EFCC Boss Olukoyede Cautions REDAN Against Exposures To Financial Crimes

EFCC boss Olukoyede cautions REDAN against exposures to financial crimes. The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede, has called on the Real Estate Developers Association of Nigeria, REDAN and other stakeholders in the real estate sector to safeguard themselves against financial crimes by respecting effective tax administration, financial integrity and clear beneficial ownership disclosures.

He gave the charge in Abuja on Wednesday, February 4, 2026 at the 17th Annual General Meeting, AGM of the Real Estate Developers Association of Nigeria, REDAN, themed: “The New Tax Law as a Strategic Tool For Real Estate Finance and Housing Affordability”.

Olukoyede charged REDAN and its stakeholders to comply with the Anti-money Laundering and Financing of Terrorism AML/CFT frameworks, policies and regulations designed to prevent criminals from using the financial system to launder money or fund terrorist activities.

The Head, Compliance and Enforcement, Special Control Unit against Money Laundering (SCUML), Assistant Commander of the EFCC, ACE 1, Kazeem Oseni, who represented Olukoyede, described the theme of the AGM as timely and forward-looking, stating that the recent tax reforms of President Bola Ahmed Tinubu’s administration was a very critical opportunity to unlocking sustainable real estate financing, improve housing affordability and deepen investor confidence while reinforcing transparency and accountability.

“As Nigeria’s AML/FCT regulator for the real estate sector, SCUML-EFCC recognises that effective tax administration, financial integrity, and clear beneficial ownership disclosures not only support compliance with the new tax framework but also reduce the sector’s exposure to financial crime risks,” he said.

He called for sustained collaboration with all stakeholders and critical players in the sector, adding that the EFCC and SCUML are willing and ever-ready to collaborate with the Association.

According to him, “SCUML of the EFCC remains committed to sustain the engagement with the REDAN through guidance, capacity- building and risk-based supervision to ensure that regulatory compliance supports rather than constraints growth, innovation and access to affordable housing.”

He commended the Association for its continued partnership with the Commission and urged it to carry out customer due diligence and transaction monitoring to detect, report, and mitigate illicit financial flows.

In his opening address, the President and Chairman of Council, REDAN, His Royal Majesty, HRM, Oba Akintoye Adeoye, described the presence of the stakeholders at the event as strong conviction of their belief in the power of collaboration to drive national development.

EFCC Chairman Ola Olukoyede

The royal father said the AGM came at a critical moment in the Nigerian real estate sector, when the nation “is undergoing major economic adjustments, fiscal reforms and institutional realignments” and called for strong collaboration.

In his goodwill message, National President, Nigerian Institute of Town Planners, Dr. Ogbonna Chime said real estate sector occupied a strategic position in national development, stressing that as Nigeria continued to experience rapid urbanisation, the actions and decisions of real estate developers increasingly shape the form, functionality and sustainability of cities.

“When developers and planners work in partnership, conflicts are reduced, project delivery improves, and the long-term value of developments is enhanced”, he said.

Terrorists Called Us For Prayer After Ki1ling Hundreds Of Our People In One Day: Kwara Massacre Survivors

Terrorists called us for prayer after ki1ling hundreds of our people in one day: Kwara Massacre Survivors. “The soldiers arrived in the communities last Friday and spent just one hour there…Tuesday evening, the terrorists stormed the villages,” a resident told The Gazette.

Survivors of the Boko Haram terrorist attacks on Woro and Nuku communities in Kiama LGA of Kwara have decried the brazenness with which their attackers ki1led innocent residents.

Residents, who spoke to Peoples Gazette on Thursday, said the terrorists had a free day when they stormed the communities at exactly 5:30 p.m. on Tuesday and operated unhindered till the early hours of Wednesday when they called residents for morning prayer.
“No one was aware of their coming. They just entered and started shooting. What we knew was that they sent a letter to the emir, who later informed soldiers before the attacks. The soldiers arrived in the communities last Friday and spent just one hour there. Not until Tuesday evening, when the terrorists stormed the villages,” Abdulkareem Tajudeen to The Gazette.
Adamu Abdullahi told The Gazette he had become distraught, struggling to be stable emotionally since the vicious attack.

“The attack lasted for about 17 hours. No help from them (security agencies). Woro is a few minutes’ ride from Kainji and Wawa, which have military barracks. But none came for help. It is unfortunate. The police, like other security agencies, have demonstrated unprofessionalism; one that I have never seen in my entire existence,” Mr Abdullahi stated.

Funeral for 200, death toll rising

Mr Tajudeen said as of Thursday evening, over 200 dead bodies had been recovered and buried amid ongoing search efforts for more missing bodies in the bush.

“The number we count is over 200. Even to date (Thursday), they are still bringing dead bodies from the bush. The dead bodies that we buried are over 200. People burying them are even tired. There are bodies not buried yet,” he added.
Aminu Sadiku stated that the number of casualties remains uncertain, as the number of deaths kept increasing, adding that the village had been completely deserted for fear of further attacks despite the heavy presence of security.

“As for the exact number of casualties, no one can be certain for now,” Mr Sadiku disclosed to The Gazette. “The terrorists burnt houses, shops, vehicles and destroyed almost everything. As I am talking to you, several bodies have been buried. Some are still there as search efforts for more dead bodies continue.”

Meanwhile, government officials pegged the number of buried casualties to 75, citing estimates attributed to the Emir of Kaiama, Salihu Omar, during a visit to the palace by Governor Abdulrahman Abdulrazaq on Thursday.

Although the police command in Kwara confirmed the attack, it was silent about the number of people ki1led. However, a statement by police spokesperson Adetoun Ejire-Adeyemi on Thursday said the command had launched a full-scale investigation into the incident.

“A joint operation involving the police, the military and the National Forest Guards has been activated in the area”, Ms Ejire-Adeyemi stated.

A failed state?

Many Kwara residents, especially in the northern parts of the state, attributed the perennial terrorist attacks to the failure of the government.

Sanusi Lafiagi, a lecturer and good governance advocate, said the recent attacks on Kiama communities showed the security challenges plaguing the North-Central state had taken a dangerous dimension.

“For quite some time now, peace and quiet appear to have returned to the communities which had hitherto suffered terrorist attacks until the recent incident,” Mr Sanusi told The Gazette on Thursday. “What this indicates is that we are not out of the woods yet on these violent attacks on innocent and peace-loving people of Kwara State.”

The academic noted that for the attackers to operate with such brazenness and for so long without being repelled or suppressed indicated the failure of the government.
“For how long will our people continue to suffer such ill-fate, and live in constant fear of attacks? The government needs to sit up and prevent these violent crimes from happening. Enough of excuses, promises, and condolence visitations. Concrete actions must be taken to forestall such occurrences in the future,” he stated.

Musa Idris Buko, who chairs the Coalition of Kwara North Groups, described the attacks as the worst of all the deadliest terrorist attacks in the state so far.
“The Tuesday 3rd February 2026 attack on Woro community of Gwanabe Ward I in Kaiama LGA remains the worst so far of all the deadly attacks in Kwara state, with over 200 deaths recovered and with certainty that it would rise,” Mr Buko stated.

He stated that some of the victims were ki1led and thrown in the river, others in the bush, while others were burnt in their houses.
“So, this is a catastrophe, to say the least. This is not the first time we recorded attacks in Kwara North,” Mr Buko stated. “From Kaiama, Baruten, to Patigi and then to Edu LGAs. Only Moro LGA has been largely peaceful.”

Global outrage

Several international bodies, including the United Nations, the African Union and the Organisation of Islamic Cooperation, slammed the dastardly attacks as unwarranted and unconscionable.

The UN secretary-general António Guterres, in a statement, expressed solidarity and readiness to support President Bola Tinubu’s efforts to combat terrorism.

“The secretary-general reiterates the solidarity of the United Nations with the Government and people of Nigeria in their efforts to fight terrorism and violent extremism and stresses the importance of bringing the perpetrators to justice,” the statement said.

Similarly, the AU Commission’s chairperson, Mahmoud Ali Youssouf, on Thursday, described the attack as barbaric and heinous.

Bandits

“It constitutes a grave violation of human rights and an unacceptable assault on peace and security,” stated Mr Youssouf. Mr Youssouf expressed the African Union’s “full solidarity with the government of Nigeria and the authorities of Kwara State during this difficult time”.

The OIC, in a statement on Thursday, also commiserated with families of victims, the Nigerian government, as well as the Nigerian people, declaring its support for the Nigerian government in combating the spate of terrorism in the country.

How to stop the terrorists

Amid efforts to curtail insecurity across different parts of the country, residents advised governments at all levels to investigate the root causes of the killings and change tactics for successful outcomes.

Mr Buko, a former Baruten/Kaiama federal constituency House of Representatives candidate, stressed the urgent need for the governments to embrace a holistic approach in combating terrorism beyond the usual kinetic strategies.

“Beyond the kinetic measures of bombing, killing the terrorists and then they attack again, while authorities act reactively, it is very important to look into the root causes and change tactics,” the politician explained. “In order to ensure the safety of lives and properties in a sustainable manner, governments should adopt a holistic policy approach to decisively deal with the root causes of insecurity in Nigeria. I am afraid much has not been done in this regard.”

Mr Lafiagi also reminded the government to live up to its responsibility to protect lives and property, as required by the constitution.

The academic advocated, among others, the need to improve our intelligence gathering by working closely with the locals; equip the locals with technological devices that will enable them to report security threats in their area promptly to security operatives for quick response and intervention; and equip local vigilantes with sophisticated weapons to protect their communities and repel attacks while waiting for military intervention.

How N46.5m Was Transferred To American International School: Witness In Alleged ₦80.2bn Kogi Fraud

How N46.5m was transferred to American International School: Witness in alleged ₦80.2bn Kogi fraud. The trial of former Kogi State Governor, Yahaya Adoza Bello, continued on Thursday, February 5, 2026, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, with the Eight Prosecution Witness,  PW8,  Gabriel Ochoche, testifying how the sum of N46,505,000( Forty Six Million,  Five Hundred and Five Thousand Naira) was transferred into the account of American International School

Bello is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on a 19-count charge bordering on money laundering to the tune of ₦80,246,470,088.88.

The prosecution called Prosecution Witness 8 (PW8), Gabriel Ochoche, a compliance officer with First City Monument Bank (FCMB), who testified pursuant to a subpoena.

Led in evidence by Olukayode Enitan, SAN, the subpoena was tendered without objection from the defence and was admitted by the court as Exhibit 36.

PW8 told the court that among several payments there were payments to educational institutions, including a ₦30 million transfer on November 1, 2021, to American International School / Abdul Bashir, as well as another transfer of ₦16,505,400 to American International School.

PW8 also confirmed that he was in court with the statement of account, certificate of compliance and account opening documents of Kunfayakun Global Limited, Account No: 7819613011, covering transactions from June 1, 2021, to August 31, 2022. The documents were admitted in evidence as Exhibit 37 without objection.
When asked to confirm the period covered, the witness stated: “The period covered is from June 29, 2021, to December 31, 2024.”

Explaining the structure of the statement of account, PW8 said it contains seven columns, namely: date, reference, description, value date, deposit, withdrawal and balance.

Reading from Exhibit 37, PW8 identified several major transactions, including an NIP transfer of ₦700 million from Keyless Nature Limited on December 15, 2021, and an RTGS inflow of ₦400 million on December 17, 2021, from Access Bank, by order of the same company. He explained that RTGS is a transfer carried out by one bank on behalf of a customer.

On November 2, 2021, PW8 confirmed multiple inflows from Gadonkaya Global Concept into Kunfayakun’s account—₦10 million, ₦10 million and ₦8.96 million—alongside another outflow of ₦34,506,600 to American School and China Payment / Abdul Bashir.

PW8 also told the court that on February 18, 2022, there were six separate NIP transfers of ₦100 million each from Ejadams Essence Limited, totaling ₦600 million.

Asked to confirm the total inflow, the witness said: “Yes, my lord, I confirm that ₦600 million was received from Ejadams Essence Limited.”

He further identified an RTGS inflow of ₦325 million on February 21, 2022, with a value date of February 18, 2022, from Access Bank, by order of Ejadams.

Earlier in the proceedings, Prosecution Witness 7 (PW7), Olomotane Egoro, a compliance officer with Access Bank, continued his testimony under cross-examination.

Defence counsel drew his attention to Exhibit 33(8), particularly an entry of June 22, 2022, which the witness confirmed was an outflow of ₦20 million for the supply of educational materials. When asked if it was a cash withdrawal, Egoro replied:
“No, my lord.”

He also confirmed that he could not identify the beneficiary from the document.

Egoro acknowledged multiple cash withdrawals made by Yakubu Siyaka between January 9, 2019, and December 30, 2022, totaling over ₦552 million.
Explaining the bank’s obligations, he said: “The customer can use his money as he likes; however, the bank has a reporting obligation where transactions do not fit the customer’s profile or fall under money laundering typologies.”

Fraud

He further confirmed that Access Bank filed a Suspicious Transaction Report (STR) to the Nigerian Financial Intelligence Unit (NFIU), but stated that by law, its contents could not be disclosed in court.

When defence counsel J.B Daudu SAN attempted to question the witness on the contents of the STR, Kemi Pinheiro, SAN, objected, arguing that questioning a document not before the court contravened the Administration of Criminal Justice Act (ACJA).

Justice Nwite upheld the objection, ruling that: “Counsel cannot ask questions on the contents of a document not before the court.”

Following the rectification of payment receipts, the Certified True Copy (CTC) of proceedings from Justice Obiora Egwuatu’s court dated May 12, 2025, was admitted in evidence as Exhibit 35(D2) without objection.

Additional documents admitted included: Exhibit 34(1): Kogi State Government House account opening package, exhibit 34(2): Kogi State Government House Administration account and exhibit 33(6): E-Traders International Limited account opening package and statement of account.

PW7 confirmed signatories, transaction patterns and Access Bank’s compliance oversight across its branches.

With no re-examination by the prosecution, Justice Nwite discharged PW7 from the witness box and adjourned the matter to March 3 and March 9, 2026, for continuation of trial.