cybercrime on Nigerian youth, eroding traditional values and promoting a get-rich-quick mentality.

Speaking at the summit with the theme: “Alternatives to cybercrime: Optimizing cyber skills for National Development”, Olukoyede noted that global cybercrime losses have been projected to reach $10.5 trillion, ranking it the world’s third-largest economy, with approximately 2,328 daily cases.

He said Nigeria has suffered significantly, losing over $500 million to cybercrime in 2022, even as the EFCC recorded 3,455 convictions in the past year, with a substantial portion attributed to cybercrime.

According to him, the commission recovered significant assets for local and foreign victims. Olukoyede addressed concerns about the EFCC’s focus on internet crimes, reaffirming cybercrime’s threat to Nigeria’s reputation, economic well-being and key assets.

The EFCC chairman stressed the importance of engaging state governors in tackling cybercrime at all levels. ”This time around, we are not only interrogating the problems, we are aggregating workable solutions to it. What alternative do we have for our youth? And that’s where it has become imperative to bring the state governors so that as we are tackling it at the federal level, sub nationals will also have a role to play.

“The enormity of challenges posed to us as individuals and as a country by cyber crimes are grievous as individuals. Youth involvement in these crimes is distorting and corrupting acceptable family values. The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations and technological innovations.

“Projections by multiple sources show that the global loss to cyber crimes may reach a staggering $10.5 trillion, as a matter of fact, the research I did earlier this year confirmed that cyber crime has become the third largest GDP in the world, with approximately 2328 cases recorded daily.

“The implication of all this is that, if left unchecked, cyber crimes portend grave dangers to the entire world. “Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cyber crimes. These are the realities stalking the Commission’s fight against these crimes. Cyber Crime accounts for a significant percentage of the 3455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC.

“A significant portfolio of choice assets have also been recovered and returned to both local and foreign victims of cyber crimes by the Commission. We are not oblivious of insinuations and misconception in some quarters that the commission is concentrating its operational works on the fight against internet crimes.

“While this narrative is not really true, the fact remains that cyber crime threatens the nation’s most significant assets, its reputation and economic well being”, he said.

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He made this known on the hill of a trending video updated on Wednesday.

Olukoyede maintained that the embarrassment in the international community was too much, and this was why they had to maximize the fight against cybercrime in Nigeria.

The EFCC boss maintained that his friend had a similar experience in another country, adding that everyone must join the fight against cybercrime

Giving details about what transpired, Olukoyede noted that he was at a hotel in the South Asian country, and his passport was photocopied, which was not done to others. He had to question the officer because they were aware that he was the chairman of the anti-graft agency in Nigeria.

According to the EFCC chairman, they have been told to always do that for all Nigerians coming in and out of the country.

He went on to disclose that he had a friend who had a similar experience in a foreign country. He said he faced discrimination and potential fraud allegations while trying to make a payment in the South Asian country.

He presented his card for payment, but the attendant made photocopies of the card, citing the fact that it was a Nigerian card, despite not doing the same for the white person who had made a payment before him.

Olukoyede thus expressed concern about the exposure to fraud and the discriminatory treatment he received, highlighting the unfair differential treatment based on nationality.

This experience underscored the need for greater awareness and education to combat cybercrime in Nigeria.

He said: “They have a standing instruction that any time they have a Nigerian card, they must suspect.

They have to make a photocopy so that they have to ensure that I am actually the owner of that card.”

The post Why EFCC Chairman Ola Olukoyede was Profiled in South Asia appeared first on Tech | Business | Economy.

According to a statement put up on its verified X handle, the alleged currency speculators were arrested on Friday, April 26, 2024 in a sting operation following credible intelligence about illegal sales of dollars at the Wuse Zone 4 area of the Federal Capital Territory Abuja.

The suspects are: Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Lawal, Usman Umar, Amina Garba Rola, Muhammed Aliyu, Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, Munzali Hashim, Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido and Abdulaziz Abubakar Abba.

“Their arrest came on the heels of the EFCC’s consistent efforts to sanitise and stabilise the foreign exchange market.

“They will soon be arraigned in court upon conclusion of investigations”, EFCC said.

The post EFCC Arrests, Names 34 Suspected Currency Speculators appeared first on Tech | Business | Economy.

President Bola Tinubu has suspended Betta Edu, the minister of Humanitarian Affairs and Poverty Alleviation, from office with immediate effect.

The Presidential spokesman, Ajuri Ngelale, announced the minister’s suspension in a statement on Monday afternoon.

There had been intense calls by rights activists and many Nigerians for Betta Edu ’s suspension. The Federal Government on Sunday acknowledged the outrage following her alleged involvement in a disbursement fraud and said the President had ordered a thorough probe of Edu’s ministry.

Controversy had enveloped Edu’s alleged involvement in the approval of N585,198,500.00 to be disbursed into a personal account.

However, the 37year Edu, who is also said to be the youngest in the President’s cabinet before her suspension, subsequently said there were plans to tarnish her image, adding that she won’t embezzle government funds.

In a letter allegedly signed by the humanitarian minister, she allegedly instructed the Accountant General of the Federation (AGF), Oluwatoyin Madein, to transfer the sum to the account of one Oniyelu Bridget as grants for vulnerable groups in four states.

However, Madein explained that although her office received a request from the humanitarian ministry to make certain payments, her office did not act on it.

Incidentally, the Economic and Financial Crimes Commission (EFCC) is presently probing Edu’s predecessor, Sadiya Farouq, over alleged laundering of N37.1 billion during her tenure as a minister under the administration of ex-President Muhammadu Buhari.

In a statement on Monday, the President directed Ola Olukoyede, the EFCC Chairman, “to conduct a thorough investigation into all aspects of the financial transactions involving the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, as well as one or more agencies thereunder”.

The President directed the suspended minister to hand over to the Permanent Secretary of the ministry and “fully cooperate with the investigating authorities as they conduct their investigation”.

“Furthermore, the President has tasked a panel that is headed by the Coordinating Minister of the Economy and Minister of Finance to, among other functions, conduct a comprehensive diagnostic on the financial architecture and framework of the social investment programmes with a view to conclusively reforming the relevant institutions and programmes in a determined bid to eliminate all institutional frailties for the exclusive benefit of disadvantaged households and win back lost public confidence in the initiative.”

‘The President directed the suspended minister to hand over to the Permanent Secretary of the ministry and “fully cooperate with the investigating authorities as they conduct their investigation”.Proscribe Militias As Terrorists’, Plateau Christian Leaders Present 10-Point Demands

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This was even as Governor Peter Mbah commended the Economic and Financial Crimes Commission, EFCC, on its success at fighting corruption, reiterating the commitment of his administration to waging a remorseless war on corruption and insecurity, saying it was critical to the effort to grow Enugu’s economy from a $4.4 billion to $30 billion economy and eradicate poverty.

Speaking at the official commissioning of the EFCC Enugu Zonal Command Complex, Tuesday, Ribadu, who was the Special Guest of Honour, reiterated the federal government’s commitment to the war against insecurity and corruption across the country, saying the President Bola Tinubu administration had no room for corrupt EFCC officers and law enforcement agents.

He said:

“Your Excellency, the governor, we want to thank you so much for the good work you are doing, not just for Enugu State, but for our country. Things are changing. We are getting better here and things are improving. You are one of the very, very few that has shown that, indeed, it is possible. Security is getting back to normalcy in Enugu State and, by extension, the South East. And you are in the forefront of it. We recognise that and thank you for the good work you are doing. The economy is improving. It is clear. You are addressing insecurity. You are engaging.

“We believe that with leaders like you, the human challenges and the typical things we had to face in the past will certainly be put behind us. We want to encourage you and all those, who are doing exceptionally good work in restoring order in Nigeria.

“We were here in June and we had an interaction with the governor, and he came out strongly and courageously. He said that he would do his best to restore order. Today, based on our own records and statistics – because we get daily reports of activities – there are lots of instances or days or even weeks and more that we have not recorded one single violence or incident of either terrorism or even kidnapping. They are going extremely down in Enugu State and by extension the South East. Things have changed.

“Unfortunately, before the coming of this administration, police stations were being attacked, law enforcement people were being attacked. People were giving selfish orders. Those who are not even in Nigeria will sit somewhere in the comfort of the countries where they live and be giving instructions that people should not go to work; should not go out to look for their own livelihood and people used to take such orders.  But no more; it is no longer happening. We thank the leaders who have emerged in the South East and we thank the federal government for engagement.

“We want to thank the governor of Enugu State. He has done a wonderful job. And also tell people of this state to support him. He is doing a good job. We are very, very proud of what is happening today in Enugu State and the South East by extension”.

As part of the security effort, he reiterated the commitment of the Tinubu administration to giving every Nigerian a sense of belonging and treating every part thereof with equity, justice, and fairness.

Also speaking, Governor Peter Mbah, while commending security on the good job done so far in the state, said his administration supported the EFCC towards the rebuilding of a befitting zonal office in Enugu to strengthen the war against corruption and insecurity.

“We hereby enjoin the security agencies and EFCC to sustain their good work to ensure that Enugu State and Nigeria as a whole are finally able to consign the memories of insecurity to distant history.

“The opening of this office reconfirms our commitment as a nation to sustain the war against corruption. This commitment is well founded in view of the many proven negative effects corruption has on economic development.

“With this in mind, considering the objective of this administration to make Enugu one of the top 3 states in Nigeria in terms of GDP and achieve a zero percent rate in the poverty head count, it is clear that corruption has to be brought down to a barest minimum within the State,” he stated.

On his part, Ola Olukoyede, EFCC Chairman, charged his men to raise the ante, utilising the facilities and resources at their disposal in the war against corruption to redeem the nation’s image.

“With this facility, I want to assure His Excellency and indeed all citizens of Enugu State and the entire South East region that fraudsters have no place in any part of the zone.

“To whom much is given is given, much is also expected. I require every staff to be doubly committed to the mandate of the Commission for the South East to feel the greater impact of the EFCC in our development”, he said.

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