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DEFENCE

EFCC implicates banks, Fintechs in N162bn financial scams

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The Economic and Financial Crimes Commission (EFCC) has implicated a new generation bank, six Fintechs and microfinance banks in major financial scams by allowing fraudsters to launder huge sums of money.

Director of public Affairs of the Commission, Mr Wilson Uwujaren, made this known at a press briefing at the commission’s headquarters in Abuja on Thursday.

According to him, the compromised institutions allegedly allowed cryptocurrency transactions worth N162 billion to pass through without proper due diligence within the 2024/2025 financial year.

He said that the financial institutions clearly compromised banking procedures and allowed the fraudsters to safely change their ill-gotten gains into digital assets and move them to safe destinations.

“A total sum of N18.1 billion was moved through the financial system without due diligence of customers by the banks.

“It is worrisome that investigations by the commission showed that cryptocurrency transactions to the tune of N162 billion passed through a new generation bank without any due diligence.

“Investigations showed that a single customer maintained 960 accounts in another new bank and all the accounts were used for fraudulent purposes.

“That is bad news but the good news is that following our intervention the commission has been able to recover N33.62 million, which has been returned to some of the victims.”

He explained that the scams were in two categories, adding that the first was a syndicate of fraudsters that employed an airline discount scheme to lure their victims.

He said that they advertised a discount system for the purchase of flight tickets of a particular foreign carrier.

“The payment module is designed in such a way that the victims’ payment is actually made into the account of the airline.

“After payment is made the passenger’s entire funds in his bank account are emptied.

“Investigations showed that more than 700 victims have been scammed so far, with a loss of N651 million,” he said.

According to him, investigations show that the scheme is being masterminded by a foreign national; the commission has so far recovered and released N33 million to victims of the fraud.

He said that another scheme involved a company named Fred and Farid Investment Limited, simply called FF investment, which lured Nigerians into a bogus investment arrangement.

“More than 200, 000 victims have been defrauded in this regard. A total sum of N18 billion was raked in through nine companies offering diverse investment packages.

“The companies are: Credio Banco Limited; Deliberty Rock Limited; Liam Chumeks Global Service; Ngwuoke Daniels Technology; and Icons Autos and Import Merchant.

“Others are : Newpace Technology Services Limited, Primepath Ways Ventures Limited, Kaka Synergy Network Limited and Sunlight Tech Hub Services Limited.”

He said that foreign nationals were behind the schemes, while there are three Nigerian accomplices who have been arrested and charged to court.

He said that the masterminds were on the run and efforts are being made to bring them to book.

“The Commission is calling on regulatory bodies to bring financial institutions to compulsory compliance with regulations in the areas of Know Your Customers (KYC), Customer Due Diligence (CDD), Suspicious Transaction Reports (STRs) and others.

“Deposit Money Banks, Fintechs, Micro Finance Banks found to be aiding and abetting fraudsters should be suspended and referred to the EFCC for thorough investigation and possible prosecution.

“Negligence and failure to monitor suspicious and structured transactions by banks should no longer be allowed,” he said.

While cautioning members of the public to be wary of these actors, he said that the EFCC would continue its works against money laundering by fraudulent actors.

Uwujaren urged financial institutions to firm up their operational dynamics and save the nation leakages and compromises bleeding the economy.(NAN)

DEFENCE

Nigerian Army Adopts Intelligence-Led, Multi-Domain Strategy Against Evolving Security Threats

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By David Torough, Abuja

The Nigerian Army has reaffirmed its commitment to an intelligence-driven, technology-enabled and multi-domain approach to countering asymmetric threats confronting the country.

Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, made this known on Tuesday while delivering a strategic lecture to participants of the National Defence College (NDC), Course 34, in Abuja.

The lecture was titled “Combating Asymmetric Threats to National Security in Nigeria: The Nigerian Army in Perspective.

Lieutenant General Shaibu said the global security landscape has shifted significantly from conventional state-on-state warfare to complex intra-state conflicts driven largely by non-state actors.

These include terrorists, insurgents, bandits, cybercriminals and transnational organised crime networks that exploit governance gaps, social vulnerabilities and emerging technologies.

In response, he explained that the Nigerian Army has recalibrated its operational doctrine and force posture through a comprehensive multi-domain strategy. The approach combines kinetic operations with intelligence fusion, inter-agency collaboration, joint operations with sister services and sustained international partnerships.

“Asymmetric threats thrive on adaptability, anonymity and the deliberate targeting of civilians to erode public confidence and state authority,” the COAS said. “Our response must therefore be equally adaptive, proactive, intelligence-led and collaborative.”

He noted that Army operations across Nigeria’s geo-political zones are tailored to local threat dynamics. In the North-East, sustained counter-insurgency operations have continued to weaken terrorist groups through offensive manoeuvres, intelligence-led strikes and population-focused stabilisation efforts.

In the North-West, wide-ranging joint operations have intensified pressure on bandit groups, disrupted their logistics and financing networks and improved the protection of vulnerable communities. Meanwhile, in the North-Central region, stabilisation efforts have focused on area domination, civilian protection and the containment of communal and militia-related violence.

Lieutenant General Shaibu also highlighted the role of advanced technologies, improved training and deeper jointness with sister services in enhancing situational awareness, operational reach and overall mission effectiveness. He stressed that modern national security goes beyond territorial defence to include economic security, cyber resilience, environmental stability and human security.

According to the Army Chief, lasting peace can only be achieved when military operations are complemented by effective governance, justice delivery and inclusive socio-economic development.

He urged participants of NDC Course 34, whom he described as Nigeria’s future strategic and operational leaders, to adopt integrated and forward-looking security frameworks that address both the symptoms and root causes of conflict.

The COAS reassured Nigerians of the Army’s resolve to defend the nation’s sovereignty, protect lives and property and secure critical national infrastructure amid the evolving and increasingly complex security environment.

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DEFENCE

Gen Oluyede at 100 Days: Steering a United Front Against Insecurity

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By Chuks Oyema

As Nigeria’s Chief of Defence Staff (CDS), General Olufemi Oluyede, marks his first 100 days in office, early signals from Defence Headquarters suggest a tenure defined by coordination, renewed momentum, and a deliberate push to weld the Armed Forces into a more cohesive and professional fighting force.

From the outset, Gen.

Oluyede made synergy among the Nigerian Army, Navy, Air Force and other security agencies a central plank of his leadership.
Defence watchers say this emphasis has translated into tighter joint planning, improved intelligence sharing and more integrated operations across theatres of conflict. Rather than operating in silos, the services are increasingly being deployed as complementary arms of a single national security strategy.

This joint approach has been particularly evident in counter-terrorism operations. In the North East and North West, coordinated air and ground actions have aimed to degrade terrorist networks, disrupt logistics and deny insurgents freedom of movement.

Senior officers point to a clearer command-and-control structure and faster decision-making as key outcomes of the CDS’s early reforms.

Beyond kinetic operations, Gen. Oluyede has also placed strong emphasis on building a military that is firmly loyal to the Constitution and anchored on respect for human rights and the rule of law.

In directives to commanders and troops, he has underscored the Armed Forces’ role as protectors of democracy and the civilian population, stressing that operational effectiveness must go hand in hand with professionalism and accountability.

Training and engagement initiatives under his watch are aimed at reinforcing civil-military relations and ensuring that operations are conducted within internationally accepted human rights standards.

In addition, the CDS has placed renewed focus on economic security, especially the long-running challenge of crude oil theft and pipeline vandalism in the Niger Delta.

Under his watch, the anti-oil theft security measures have been strengthened and aligned more closely with land-based and aerial surveillance. This multi-layered posture is intended to protect critical national assets, curb illegal bunkering and restore investor confidence in the oil and gas sector.

In internal engagements, Gen. Oluyede has reportedly stressed discipline, troop welfare and ethical conduct, reflecting his belief that morale, legitimacy and effectiveness are inseparable.

By engaging commanders across formations and theatres, he has sought to ensure that strategic directives from Defence Headquarters are clearly understood and uniformly implemented.

While Nigeria’s security challenges remain complex and deeply rooted, analysts say the tone of Gen. Oluyede’s first 100 days reflects a leadership intent on unity of effort, constitutional loyalty and sustained pressure on threats to national stability. As his tenure progresses, many will be watching to see how these early initiatives translate into lasting gains on the ground.

For now, the consensus in defence and security circles is that the CDS has used his opening months to lay a solid foundation—one built on cooperation among the services, respect for human rights, and a clear-eyed focus on terrorism and oil theft as critical fronts in Nigeria’s security landscape.

Chuks Oyema wrote in from Abuja

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DEFENCE

Police seek rescheduling of FCT workers’ protest

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The Police Command in the Federal Capital Territory (FCT) has appealed to the FCT Council of the Nigeria Labour Congress (NLC) to shelve its planned strike slated for Feb. 3.

The Police Public Relations Officer in the FCT, SP Josephine Adeh, made the appeal in a statement on Monday in Abuja.

She said the appeal followed intelligence reports of possible infiltration and hijacking of the peaceful protest by members of the proscribed Islamic Movement of Nigeria and other non-state actors.

“In the overriding interest of public safety, the Police Command in the FCT respectfully appeals to the organisers of the protest to consider rescheduling the activity to a later date and time.

“This measure is aimed at forestalling any breakdown of law and order.

“It is also to ensure that the rights of other residents to safety, freedom of movement, and the conduct of lawful daily activities are not infringed upon,” she said.

Adeh said the appeal was in recognition of the constitutional rights of citizens to peaceful assembly and protest.

She pledged the commitment of the command to providing adequate security for all lawful activities.

Adeh said the command would not relent in its efforts to the protection of lives and property.

She enjoined residents to continue to cooperate with law enforcement agencies in their collective effort to maintain peace and security. (NAN)

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