Alleged N336.9m Fraud: EFCC Arraigns Man, His Company In Lagos

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on Monday, June 29, 2026, arraigned Abdulkarim Muhammad Arome, and his company, Cresco Oil and Gas Limited before Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja over an alleged N336,993,863.35 ( Three Hundred and Thirty-six Million, Nine Hundred and Ninety Three Thousand, Eight Hundred and Sixty Three Naira, Thirty-five kobo) fraud involving Lotus Bank.
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The defendants were arraigned on an amended three-count charge bordering on conspiracy, stealing and retention of proceeds of criminal conduct.

According to the charges, the offences are contrary to Sections 409 and 285 of the Criminal Law of Lagos State, 2015, Section 285(1) of the Criminal Law of Lagos State, 2011, and Section 17(a) and (b) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.

Count one reads:

“Abdulkarim Muhammad Arome, Peter Daniels Prosper, (at large) and Cresco Oil and Gas Limited sometime 2022 at Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to Steal money, property of Lotus Bank”.

Count two reads:

“Abdulkarim Muhammad Arome, Peter Daniels Prosper and Cresco Oil and Gas Limited sometime between 2022 and 2023, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use an aggregate sum of N336.993,863.35 (Three hundred and thirty-six million, nine hundred and ninety-three thousand eight hundred and sixty-three Naira, thirty-five Kobo), property of Lotus Bank”.

The defendants pleaded not guilty to all the charges when they were read to them.

EFCC

Following the arraignment, prosecuting counsel, E. S. Okongwu, asked the court for a trial date and urged that the defendants be remanded in a Correctional facility pending the commencement of trial.

Defence counsel informed the court that she intended to file bail applications and prayed for a short adjournment to enable the applications to be heard.

Justice Okunuga ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the case until October 7, 2026, for the commencement of trial.
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ICPC Seeks Stronger Partnership With Civil Society To Deepen Anti-Corruption Fight

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has reaffirmed the critical role of civil society organisations in Nigeria’s anti-corruption drive, calling for stronger collaboration, innovation, and citizen participation to advance transparency, accountability, and good governance across the country.
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The Chairman of the Commission, Dr. Musa Adamu Aliyu, SAN, made the call while delivering the keynote address at the National Anti-Corruption Coalition (NACC) Summit on Members’ Hybrid Engagement for Strengthening NACC, held at the ICPC Headquarters in Abuja.

The summit brought together representatives of civil society organisations, government institutions, development partners, the media and other stakeholders, with participants also joining virtually from across the country.

Dr. Aliyu who was represented by the Secretary to the Commission, Sir Clifford Okwudiri Oparaodu, JP, DSSRS, noted that the fight against corruption cannot be won by government and anti-corruption agencies alone, stressing that sustainable success requires the active participation of citizens, civil society organisations, the private sector, faith-based institutions, traditional rulers, youth and women’s groups, academia, the media, and development partners.

According to him, only a broad-based coalition driven by shared values of integrity and accountability can effectively address the country’s corruption challenges.

The ICPC Chairman described the National Anti-Corruption Coalition as one of the Commission’s most significant platforms for fostering collective action against corruption. He observed that since its establishment, the Coalition has played a pivotal role in public sensitisation, advocacy, policy engagement, community mobilisation and social accountability initiatives, helping to promote transparency and strengthen public demand for good governance.

Dr. Aliyu, however, acknowledged that emerging governance challenges, technological advancements, illicit financial flows, procurement irregularities and other sophisticated forms of corruption require more innovative responses and stronger collaboration among stakeholders.

He therefore emphasised that the adoption of hybrid engagement mechanisms by the Coalition was a strategic necessity that would enhance communication, expand participation, facilitate knowledge sharing and strengthen coordinated anti-corruption interventions nationwide.

He urged members of the Coalition to use the summit as an opportunity to critically assess the Coalition’s achievements, address existing challenges and collectively develop strategies for improving citizen mobilisation, youth engagement, grassroots participation, communication among members and the use of technology in advancing anti-corruption advocacy.

Dr. Aliyu further charged members of the National Anti-Corruption Coalition to continue serving as bridges between government institutions and citizens through sustained advocacy, public enlightenment and community engagement.

He described their role as strategic in promoting accountability and strengthening democratic governance, adding that every effort to empower citizens and improve transparency contributes meaningfully to national development.

The Chairman also expressed appreciation to the Commission’s development partners and members of the Coalition for their continued commitment to promoting integrity across the country.

He expressed optimism that the summit’s deliberations and resolutions would provide a renewed framework for repositioning the Coalition, enhancing collaboration among members and expanding the impact of citizen-led anti-corruption initiatives nationwide.

While giving an overview of NACC, the Head of Civil Society Mobilization Unit, Mr.Suleiman Godwin Achile stated the National Anti-Corruption Coalition was established by the ICPC in 2006 as an umbrella platform for collaboration with civil society organisations whose core mandate includes anti-corruption advocacy.

ICPC

He said over the years, the Coalition has grown to over 400 registered organisations working with the Commission to promote transparency, accountability and integrity across Nigeria.

The summit was convened to re-strategise, rejuvenate and strengthen the Coalition, reconnect with members, familiarise newly admitted organisations with the Coalition’s Memorandum of Understanding, update members on the Commission’s recent initiatives and clarify their roles and expectations as critical stakeholders in Nigeria’s anti-corruption campaign.

J. Okor Odey anipr.
Head, Media & Public Communications, ICPC.
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Alleged N6bn Money Laundering: Court Reserves Judgment In Mompha’s Trial Till October 15

Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja has reserved judgment in the alleged N6 billion money laundering case involving social media personality Ismaila Mustapha, popularly known as Mompha till October 15, 2026.
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The Economic and Financial Crimes Commission (EFCC) arraigned Mompha alongside his company, Ismalob Global Investment Limited, on January 12, 2022, on an eight-count charge bordering on conspiracy to launder funds allegedly obtained through unlawful activities, retention of proceeds of criminal conduct, failure to disclose assets, and possession of documents containing false pretences, among other offences.

One of the counts reads: “ Ismaila Mustapha, Ahmadu Mohammed (at large), and Ismalob Global Investment Limited, sometime in 2016, in Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to conduct financial transactions to the tune of N5,998,884,653.18 (Five Billion, Nine Hundred and Ninety-eight Million, Eight Hundred and Eighty-four Thousand, Six Hundred and Fifty-three Naira, Eighteen Kobo), with the intent of promoting the carrying on of specified unlawful activities, to wit: obtaining by false pretence.”

During the trial, prosecution, led by S. I. Suleiman called six witnesses and tendered several documentary exhibits before closing its case.

At the proceedings on June 30, 2026, defence counsel Kolawole Salami adopted the defendant’s final written address dated June 18, 2026, arguing that the prosecution failed to establish its case against his client.

He submitted that the defendant’s decision not to enter a defence did not relieve the prosecution of its legal obligation to prove the charges beyond reasonable doubt.

According to Salami, the prosecution failed to prove the offences alleged in counts One to Six, particularly the allegation of obtaining by false pretence.

He further argued that Exhibit P5, the extra-judicial statement relied upon by the prosecution, was merely a statement and did not establish the offences charged.

Salami also contended that none of the prosecution witnesses, particularly PW6, EFCC investigating officer Idi Musa, provided neither direct nor circumstantial evidence capable of sustaining the conspiracy charge. He therefore urged the court to discharge and acquit the defendant.

Responding, prosecuting counsel S. I. Suleiman adopted the prosecution’s final written address and urged the court to dismiss the defence’s arguments and convict the defendants as charged.

He maintained that the prosecution called six witnesses and tendered sufficient documentary evidence to establish the offences.

According to Suleiman: “From the evidence before the court, it is our humble submission that the opportunity has once again presented itself for the invocation of the judicial powers of this court to send a clear signal and warning to persons engaging in nefarious activities that cast the image of the country in a bad light among the comity of nations. The defendants availed their bank accounts to internet fraudsters to launder funds derived from fraudulent sources.”

Court

He added that a conviction would serve as a deterrent to the defendants and others contemplating similar offences capable of tarnishing Nigeria’s image.

After hearing the submissions of both parties, Justice Dada reserved judgment until October 15, 2026.
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