Financial Crime World

Five High-Profile Financial Criminal Cases That Shocked Nigeria in 2022

The year 2022 brought significant sociopolitical and economic developments to Nigeria, some of which left the public in a state of shock and intrigue. The following are five major financial crime cases that gained public attention.

1. Eno Ubi Otu and the Niger Delta Development Commission (NDDC)

  • In August, the Economic and Financial Crimes Commission (EFCC) interrogated Eno Ubi Otu, the Finance and Accounts Director of the Niger Delta Development Commission (NDDC), over allegations of diverting over N25 billion in tax remittances.
  • These accusations were part of a larger ongoing investigation based on a forensic audit report of the NDDC.

2. Ahmed Idris, the Former Accountant-General of the Federation (AGF)

  • In July, a High Court in Abuja ordered the detention of Ahmed Idris, the former Accountant-General of the Federation (AGF), on charges of diverting approximately N109 billion in public funds.
  • The EFCC indicted Idris and his co-defendants: Godfrey Olusegun Akindele, Mohammed Kudu Usman, and Gezawa Commodity Market and Exchange Limited.
  • Allegations against Idris included receiving a N15.1bn gratification from Olusegun Akindele in exchange for expediting the payment process of 13% derivation to oil-producing states.
  • Following these allegations, Zainab Ahmed, the Minister of Finance, Budget and National Planning, suspended Idris. The EFCC later reported that over N30bn was recovered from him.

3. Stamp Duty Controversy

  • Heated discussions surrounding the issue of stamp duty continued between the federal government and Jigawa State Representative, Gudaji Kazaure, throughout the year.
  • Gudaji claimed that the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), and other agencies were obstructing investigations into the alleged recovery of N89 trillion in stamp duty.
  • The Presidency dismissed these allegations, labeling the purported Committee on the Reconciliation and Recovery of All Stamp Duties as an illegal entity since Gudaji was a member of parliament.

4. Abba Kyari and the Nigerian Drug Law Enforcement Agency (NDLEA)

  • In March, the National Drug Law Enforcement Agency (NDLEA) charged former Deputy Commissioner of Police (DCP) Abba Kyari and six others with drug trafficking.
  • Kyari was wanted by the NDLEA after they obtained evidence of him negotiating a drug deal with their investigators.
  • His suspension followed, and he was also charged with members of the Intelligence Response Team of the Inspector-General of Police, and alleged drug traffickers Chibunna Patrick Umeibe and Emeka Alphonsus Ezenwanne.

5. Hushpuppi and International Fraud Syndicate

  • In November, Ramon Abbas, popularly known as Hushpuppi, was sentenced in a US court for his role in an international fraud syndicate.
  • With 2.8 million Instagram followers, Hushpuppi showcased a lavish lifestyle.
  • He was arrested in Dubai and later extradited to the US to face charges.
  • Abbas pleaded guilty to one count of conspiracy to engage in money laundering in April 2021.
  • He admitted to attempting to steal more than $1.1m from someone looking to fund a new children’s school in Qatar, as well as participating in several other cyber and business email compromise schemes that caused over $24 million in losses.
  • He was sentenced to 135 months in federal prison.