Nigeria’s anti-corruption efforts in 2026 remain robust, with the Economic and Financial Crimes Commission (EFCC), led by Executive Chairman Ola Olukoyede, intensifying its prosecutions against companies linked to financial crimes. The Commission has expanded its focus beyond individuals to target corporate entities, investment firms, and financial institutions allegedly used for fraud, money laundering, unlawful enrichment, and diversion of public funds.
These ongoing cases, detailed through official EFCC releases and court filings, illustrate an evolving enforcement strategy that emphasizes tracing money trails, scrutinizing corporate governance, and holding both companies and their key officers accountable. The allegations remain subject to judicial determination, with defendants presumed innocent until proven guilty.
Cresco Oil and Gas Faces N336.99 Million Fraud Charges
One of the closely watched corporate fraud cases in 2026 involves Cresco Oil and Gas Limited and its principal, Abdulkarim Muhammad Arome. The EFCC alleges that Abdulkarim Muhammad Arome, Peter Daniels Prosper (at large), and Cresco Oil and Gas Limited fraudulently converted N336,993,863.35 belonging to Lotus Bank between 2022 and 2023. The case, highlighting alleged abuses in the banking and energy sectors, has been adjourned until October 7, 2026, for trial, with defendants remanded at the Ikoyi Correctional Centre.
606 Autos, Music, and Entertainment Linked to N206 Million Crime Proceeds
In January 2026, the EFCC arraigned Sarumi Samusideen Babafemi, an associate of Ismaila Mustapha (Mompha), alongside his companies, 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited. They face a five-count charge for conspiracy, concealment, and transfer of N206,000,000 in criminal proceeds between 2013 and 2018. This matter underscores the scrutiny of corporate entities allegedly used for layering and movement of suspicious funds.
Intermediate Investment Holdings Accused in $1.5 Million Scheme
The EFCC arraigned Ufoma Joseph Immanuel and his company, Intermediate Investment Holdings Ltd., in March 2026. They are accused of obtaining a $1,500,000 investment from Adebisi Adebutu of R28 Holdings Limited by false pretence. Prosecutors claim investors were induced with representations connected to energy-sector investments and shareholding arrangements that were allegedly false, reflecting concerns over private investment schemes.
Viscount Microfinance Bank MD Charged Over N19 Million, $30,000 Diversion
Blessing Gozi-Anyaokei, Managing Director of Viscount Microfinance Bank, was arraigned by the EFCC on allegations of illegally converting investors’ funds. The charge sheet states that N19,000,000 and $30,000 entrusted by Ernest Terkula Jor for investment purposes were allegedly diverted for personal use. This case draws significant regulatory attention due to the critical role of microfinance banks in financial inclusion.
Abu-Haneefa Oil and Gas Faces N691.68 Million Money Laundering Case
Abu-Haneefa Oil and Gas Ltd, its Managing Director Musa Farouk Abubakar, and Sandra Chizoba Attoh were arraigned in June 2026 before the Federal High Court in Abuja. They face a 15-count amended charge bordering on conspiracy, corruption, and money laundering involving approximately N691,677,310. The EFCC alleges that company funds, believed to be proceeds of unlawful activity, were transferred through corporate accounts and used in property transactions.
FC Njoku and Company Implicated in N736.32 Million Corruption Probe
Felix Njoku, former Finance Director of the Nigerian Railway Corporation, is accused of receiving N240,940,000 from contractors through the bank account of FC Njoku and Company, domiciled in Zenith Bank Plc. This company, owned by Felix Njoku, is allegedly linked to transactions for unlawful enrichment, with the total sum for FC Njoku and Company being N736,320,000. The case reinforces EFCC’s efforts to investigate corporate vehicles used to conceal proceeds of corruption and public procurement abuses.
Nigerian Railway Corporation Officials Face N2.04 Billion Procurement Scandal
An ongoing investigation into the Nigerian Railway Corporation (NRC) involves alleged payments from contractors and businesses that secured public contracts. Three senior officials—Felix Njoku, Benjamin Chinwuba Iloanusi, and Oche Jerry Ogbole-Inalegwu—were arraigned on separate charges. These charges border on alleged abuse of office, money laundering, and unlawful enrichment by public officials totaling over N2,040,000,000, making it one of the largest anti-corruption prosecutions this year.
Chayomi Aluminum Limited Charged in N1.87 Billion Forex Fraud
In March 2026, the EFCC arraigned Titilayo Eboh, alongside Chayomi Aluminum Limited and Abubakar Funtua (at large), over a purported N1,870,000,000 foreign exchange fraud. The anti-graft agency alleges the defendants collected funds from Mr. Olamayowa Abdulwasiu Olabisi and Mr. Adekanmi Adedire, representatives of Himark Intertrades Limited, under the false pretence of exchanging the sum at N420 per dollar, which was never delivered.
Ski Hi-Entertainment CEO Arraigned for N16.85 Million Dud Cheque
In July 2026, Ifeanyichukwu Ogbu, CEO of Ski Hi-Entertainment, was arraigned on a three-count charge bordering on the issuance of a dud cheque totaling N16,847,000 in Enugu. The defendant allegedly made reservations for members of three Nigerian Premier Football League clubs, accumulating a bill of N17,424,600. After paying N1,000,000, cheques issued for the balance were dishonored due to insufficient funds. This case reflects the Commission’s growing focus on corporate executives.
Jasfad Resources Enterprises Faces N1.6 Billion Unlicensed BDC Charges
The EFCC re-arraigned Aliyu Abubakar of Jasfad Resources Enterprises, an unlicensed Bureau de Change (BDC) operator, for alleged fraud involving N1,600,000,000. This prosecution underscores the EFCC’s continued efforts to regulate financial transactions and combat illicit activities within the informal financial sector.
These cases collectively offer a revealing picture of the EFCC’s evolving enforcement approach, which places greater emphasis on following money trails, scrutinizing corporate governance practices, and holding both companies and their key officers accountable where evidence supports prosecution.
