EFCC Secures Court Forfeiture of Multiple Properties, Cash to FG, arraigns Ibrahim Tungushe, Jesam Ubi, Others Over Alleged Fraud
By Ogheneyovwe Favour Edomi
Uncertainty reigns in the abode of Internet fraudsters as officials of the Economic and Financial Crimes Commission, EFCC, continue to outflank them.
For instance, on Wednesday, April 1, 2026 the EFCC secured the final forfeiture of multiple properties and cash before Justice M.O. Olajuwon of the Federal High Court, sitting in Lafia, Nasarawa State to the Federal Government. The assets are proceeds of unlawful activities belonging to one Theophilus Oloche Ebonyi.
The properties forfeited include a 23-room hotel and event centre known as De Thinkers Home and Apartments, located at New Layout, Abattoir Road First Gate, Nyanya Gwandara, Nasarawa State; a warehouse and sachet water factory and dispenser, located at No. 20 Philip Doda Street, Koroduma, Karu Local Government Area of Nasarawa State; two office buildings, located at Philip Doda Street, before Chapel of Redemption Church, One-man Village, Koroduma, Karu, Nasarawa State; Theo International Academy Primary School, situated at Second Gate, Balogun Street, beside Football Field, Nyanya Gwandara, and the sum of N1,005,489.27 (One Million, Five Thousand, Four Hundred and Eighty-nine Naira, Twenty-seven Kobo) found in his First Bank account with account number 2033640394.
In his judgment, Justice Olajuwon held that the EFCC presented sufficient materials before the court to prove that the assets were proceeds of unlawful activity, adding that the Commission satisfied the requirements of Section 17(1) of the Advanced Fee Fraud and Other Fraud Related Offences Act.
The judge further stated that with the Commission establishing cause for a reasonable suspicion of the assets to be proceeds of unlawful activity, the burden shifted to the respondents to show cause as to why the assets should not be permanently forfeited to the federal government and held that the respondents in this matter failed to discharge that burden.
The EFCC had through an affidavit deposed to by its investigator, Mary Ebute and submissions of its counsel, Ibrahim Buba (now Justice of the Federal High Court of Nigeria), proved in court that a Keystone Bank account number, 1011795156, belonging to the second respondent, Theobarth Global Foundation was the major account through which the first respondent collected his victims’ money in the Ponzi scheme and laundered through the acquisition of the forfeited properties.
Another forfeiture was granted by Justice J.O Abdulmalik of the Federal High Court sitting in Abuja on Tuesday, March 31, 2026. The Justice granted the final forfeiture of N3,444,000.,000 (Three Billion, Four hundred and Forty Four Million Naira) and three properties linked to Salihu Nuhu Jamari while serving as the Managing Director of Nigerian National Petroleum Corporation, NNPC’s Gas and Power Investment Company Limited.
The properties include an uncompleted six bedroom semi-detached duplex, with boys’ quarters at Plot 3168, Asokoro District, Abuja, a two bedroom flat, block 2, apartment AI, block, EFG, Orsborne II, Ikoyi, Lagos and a restaurant located at plot 102 cadastral zone C09, Lokogoma District, Abuja.
The judge gave the order, following a motion on notice filed by the Economic and Financial Crimes Commission, EFCC on March 17, 2026 through its counsel, Ekele Iheanacho, SAN.
The court had on February 25, 2026, granted an interim forfeiture order, directing that the publication of the same be made in a national newspaper for any interested party to show cause why the said exhibits should not be finally forfeited to the Federal Government.
The said money (Three Billion, Four hundred and Forty Four Million Naira) forms part of a case of conspiracy, kickbacks, bribery and money laundering, involving the staff and contractors of the Nigerian National Petroleum Corporation (NNPC) wherein the name of one Salihu Nuhu Jamari featured prominently through a petition dated April 28, 2025.
Upon receipt of the petition, several investigative activities were carried out where it was discovered that Jamari, while serving as Managing Director of NGPIC used his influence through his private companies namely: Cumulus Energy Limited and Pius and Phillips Petroleum Limited wherein he is a director and signatory to the accounts, received kickbacks from three contractors that were awarded three major projects from NNPCL.
Justice Abdulmalik, after considering the application, held that it had merit and ordered the final forfeiture of the assets to the Federal Government of Nigeria.
Also, the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC on Thursday, April 2, 2026 arraigned one Ibrahim Mohammed Tungushe before Justice Aisha Kumaliya of the Borno State High Court, Maiduguri.
Count two read: “That you, Ibrahim Mohammed Tungushe on or about November, 2025 in Maiduguri, Borno state within the jurisdiction of this Honourable Court dishonestly misappropriated and converted to your own use the aggregate sum of N 1,250,000.00 (One Million Two Hundred and Fifty Thousand Naira) only, being proceeds from the sale of 100 cartons of indomie instant noodles, belonging to one Bukar Babakura which you received under the guise that you will supply same to your customers and make payments for it within 24 (twenty four) hours and thereby committed an offence contrary section 296 and punishable under section 297 of the Borno state penal code Law and other matter connected therewith (No. 3 Vol. 48 Law 2923) respectively.”
The defendant pleaded “not guilty” to the charges prepared against him by the EFCC.
Counsel for the prosecution S.O Saka prayed the court for a trial date and to remand the defendant in prison custody.
Thereafter, Justice Kumaliya adjourned till April 16, 2026 for commencement of trial and remanded the defendant in Maiduguri Maximum Custodial Centre.
His journey to the correctional facility started when he received 100 cartons of indomie instant noodles, belonging to the complainant received under the guise that the same will be supplied to customers and make payments within 24 (twenty four) hours. He neither returned the instant noodles nor the complainant’s money,
In another development, the Economic and Financial Crimes Commission, EFCC has presented the Eleventh Prosecution Witness, PW11, against Jesam Michael Ubi and his Afriq Arbitrage System, AAS, before Justice Obiora Egwuatu of the Federal High Court, Maitama, Abuja.
Ubi and his company are being prosecuted by the Commission on a seven-count charge, bordering on obtaining under false pretence and operating an investment company without a licence.
The witness, Gumbe Baba Ahmed, an Abuja-based physiotherapist, who was led in his testimony by prosecution counsel, Ekele Iheanacho, SAN, told the court that he, his wife and his mother had an investment of over $5, 700 (Five Thousand Seven Hundred Dollars) in Afriq Arbitrage System. He presented three print out images of the investment company’s dashboard to show evidence of their participation in the investment platform. The three print outs were admitted in court as Exhibit T-T20.
He also told the court that he was convinced to invest in the Afriq Arbitrage System by his friend who was also an investor in the platform. He further disclosed that Ubi, the first defendant, assured him and other investors in a Telegram group chat of the investors that their investments could not be hacked and that the platform was directly connected to Binance, which he said was a popular and secure trading platform.
The witness, however, revealed that at a point, he began to notice that he could no longer have access to his profile and the investment platform’s dashboard, to which the first defendant dismissed as a system glitch, informing him that other investors had experienced similar issues and that it will be sorted out.
The witness also stated that with time, the first defendant surprisingly informed the investors that due to the system glitch, Return on Investment, ROI, which was set at 1.65% had been reduced to 0.35% and was even further reduced to 0.065%, yet that he was unable to access his capital and the ROI as promised by the first defendant.
During his cross-examination, defence counsel Uchenna Njoku, SAN sought to know if the witness was aware of the dealings of one Olusesan Abayomi in the investment platform, to which he answered in the negative.
It would be recalled that at the March 3, 2026 proceedings, Mohammed Dauda Ali, a staffer in the Investigation and Enforcement Department of the Securities and Exchange Commission, SEC, told the court that AAS was not registered with SEC and that there was no record of its application in the SEC system for registration to operate as an investment firm.
Ali, who appeared before the court as the Tenth Prosecution Witness, PW10, also told the court that the first defendant only applied for assessment in June 2024 but that the assessment could not be carried out because the EFCC had already commenced investigation of AAS for alleged fraudulent activities.
Justice Egwuatu adjourned the matter till April 16 and 17, 2026 for continuation of trial.
Similarly, Justice Jaafaru Zubairu of the Kaduna State High Court has convicted and sentenced one Faruk Suleiman Ololade (a.k.a Caesar Smith) to three years imprisonment for fraud.
Justice Jaafaru Zubairu of the Kaduna State High Court also convicted and sentenced one Faruk Suleiman Ololade (a.k.a Caesar Smith) to three years imprisonment for fraud.
He was prosecuted by the Kaduna Zonal Directorate of the Economic and Financial Crimes Commission, EFCC on a one-count charge bordering on fraud, impersonation.
The charge reads: “That you, Faruk Suleiman Ololade (a.k.a Mr Caesar Smith) on or about the 12th of February, 2026 in Kaduna within the jurisdiction of this Honourable Court, impersonated one Mr Caesar Smith (an Australian) via Facebook platform and in such assumed character, attempted to defraud members of the public and you thereby committed an offence contrary to Section 142 (1) of the Kaduna State Penal Code Law, 2017 and punishable under the same law.”
He pleaded guilty to the charge, upon which the prosecution counsel, Moses Arumemi prayed the court to convict and sentence him accordingly.
Justice Zubairu convicted and sentenced him to three years imprisonment or to pay N300,000 (Three Hundred Thousand Naira) fine. In addition, he forfeited his Redmi 15C mobile phone with IMEI 865422074373745, being the instrument of his crime to the federal government.
The convict was arrested following actionable intelligence on the activities of suspected internet fraudsters around Turaki Signboard, Agwa, Kaduna State.
Similarly, the Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC arraigned a 29-year old businessman, Chizoba Emmanuel Dilo, before Justice S. N. Odili of the Enugu State High Court sitting in Onitsha, Anambra State over an alleged case of stealing to the tune of N64, 000, 000. 00 (Sixty-four million Naira).
Dilo was docked on a two -count charge bordering on stealing. The offence is contrary to Section 342 of the Criminal Code Law Cap. 36 Law of Anambra State and punishable under Section 353 (9) of the same Law.
Count one of the charge reads: “That you, Chizoba Emmanuel Dilo, sometime in 2021 in Onitsha, Anambra State within the jurisdiction of Anambra State High Court of Nigeria, committed a felony to wit: stealing by fraudulently converting to your personal use, the sum of N34, 013, 000. 00 (Thirty-four million, Thirteen Thousand Naira only), property of Chinedu Obaino and thereby committed an offence”.
Count two of the charge reads: “That you, Chizoba Emmanuel Dilo, sometime in 2021 in Onitsha, Anambra State within the jurisdiction of Anambra State High Court of Nigeria, committed a felony to wit: stealing by fraudulently converting to your personal use, the sum of N29, 987, 000. 00 (Twenty-Nine million, Nine Hundred and Eighty-Seven Thousand Naira only), property of Chinedu Obaino and thereby committed an offence”.
The defendant pleaded not guilty to the charges. In view of his plea, counsel to the EFCC, Assistant Commander of the EFCC, ACE II Rotimi Ajobiewe prayed the court for a trial date and for the defendant to be remanded at the Correctional facility.
However, the defence counsel, J. C. Odo informed the court about his client’s bail application and prayed for its favourable consideration. The prosecution opposed the application on the grounds that “the defendant had previously jumped administrative bail granted him by the Commission”.
After listening to both sides, Justice Odili granted the defendant bail in the sum of N10million with two sureties resident in Onitsha who must depose to an affidavit of means. Addresses of the sureties must be verified by the bailiff of the court.
The defendant was thereafter remanded at the Correctional facility pending the perfection of his bail conditions. The matter was adjourned to May 26, 2026 for trial.
The defendant’s journey to the dock began on July 21, 2025 when a petitioner, Chinedu Obaino, a fashion and textile materials dealer in Main Market, Onitsha alleged that he gave the said money to the defendant to purchase stocks for him in China, having claimed to have a reliable source there.
According to Dele Oyewale, head, Media and Publicity, after paying the money in tranches, the defendant failed to make the purchase. Instead, he bought cars and built a hotel within the period he received the money. All efforts made to get the money back proved abortive as the defendant relocated from his known address and changed his phone number.