EFCC ramps up 2026 corporate fraud prosecutions, citing major cases nationwide

EFCC under Chairman Ola Olukoyede has ramped up 2026 prosecutions against companies accused of using corporate structures to launder funds, divert public funds and commit fraud, signaling a shift from targeting individuals to pursuing corporate entities and their officers. Notable cases include Cresco Oil and Gas Limited accused of diverting ₦336.99 million from Lotus Bank; 606 Autos, 606 Music and Splash Off Entertainment accused of moving ₦206 million in criminal proceeds; Intermediate Investment Holdings Ltd. charged with obtaining a $1.5 million investment under false pretences; Viscount Microfinance Bank’s MD accused of diverting ₦19 million and $30,000 of investor funds; Abu‑Haneefa Oil and Gas Ltd. facing ₦691.68 million in alleged money‑laundering linked to property deals; FC Njoku and Company accused of receiving ₦736.32 million from Nigerian Railway Corporation contractors; the NRC procurement network involving three officials accused of over ₦2.04 billion in alleged corruption; Chayomi Aluminum Limited charged with a ₦1.87 billion foreign‑exchange fraud; Ski Hi‑Entertainment’s CEO accused of issuing ₦16.85 million in dud cheques; and Jasfad Resources Enterprises accused of laundering ₦1.6 billion in public funds through an unlicensed BDC. All defendants remain presumed innocent as cases proceed through courts, with trial dates set for later 2026. The EFCC’s focus on tracing money trails and corporate governance suggests businesses should tighten internal controls, scrutinize third‑party transactions and prepare for heightened scrutiny.

SOURCE: https://nairametrics.com/2026/07/21/10-major-companies-the-efcc-is-prosecuting-in-2026/