The Economic and Financial Crimes Commission (EFCC) has handed over N24 million to former Senator Alaba Obende, representing funds recovered during an investigation into an alleged conspiracy and fraudulent sale of shares. The handover took place at the commission’s Lagos Zonal Directorate 2 on Thursday, with the amount presented in three bank drafts issued by Access Bank, according to a press statement released by the EFCC on Friday.
Case Background and Investigation
Mr Obende, who represented Edo North Senatorial District in the 7th National Assembly between 2011 and 2015, received the funds following a petition lodged with the EFCC on 15 January 2020. The petition alleged that Coronation Securities Limited conspired to fraudulently sell shares belonging to the former senator. The EFCC did not disclose further details about the specific fraudulent acts or how the funds were traced and recovered.
The handover is part of a broader asset-recovery push by the EFCC’s Lagos zone. A day earlier, the same directorate returned N108 million to Greenwich Planet Sun King Nigeria Limited, recovered from two former employees accused of defrauding the company. The suspects, Nkechi Gladys Megai (currently at large after fleeing to the United Kingdom) and Godson Eze (former chief financial officer), allegedly conspired to forge documents, create fake invoices in the names of legitimate vendors, and divert funds. The EFCC stated that the fraudulent payments totaled several hundreds of millions of naira.
EFCC’s Commitment to Justice
Speaking at the handover ceremony, the Acting Zonal Director of the Lagos Zonal Directorate 2, Bawa Kaltungo, reiterated the commission’s commitment to ensuring justice for victims of financial crimes. “Efforts are ongoing to ensure that all persons connected with the fraud, including those who have fled the country, are brought to justice in accordance with the law,” Mr Kaltungo said. He emphasized that the EFCC would continue to recover funds and assets obtained through unlawful means whenever possible.
Recent Asset Recovery Actions
The EFCC’s recent activities in Lagos have included not only cash recoveries but also the seizure of properties linked to criminal proceeds. On 15 July, the Federal High Court in Lagos ordered the final forfeiture of 52 terrace and maisonette units located at Mercyville Estate, off New Road, Ilasan, Lekki, to the Federal Government. The court found that the properties, recovered from Fielddreams Limited, Ifeanyi Nweke, and Amex Savings and Loans Limited, were proceeds of unlawful activities. The EFCC’s application succeeded after the court identified material contradictions in the respondents’ evidence and determined that reasonable grounds existed to suspect the properties were acquired through crime.
These actions underscore the EFCC’s intensified focus on asset recovery in Lagos, targeting both cash and real estate believed to be derived from fraud, forgery, and abuse of office. The commission has stated that it will pursue all individuals involved, including those who have left the country, to ensure they face legal consequences.
