Crime
EFCC Arraigns Forex Broker Over Alleged N2bn Investment Scam In Uyo
The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned one Rufus John Isip, a self-acclaimed forex broker before Justice C. S. Onah of the Federal High Court sitting in Uyo, Akwa Ibom State.
Isip was arraigned alongside his company, ITM-IT Resources Limited, on Friday, July 19, 2024, on an-eight-count charge bordering on fraudulent conversion, money laundering and obtaining by false pretence to the tune of N2,022,081,172 (Two Billion, Twenty-two Million, Eighty-One Thousand, One Hundred and Seventy-two Naira).
Count one of the charge reads: “That you, Rufus John Isip while being the Director of ITM-IT Resources Limited and ITM-IT Resources Limited sometime in December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, with intent to defraud, obtained the sum of (N431,331,172.00) Four Hundred and Thirty-one Million, Three Hundred and Thirty-one Thousand, One Hundred and Seventy-two kobo from one Michael Okon, the Director of N-Rex Resources Limited under the false pretence that it is an investment in Vandera, an online investment platform, on his behalf, which pretence you knew to be false and thereby committed an offence contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act”.
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In the same vein, count eight of the charge reads: “That you, Rufus John Isip while being the Director of ITM-IT Resources Limited and ITM-IT Resources Limited sometime between December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, converted the total sum of (N730,870,000.00) Seven Hundred and Thirty Million, Eight Hundred and Seventy Thousand Naira to crypto currency (Bitcoin) and transferred same into your Binance Wallet knowing that the said money formed part of your unlawful act and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2011 and punishable under Section 15 (3) (4) of the same Act”.
He pleaded not guilty when the charges were read to him.
In view of his plea, Khamis Mahmud, counsel to the EFCC prayed the court to remand him in EFCC custody on the grounds that “we are still investigating him on other cases”.
The defence counsel, Samson Ewuje however, did not pose any objection.
Justice Onah adjourned the matter to October 14, 2024 for trial and the defendant was remanded at the Uyo Zonal Directorate of the EFCC.
Isip was arrested based on a petition from one Michael George, alleging that he lured him to invest in his online trading platform called Vandora.io.
According to the petitioner, the defendant told him that it was more profitable to trade on his platform with a minimum trading capital of $100,000.00 (One Hundred Thousand Dollars) and that he would earn more profit if he involved more investors.
The petitioner thereafter invested, reached out to other investors and companies who also invested in the defendant’s phony online trading platform and after 60 days (as agreed) for the investors to start earning their profits, the defendant disappeared into thin air.
Crime
“My Properties Are Legitimate” — Malami Challenges EFCC Allegations in Court
Former Attorney General of the Federation, Abubakar Malami, has strongly denied allegations that his properties are proceeds of crime, as he challenges the Economic and Financial Crimes Commission (EFCC) in court over an interim forfeiture order.
Malami, in a sworn affidavit before the Federal High Court in Abuja on Monday, maintained that all assets linked to him were lawfully acquired through years of legal practice, business investments, loans, and other legitimate sources of income.
He faulted the EFCC’s position, insisting that the agency failed to present credible evidence connecting any of the properties to unlawful activity.
SEE MORE: Court Pushes Malami, Son’s Terrorism Financing Trial to April 15
According to him, the claims were based on speculation rather than facts.
“There is no document before the court showing these properties were acquired with proceeds of crime,” he argued.
The former Minister of Justice also accused the anti-graft agency of inflating the value of his assets, alleging that properties worth hundreds of millions of naira were wrongly presented as being worth billions.
He further stated that independent valuations had shown significantly lower and more accurate figures.
Malami explained that his wealth was accumulated over decades through legal practice, investments in sectors such as hospitality, agriculture, and education, as well as loans from commercial banks, asset sales, and earnings from book-related activities.
He added that all his income had been duly declared to relevant government agencies.
He also alleged procedural violations, claiming that operatives of the EFCC acted outside their legal authority by seizing properties and evicting occupants without a final forfeiture order.
The EFCC, Economic and Financial Crimes Commission, had earlier obtained an interim forfeiture order over the assets, linking them to suspected proceeds of unlawful activities.
However, Malami is urging the court to dismiss the order and restore his properties.
Crime
Why South African Opposition Leader Malema Was Sentenced to 5 Years in Prison
A South African court has sentenced opposition leader Julius Malema to five years in prison following his conviction for illegal possession and public discharge of a firearm.
Malema, who leads the Economic Freedom Fighters (EFF), was found guilty on multiple counts linked to a 2018 incident during the party’s fifth anniversary celebration in the Eastern Cape.
At the event, he was captured in a widely circulated video firing a semi-automatic rifle into the air.
ALSO READ: Court Orders Arrest of Ex-Minister Sadiya Farouq, Perm Sec Over Alleged $1.3m, N746m Fraud
According to court proceedings, Malema argued that the act was merely celebratory.
However, the court rejected his defence, ruling that the action was not spontaneous but deliberate.
The presiding magistrate described the incident as premeditated and emphasized that Malema’s position as a prominent political figure placed a higher burden of responsibility on him.
The charges against him included unlawful possession of a firearm, discharging a weapon in public, and reckless endangerment.
The court held that such actions posed a serious threat to public safety and could not be excused under any circumstances.
Despite the five-year sentence, Malema was granted leave to appeal, meaning he will not be taken into custody immediately.
He walked free from the courtroom and was greeted by hundreds of supporters who had gathered outside.
Addressing the crowd, Malema alleged that the ruling was politically motivated, claiming that certain forces were attempting to silence him.
His supporters responded with chants and songs, showing continued loyalty to the outspoken politician.
Malema, a former youth leader of the African National Congress (ANC), was expelled after a fallout with former President Jacob Zuma.
He later founded the EFF, which has since grown into one of South Africa’s most influential opposition parties.
Reacting to the development, ANC Secretary-General Fikile Mbalula suggested that the case reflected broader political tensions.
However, lobby group AfriForum, which initiated the case after the video surfaced, insisted the prosecution was based strictly on enforcing the law.
Crime
Court Orders Arrest of Ex-Minister Sadiya Farouq, Perm Sec Over Alleged $1.3m, N746m Fraud
A High Court of the Federal Capital Territory (FCT), Abuja, has issued a warrant of arrest against former Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, and a Permanent Secretary in the ministry, Bashir Nura Alkali, over their alleged involvement in a multi-million naira fraud case.
The arrest order was issued on Thursday, April 16, 2026, by Justice Jude Onwuegbuzie of the FCT High Court after the two defendants failed to appear in court for their scheduled arraignment.
SEE ALSO: Diezani Claims She Was NNPC&’s Rubber Stamp Before London Court
The duo, alongside a third defendant, Sani Nafiu Mohammed, are facing a 21-count charge filed by the Economic and Financial Crimes Commission (EFCC).
The charges border on alleged criminal breach of trust, abuse of office, fraudulent contract awards, and the diversion of public funds totaling $1.3 million and N746,574,303.
At Thursday’s proceedings, only Mohammed was present in court.
According to the EFCC, the alleged offences occurred between May 2021 and September 2022 in Abuja.
The anti-graft agency accused Farouq and Alkali of misappropriating funds meant to be refunded to the ministry by a private firm, Visual ICT Limited.
The money was reportedly linked to excess payments under the National Social Safety Net Coordinating Office (NASSCO) for the validation of Rapid Response Register beneficiaries.
The prosecution counsel, Rotimi Jacobs, told the court that although the charges were filed on December 15, 2025, the two defendants could not initially be served.
He added that despite assurances from their legal representatives, they failed to present themselves in court.
Jacobs further revealed that Farouq had earlier requested the release of her passport for a medical trip to Saudi Arabia in 2024 but has yet to return it or provide any medical report to justify her absence.
“My lord, since that passport was released to her, she has not returned it to the Commission, and no medical report has been submitted,” Jacobs stated, questioning the validity of the health claims presented by her counsel.
Counsel to the first defendant, Abdul Ibrahim, attributed his client’s absence to ill health and attempted to tender an affidavit to that effect, but the court rejected the application.
The EFCC also sought to amend an earlier ex-parte motion to focus on the first and second defendants and requested a bench warrant to compel their appearance.
The prosecution supported its request with an affidavit stating that both defendants had been granted administrative bail but failed to report back.
In response, the defence counsel pleaded with the court to grant a six-week extension to produce Farouq in court.
However, in his ruling, Justice Onwuegbuzie granted the EFCC’s application and issued a warrant for the arrest of the two defendants.
The case was subsequently adjourned to May 18, 2026, for arraignment and commencement of trial.





