..EFCC Links Funds To BDC Operator, FIRS Official
..Over N4bn Allegedly Moved Through BDC Channels
… Judge Gives 14 days Ultimatum To Claimants
Daud Olatunji
The Federal High Court in Abuja has ordered the interim forfeiture of N30.7 million allegedly linked to fraudulent activities involving officials of the Nigerian National Petroleum Company Limited (NNPC).
Justice Emeka Nwite granted the order on Monday after upholding an ex parte application filed by the Economic and Financial Crimes Commission (EFCC), ruling that the anti-graft agency had established sufficient grounds to temporarily forfeit the funds to the Federal Government.
The judge directed that the forfeiture order be published in a national newspaper to allow any interested party 14 days to show cause why the money should not be permanently forfeited.
He adjourned the matter to January 22, 2026, for the EFCC to file a report confirming compliance with the publication order.
The application, marked FHC/ABJ/CS/2775/2025, was filed on December 23, 2025, and moved on January 2, 2026. EFCC counsel, Emenike Mgbemele, told the court that the commission was seeking an interim forfeiture of N30,700,000 suspected to be proceeds of unlawful activities, pursuant to Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
He explained that the action was a non-conviction-based asset forfeiture proceeding and disclosed that the funds had been lodged in the EFCC recovery account domiciled with United Bank for Africa (UBA) through four manager’s cheques—three valued at N10 million each and one of N700,000—raised in the name “M/C Draft Outstanding Account.”
In an affidavit supporting the application, an EFCC investigator, Bilkisu Abubakar, said she was assigned to investigate petitions alleging fraudulent activities involving some high-profile officials of the NNPC.
She stated that the probe involved intelligence gathering, bank enquiries, analysis of financial records, and collaboration with relevant agencies, including the Corporate Affairs Commission (CAC).
According to Abubakar, the investigation revealed that Adamu Yakubu, a bureau de change operator, featured prominently in the financial transactions under scrutiny.
She said Yakubu was invited by the commission on September 2, 2025, where he voluntarily made a statement and submitted a ledger detailing customers’ information and foreign exchange transactions.
“Analysis of the ledger showed that over N4 billion was transferred to the accounts of different individuals and companies on the instruction of one Ibrahim Sani, a staff member of the Federal Inland Revenue Service (FIRS),” she stated.
The investigator added that the N30.7 million sought to be forfeited was still in Yakubu’s possession from funds he claimed were given to him by Sani.
She said Sani was invited on September 15, 2025, and admitted in his statement that he used Yakubu to transfer funds to various individuals and companies.
Abubakar further disclosed that Sani confirmed he routinely deposited large sums of money in dollars with the bureau de change operator, who then transferred the naira equivalent to accounts provided by him.
She noted that Sani neither verified nor ascertained the source of the funds, which were reasonably suspected to be proceeds of unlawful activities.
However, both Yakubu and Sani denied ownership of the N30.7 million. The EFCC told the court that the funds were proceeds of unlawful activities and should be preserved pending the determination of final forfeiture proceedings.
Under Nigeria’s asset recovery framework, interim forfeiture orders are aimed at safeguarding suspected proceeds of crime while giving affected parties the opportunity to contest the action before a final decision is reached.
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