The Force Criminal Investigation Department (FCID) says its operatives have arrested Chinedu Ngwaka, a self-proclaimed bureau de change (BDC) operator, for alleged fraud to the tune of N320 million.

In a statement posted on her X page, Aminat Mayegun, FCID spokesperson in Lagos, said Ngwaka also used a fraudulent presidency number plate on his Toyota Hilux vehicle.

The FCID spokesperson said the suspect was also apprehended with a fake identity card.

Mayegun said the police received a petition on September 9 addressed to Ayodeji Ogundele, assistant inspector general of Police (AIG), FCID annex in Lagos.

“On September 9, 2024, the Nigeria Police Force received a petition addressed to the Assistant Inspector-General of Police, FCID Annex, Lagos, from Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited,” the statement reads.

“The petition filed was against Chinedu Ernest Ngwaka and his wife, Janet Onyekachi Ngwaka, of being involved in a fraudulent scheme amounting to N320m.

“Upon receipt of the petition, detectives from the Special Investigations Team of the anti-fraud Section attached to Force Criminal Investigations Department (FCID) Annex, Lagos, swiftly swung into the intelligence-led investigation.

“The team reviewed relevant banking records and secured a warrant of arrest, which led to the apprehension of Chinedu Ernest Ngwaka, a self-acclaimed Licensed Bureau De Change (BDC) operator.”

The spokesperson said further investigation revealed that between March and May 2024, Unachukwu made payments totalling N320 million to Ngwaka and his wife.

“Unachukwu made payment of N320 million through Ngwaka company accounts, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of $200,000 USD to facilitate the supply of goods from China,” Mayegun said.

“However, additional intelligence uncovered fraudulent document, including a telex confirmation from Zenith Bank, which purportedly shows the completion of the transactions in two $100,000 USD tranches.

“The Chinese suppliers confirmed that no such funds were received. During the operation, the SIT recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG) from Ngwaka, who falsely claimed to operate under the name Phobia BDC Ltd.

“Verification with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that he had no association with the company in any form, and that the company’s license has been revoked earlier in the year.

“Additionally, a fake identity card, purportedly issued by the Federal Ministry of Labour and Employment, was discovered, fraudulently identifying Ngwaka as a consultant of the ministry.

“Another letter of introduction addressed ‘to whom it may concern’, purportedly issued by the Head of Service of the Federation, seeking allocation of presidency number plate to the suspect was also recovered from him.

“Relevant authorities have confirmed the illegitimacy of the document.

“The investigation further revealed that the Toyota Hilux, imported into Nigeria in June by Humble Autos, who sold same to a local dealership, Don-Neiel Automobiles Nigeria who subsequently sold to Ngwaka, after he had engaged in the fraudulent transaction with Unachukwu.”

Mayegun added that there were “other petitions against Chinedu Ernest Ngwaka, including claims from Mr. Moses Chizoba Enechukwu and Chinedu Nwaforcha, seeking the recovery of ₦1 billion and ₦840,000,000 respectively”.

The FCID spokesperson said Ngwaka, alongside his co-conspirators, will be charged to court at the end of the investigation.

The Federal Bureau of Investigation (FBI) has arrested Oluyomi Omobolanle Bombata, known as ‘Bobo Chicago,’ for allegedly being involved in a $2.8 million email scam and money laundering scheme.

According to online media outlet Peoples Gazette, the 25-year-old allegedly terrorised fellow Nigerians living in the Houston metro area before fleeing to Chicago, where he established residency.

He is currently facing a five-count charge, including wire fraud, conspiracy, and unlawful monetary transactions.

Federal agents were said to have identified $2.8 million in funds linked to Bombata, which were obtained by hacking into the accounts of various companies and individuals in the Eastern District of Oklahoma. Investigators also discovered that Bombata transferred over $300,000 of these funds to a well-known liquor store, leading to the store owner’s implication in the scheme.

This case adds to a growing list of high-profile Nigerian fraudsters caught by U.S. authorities, including Ramon Abbas (Hushpuppi) and Olalekan Jacob Ponle (Mr. Woodberry), both serving sentences for multi-million-dollar scams.

The Federal High Court in Abuja has granted N100 million bail to a former Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Kumo Yau, who is accused of allegedly awarding a $65,000,000 real estate contract to an allegedly incompetent firm, Good Earth Power Nigeria Limited, in 2012.

Justice James Omotosho granted N100 million bail each to Yau and co-defendants Bola Ogunsola and Mr. Tarry Rufus on Wednesday, in the matter filed by the Independent Corrupt Practices and Other Related Offences Commission‘s (ICPC) lawyer, Dr. Osuobeni Ekoi Akponimisingha, in the charge sheet marked FHC/ABJ/CR/333/24.

Good Earth Power Nigeria Limited and T. Brend Fortunes Limited were also joined as defendants, having been sued for their alleged contravention of the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.

In ICPC’s five-count charge, the anti-graft agency accused Yau of making payment to Good Earth Power Nigeria Limited in the sum of N3,785,000,000.00 out of the total contract sum of $65,000,000 for the development of 962 units of residential housing in Kubwa, Abuja, named “Goodluck Jonathan Legacy City,” contrary to accepted practice.

The ICPC maintained that the former bank CEO allegedly contributed to his organization’s failure at the time by approving $65,000,000 to a firm that could not carry out and complete the real estate project.

The allegations stated that Mr. Gimba Kumo Yau and Bola Ogunsola, in their roles as  chief executive officer and executive director of the bank in August 2012, had secured a loan of N14 billion from Ecobank Nigeria PLC on behalf of the bank.

This loan was said to be earmarked for the development and completion of 962 residential housing units in Kubwa, Abuja, named “Goodluck Jonathan Legacy City,” within 18 months.

ICPC further alleged that Mr. Gimba Kumo Yau, as the bank’s CEO, awarded the $65 million contract despite knowing that the company lacked the capacity to carry out the contract.

ICPC added that the project remains incomplete as of today, thereby amounting to “economic adversity” for the bank and in violation of Section 68(1) of the Public Enterprise Regulatory Commission Act, CAP P39, Laws of the Federation, 2004.

The other defendants were accused of giving and receiving $3,550,000.00 of the contract sum in cash in contravention of the Money Laundering Act.

When the charges were read out to the defendants in open court, they had pleaded not guilty.
Subsequently, their legal team applied for bail.

The defendants had argued that bail is at the discretion of the court and that the applicants are entitled to bail, being presumed innocent under the law.

They also assured that their clients would not jump bail when granted bail, as one of the defendant’s counsel also submitted that the charge against his client is not one punishable by death.

On the part of the ICPC counsel, he did not oppose the applications for bail.

Ruling on the bail applications on Wednesday, Omotosho held that bail is premised on the presumption of innocence, which an accused person enjoys until he is declared guilty by the court.

He also said that bail is at the discretion of the court.

Subsequently, he granted N100 million bail to each of the defendants with two sureties in like sum.

He ruled that each of the sureties must be owners of property worth N100 million and that they must swear to an affidavit of means and show evidence of tax payment for the past three years.

“The sureties and defendants shall submit their recent passport photographs and certified bank statements.

“The Defendants shall submit their international passports to the registrar of this court,” the judge said. 

He also ordered that the registrar of the court shall verify these documents and issue a report while the defendants are remanded pending the perfection of the bail conditions.

In 2021, the ICPC had declared Tarry Ruffus, Mr. Gimba Yau Kumo, and Mr. Bola Ogunsola wanted in connection with issues relating to the diversion of public funds for real estate to the tune of $65 million.

The ICPC, in a statement on its website dated August 29, 2021, said that it recovered N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria.

Former Chairman of ICPC, Prof. Bolaji Owasanoye, had disclosed during a meeting with the House of Representatives Ad-hoc Committee Investigating the Operations of Real Estate Developers in FCT at the time.

According to him, the developer took the money without providing houses for its subscribers.

The Senate Committee on Public Accounts had also summoned Mr. Kumo over the irregular award of an N3 billion contract under his leadership.

The summons was based on a 2015-2018 report by the office of the auditor-general of the federation (AuGF) against the bank.

Kumo had reportedly told the ICPC that he had nothing to hide following its allegations.