Crime
EFCC accuses Nigerian banks of aiding financial crime
The Economic and Financial Crimes Commission, on Monday, indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria.
EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.
He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities and this had been raising considerable challenges and concerns to the commission.
Olukayode who was represented by the Director, Internal Audit, EFCC, Idowu Apejoye, said there was a need for concerted effort by relevant authorities and professionals, especially audit executives to prevent and tackle issues of fraudulent practices in the sector.
He said, “Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices.
“The outsider related ones include hacking, ATM fraud, conspiracy, among others. And then the absurd one is when both collaborate, that is collaboration among the bankers and the outsider.
“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70 per cent of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable.”
Olukayode stated that in order to curb the anomalies, ACAEBIN should ensure proper reconciliation of accounts every month in accordance with accounting requirements.
He charged the association to monitor the financial activities of banks, comparing actual and budgeted revenue with expenses, carry out periodical review, checks, among others.
“That is part of the reason why we are having this retreat, to ask ourselves, to do an introspection and ask ourselves, given our position in the banking industry, or the executives of banks in Nigeria, are we doing enough?
“Have we done enough? What more can we do to help in sanitising the system? Are there things the banks could do to help in sanitising the FX in this country?”
“By the end of this retreat, we are expected to come up with a communique and we hope to address some of the issues, one way or the other, that will address the role of banks in FX challenges in this industry,”
Akamadu further explained that banks were not resting on their oars to curb fraudulent activities, as they were putting efforts in the Know Your Customer mechanism.
“I will tell you something, I’m not aware of any institution, any sector that has done more in the area of KYC than the banking industry. But it truly goes beyond the banks.
“And I can tell you truly again that even at the bankers committee level, and even at the typical details of banks in Nigeria, these are areas we are actually looking at to see where there are leakages and to begin to block them,” he stated.
He stated that the association was working tirelessly to address these concerns and assured the EFCC boss that there would be more positive results going forward.
The abductors, who attacked schools in Esinele, Yawota and Alawusa communities on May 15, are said to be demanding the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.
The two commanders whose release is reportedly being sought are Mahmud Usman, also known as Abu Bara’a or Abbas Mukhtar, and his deputy, Abubakar Abba, alias Isah Adam or Mahmud Al-Nigeri, also called Mallam Mamuda.
The duo are leaders of Jama’atu Ansarul Muslimeena Fii Bilaadis Sudan, JAMBS, also known as Ansaru — a breakaway faction of Boko Haram — and are alleged to have aided and abetted acts of terrorism in the country between 2013 and 2015.
They are also linked to the 2022 Kuje prison break.
They were arrested between May and July 2025 and are currently standing trial on terrorism charges before Justice Emeka Nwite of the Federal High Court, Abuja, in a suit marked FHC/ABJ/CR/464/2025, with their trial commencing on January 15, 2026.
Usman was sentenced to 15 years in prison by Justice Emeka Nwite of the Federal High Court, Abuja, on September 11, 2025, after pleading guilty to one count of illegal mining — which he admitted he used to fund arms procurement for terrorism and kidnapping.
He denied 31 other counts and remains in DSS custody pending trial on those charges.
Other reports indicate the ransom demand stands at ₦1bn, to be paid into a bank account in the Republic of Benin. PUNCH Online could not independently verify this figure.
Security analysts have warned that releasing the commanders would pose serious risks to national security.
A retired Brigadier-General, Bashir Adewinbi, speaking with Saturday PUNCH said the situation had put the government in a tight corner, warning that paying ransom or releasing terrorist commanders would embolden criminal groups and fund further attacks.
Another retired Brigadier-General, Peter Aro, urged the government to first establish proof that the abductees were still alive before taking any decision, noting that prolonged captivity posed serious risks, particularly for young children.
The Oyo State Government has declined to comment on the demands or the state of negotiations, with the Commissioner for Information, Dotun Oyelade, saying it would be “unhelpful” to disclose the government’s strategy while efforts to secure the victims’ release were ongoing.
On May 17, two days after the attack, the abductors released a video showing the beheading of one of the kidnapped teachers, Michael Oyedokun, a mathematics teacher at Community High School, Ahoro-Esinele.
Governor Seyi Makinde confirmed the killing in a statement on Monday, May 18, describing it as deeply painful.
By Okey Maduforo Awka
A total of eight suspected fake Pastors were on Friday arraigned before the Awka High Court in Anambra state.
Recall that Governor Charles Soludo had at a church service in Awka announced that some suspected fake Pastors are already under the custody of the state government for activities that are unbecoming of their roles as servants in God’s Vineyard.
Recall also that at the peak of the clampdown on fake Native Doctors, the affected Native Doctors protested that the Anambra state government has been neck deep in selective justice contending that the fake Pastors obtain their powers from Native Doctors.
They queried why their colleagues are being arrested while their clients who are Pastors are left to walk the streets freely.
It was against this backdrop that the Anambra state government beamed it’s searchlight on the activities of some Pastors which led to the arraignment of eight suspected fake Pastors.
It was gathered that the alleged fake pastors violated the 2025 Homeland Security law established by the administration of Prof Charles Soludo.
The Senior Special Assistant to Soludo on New Media Sir Ejimofor Opara who confirmed the development said the Homeland security law was passed in February 2025 and it frowns at certain forms of religious practices that are deemed inimical to the public, especially as it pertains to creation of illegal wealth.
Last year, some native doctors who were promoting get-rich-quick practices (Okeite rituals) were also arrested and prosecuted accordingly with some of them serving jail terms while othere are currently undergoing trial.ls.
The names of those arraigned before the High Court include; Peter Chukwu, Chinedu Egwuonwu, Bishop Emeka Nwankpa, Ebele Nnachukwu and Ekeleme Chris Ugochukwu.
Others are Ndubisi Nnachukwu,
Miracle Iruoma and Chukwukadibia Ogwuama.
The State Attorney General and Commissioner for Justice, Tobechukwu Nweke, SAN, is leading the prosecution.
The Muslim community in Oyo State has condemned the Sharia-related demands reportedly made by terrorists holding teachers and pupils abducted from schools in Oriire Local Government Area, declaring that the criminals do not represent Islam or Muslims.
The position came as public and private schools across Oyo State’s 33 local government areas shut down in solidarity with the abducted victims.
Also, security analysts in separate interviews, offered differing views on how the Federal Government could respond to the terrorists’ demands.
The abductors, who attacked three schools in Esinele, Yawota and Alawusa communities on May 15, reportedly demanded the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law before freeing the captives.
In a statement issued on Friday and jointly signed by its Chairman, Alhaji Ishaq Sanvni, and Secretary-General, Alhaji Murisiku Siyanbade, the Muslim community in Oyo State described the terrorists’ action as criminal and contrary to Islamic teachings.
The group said attempts by the abductors to justify their actions through religious rhetoric amounted to a distortion of Islam.
“Islam forbids kidnapping, terrorism and the extortion of innocent citizens. Legitimate Sharia promotes justice, peace and the sanctity of human life, values that stand in direct opposition to the activities of criminal groups,” the statement said.
The organisation added that terrorists could not claim to speak on behalf of Muslims.
“Terrorists do not represent Islamic values and cannot speak for Muslims,” it stated.
Quoting Chapter 5 Verse 32 of the Holy Qur’an, the community stressed that Islam places a high premium on the protection of human life and urged security agencies to intensify efforts to rescue those in captivity.
The development came amid growing concerns over the fate of the abducted teachers and pupils.
A traditional ruler in one of the affected communities, the Eleshi of Esiele, Oba Tajudeen Abioye, appealed to the government to secure the release of the victims.
“We are aware of the ransom demands of the terrorists, but we are helpless. We are looking up to the government and pleading for intervention,” he said.
Schools shut in 33LGAs
Findings by revealed that the management of private schools issued a statement on Wednesday directing all schools to shut down from Friday, June 5.
One of the internal memos obtained by our correspondent in Ibadan, the state capital, on Wednesday read, “Due to the situation at hand and the ongoing protest in the state, all pupils and students should stay at home until further notice. No school for now until further notice.”
Also, a message circulated to private schools by the Ibadan District Chairman of the National Association of Proprietors of Private Schools, Joshua Olaoluwa, and obtained by Saturday PUNCH, read, “Good day, all school owners/administrators. Due to the recent kidnapping of teachers and students in Oriire LGA and rising security concerns, all NAPPS member schools in Ibadan District will be closed on Friday, June 5, 2026, as a mark of solidarity and for prayers for the victims’ safe release and the protection of all schools.
“If anyone tries to disrupt school activities before or after Friday, please record a video if it is safe to do so, report to the nearest police station, and inform your NAPPS LGA coordinator and the district office immediately.”
The state Chairman of the Nigeria Union of Teachers, Fatai Hassan, had earlier disclosed that all public secondary and primary schools would remain closed until the abductees are rescued alive.
Speaking in Ibadan, the chairman of the Parents-Teachers Association of one of the affected schools, who requested anonymity, said, “We had already held a meeting over the closure of the school. You know this is more or less a remote area. It is not that remote, but we cannot compare schools in this environment with those around the Agbowo-UI, Bodija, Sango or Mokola axis.
“But we had to consider those students writing their terminal examinations. Otherwise, we would have joined the public protest since Monday. We eventually shut down the school on Wednesday,” the source said.
It was gathered that the bandits entered the community at about 1am, shooting sporadically to scare residents. They reportedly destroyed two houses before picking up the victim and whisking him away to an unknown destination. The boy, identified as Oluwatobi, is said to be the son of a pastor in the community, Isaac Olaosebikan.
A source said that, on hearing the sporadic gunshots, residents of the community fled their homes and ran to neighbouring communities for safety.
The state Police Public Relations Officer, DSP Abayomi, who confirmed the incident in a WhatsApp message, said efforts were ongoing to rescue the victim and apprehend the perpetrators.
He said, “The Ondo State Police Command has commenced an intensive manhunt for suspected kidnappers who abducted a nine-year-old boy during a violent attack on residents of Ugbosi Quarters, Idogun, in Ose Local Government Area of the state.
“The incident was reported in the early hours of Friday, 5th June 2026, at about 2:30 a.m. by Mr. Olaosebikan Isaac and Mr. Joel Owalekan, both residents of Ugbosi Quarters, Idogun. According to their reports, at approximately 1:30 a.m. on the same day, a group of armed men invaded the community, firing gunshots sporadically and causing panic among residents.
He added that personnel of the command and the Amotekun Corps had been mobilised to the scene and had launched a coordinated search-and-rescue operation.
“Security operatives combed the surrounding forests and likely escape routes in a bid to rescue the abducted child and apprehend the perpetrators,” the PPRO stated.
Jimoh also noted that investigations had commenced while relevant exhibits had been recovered and documented to determine the circumstances surrounding the attack and track down those responsible.
“The State Commissioner of Police, Ondo State Command, CP Felix Ohagwu, has directed all tactical teams, intelligence units and other relevant security assets to intensify efforts toward the immediate rescue of the victim unhurt and the arrest of the perpetrators.
“The Command is also working closely with other security agencies and local vigilante groups to ensure that the criminals are brought to justice.”
Ogunleye was arraigned on Wednesday alongside three other suspects before a Chief Magistrate’s Court sitting in Ado-Ekiti, the state capital.
The Ekiti State Police Command said the suspects were brought before the court after the conclusion of investigations into the matter.
The prosecutor, Akinwale Oriyimi, informed the court that the case file had been forwarded to the Director of Public Prosecutions (DPP) for legal advice.
Oriyimi subsequently requested the court to remand the defendants pending further directives from the DPP.
Ruling on the application, the Chief Magistrate, Abayomi Adeosun, ordered that Ogunleye and the other defendants be remanded at the Ado-Ekiti Correctional Centre pending further proceedings.
Kano Times recalls that Ogunleye was declared missing on May 20 after her vehicle was reportedly found abandoned along the Ipere–Iludun Ekiti Road.
Reports at the time indicated that she was allegedly abducted by suspected gunmen shortly after leaving the local government secretariat.
She was later found unharmed during a joint operation involving security agencies.
However, police investigations later alleged that the kidnapping was staged in a bid to raise money to offset financial obligations and outstanding political commitments.
Reacting to the development, the Chairman of Ilejemeje Local Government Area, Pius Dada, condemned the alleged act.
Dada described the incident as embarrassing and unacceptable, warning that such actions could undermine public confidence in government officials and security agencies.
He further stated that no public office holder would be protected from prosecution if found culpable of any wrongdoing.
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