EFCC Arraigns Man for N1.02bn Forex Scam, Returns N42.5m to Defrauded Widow
The Economic and Financial Crimes Commission (EFCC) has intensified its anti-fraud campaign with two major operations in Kaduna — the arraignment of a businessman over a ₦1.02 billion foreign exchange scam, and the recovery of ₦42.5 million for a 70-year-old widow defrauded by her banker.
In the first case, the Kaduna Zonal Directorate of the Commission, on Wednesday, November 5, 2025, arraigned one Captain Nuhu Haruna, Managing Director of Maphutha Oil & Gas Limited, before Justice Darius Khobo of the Kaduna State High Court on a two-count charge bordering on advance fee fraud and obtaining money under false pretence to the tune of ₦1,020,000,000.
According to the EFCC, Haruna allegedly obtained ₦782.3 million in December 2023 and another ₦125 million in January 2024 from one Alhaji Sheriff Zailani Shanono, under the guise of providing him with the dollar equivalent of the sums. Investigations revealed that the defendant presented fake evidence of payment after receiving the funds, leading to his arrest and subsequent arraignment.
Haruna, however, pleaded not guilty to the charges when they were read to him. The prosecution counsel, M.E. Eimonye, requested a trial date, while the defence counsel, M.T. Mohammed, informed the court of a pending bail application. Justice Khobo adjourned the matter to November 19, 2025, for hearing on the bail application and ordered that the defendant be remanded in a Correctional Centre pending further proceedings.
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In another development, the EFCC Kaduna Zonal Directorate also handed over a bank draft of ₦42.5 million to Mrs. Margret Taye Odofin, a 70-year-old widow and retiree, being part of the funds recovered from her fraudulent account and investment officer, Mrs. Kehinde Olawale Yusuf, an employee of a new-generation bank.
Mrs. Odofin had petitioned the EFCC in December 2024, alleging that Mrs. Yusuf lured her into a bogus investment scheme between November and December 2020, promising quarterly returns of ₦1.7 million. Investigations revealed that the banker fraudulently diverted ₦47 million from the widow’s account and later absconded to the United Kingdom.
Despite her flight, EFCC operatives traced and recovered part of the stolen funds, which were officially returned to the victim on Thursday, November 6, 2025, by Acting Zonal Director Bawa Kaltungo, on behalf of EFCC Chairman, Mr. Ola Olukoyede.
An emotional Odofin expressed gratitude to the Commission for restoring her faith in justice.
“When the suspect fled to the UK, I was told to report to the EFCC in Nigeria. Today, God has used the Commission to wipe away my tears. I thank Mr. Olukoyede for this excellent work; I will continue to campaign for the EFCC anywhere,” she said.
Kaltungo, while presenting the cheque, reaffirmed the EFCC’s commitment to justice and victim support.
“We appreciate your trust in the Commission. Under Mr. Olukoyede’s leadership, we remain steadfast in recovering assets for victims and ensuring perpetrators of economic crimes face justice,” he stated.
The two cases underscore the EFCC’s unwavering resolve to curb economic and financial crimes while restoring hope to victims across Nigeria.
By PRNigeria
