GTBank Slammed With $9.3m Fine Over Systemic Money Laundering Flaws The British subsidiary of Nigeria’s Guaranty Trust Bank (GT Bank) was fined £7.6 million ($9.3 million) by the United Kingdom’s financial watchdog, Financial Conduct Authority (FCA), for having a lax anti-money laundering system. According to Legitnaijanews, the FCA sanctioned GTBank and informed newsmen of it … Read more
The Nigerian Financial Intelligence Unit has uncovered 96 financiers of terrorism, including 424 associates/supporters of the financiers. The Minister of Information and Culture, Lai Mohammed, made this known during a briefing on the anti-corruption fight of President Muhammadu Buhari’s regime on Thursday. The minister also said the fraud unit unmasked 123 companies and 33 bureaux … Read more
Hushpuppi Convicted internet fraudster Ramon Abass aka Hushpuppi will be sentenced on February 14, 2022, the US attorney’s office at the Central District of California has said. The court’s spokesperson Thom Mrozek said Hushpuppi has been scheduled for sentencing on Valentine’s Day, reports BBC Pidgin. Mrozek had last year said Hushpuppi was due for sentencing … Read more
A Federal High Court in Abuja on Monday issued an arrest warrant against a former minister of petroleum resources Diezani Alison-Madueke to face money laundering charges. Diezani, who is believed to be residing in the United Kingdom, had fled Nigeria since the expiration of the Goodluck Jonathan administration. Justice Bolaji Olajuwon granted an oral request … Read more
Britain’s financial regulator said on Friday it had fined HSBC 63.95 million pounds ($85.2 million) for failings in its anti-money laundering processes. The Financial Conduct Authority (FCA) said it had found that three key parts of HSBC’s transaction monitoring systems in Britain showed serious weaknesses over a period of eight years from March 31, 2010 … Read more
Metuh Former national publicity secretary of the Peoples Democratic Party (PDP) Olisa Metuh has called for prayer as he undergoes another surgery. Metuh has been in and out of hospitals since he was released from Kuje correctional facility in December 2020. The former PDP scribe posted a photo of himself on a hospital bed on … Read more
Funmi Adenmosun The Economic and Financial Crimes Commission (EFCC) has arraigned Funmi Adenmosun, a former director of defunct Bank PHB, over alleged money laundering to the tune of N26.6 billion. The anti-graft agency, on Friday, arraigned Adenmosun on a 10-count charge bordering on conspiracy and money laundering before Daniel Osiagor, a judge of the federal … Read more
Tunde Ayeni For highly controversial Nigerian businessman, John Olatunde Ayeni, popularly known as Tunde Ayeni, it’s been one day, one trouble. The latest in the plethora of his travails is that he has lost another company, Ibadan Electricity Distribution Company (IBEDC) Limited, a DisCo he purchased in 2013, to the Nigerian government, six years after … Read more
Beatrice Adeyeye, a retired civil servant from The Polytechnic, Ibadan, Oyo State, has raised the alarm over the disappearance of the sum of N450,000 from her Wema Bank account. The pensioner intended to use the money, which was a loan from the cooperative society, to facilitate a personal project. Adeyeye told FIJ that the debit … Read more
The Economic and Financial Crimes Commission (EFCC) has revealed how suspected internet fraudster, Ismailia Mustapha, popularly known as Mompha, used a Zenith Bank account to launder funds running into billions of naira obtained through unlawful activities and retention of alleged proceeds of crime. The anti-graft agency made this known on Monday when its Lagos command … Read more
The Federal High Court in Abuja on Monday found the chairman of the defunct Pension Reform Task Team (PRTT), Abdulrasheed Maina, guilty of money laundering charges. In a judgement being delivered by Okon Abang, the trial judge, the court held that Mr Maina stole over N2 billion belonging to Pensioners, “most of whom have died … Read more
Former governor of Anambra State, Peter Obi, has been named in a global tax evasion scandal and investigative reporting carried out by more than 600 journalists in 117 countries. The investigation is called Pandora Papers. The BBC writes that the “Pandora Papers is a leak of almost 12 million documents that reveal hidden wealth, tax … Read more
OPAY, a Nigeria-based fintech giant is currently embroiled in an ongoing money-laundering investigation in India, Skynewsngr understands. On August 26, the Indian police seized Rs 107 crzxxxxxore ($14 million) from PC Financial Services Limited (PCFS), a private loan company that provides instant microloans in India through a mobile app, CashBean. Chinese billionaire Yahui Zhou bought … Read more
PC Financial Services Private Limited (PCFS) is currently embroiled in an ongoing money-laundering investigation in India. On August 26, the Indian police seized Rs 107 crore ($14 million) from PC Financial Services Limited (PCFS), a private loan company that provides instant microloans in India through a mobile app, CashBean. Chinese billionaire Yahui Zhou bought PCFS … Read more