Featured Nigeria

Lebanon’s Jammal Trust Bank forced to close by U.S. sanctions

Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by U.S. sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday. The central bank said the value of the bank’s assets, and its share of the national deposit… Read More

Hundreds arrested US-Nigeria crackdown on cyber scams

The US Department of Justice announced Tuesday that 281 people were arrested in a global crackdown on wire transfer scams. Over a four-month period, “Operation reWired” was aimed at stopping so-called business email compromise (BEC) schemes, which are “designed to intercept and hijack wire transfers from businesses and individuals,” the Justice Department said. The… Read More

Ex-Goldman Sachs banker told to pay back 7.3 million or face jail

A former Goldman Sachs banker who helped a corrupt Nigerian politician hide a fortune in offshore accounts has been ordered to pay back £7.3m or face 10 years more in jail. Ellias Preko, 60, used his ‘gold-plated credentials’ to launder at least £3m plundered by James Ibori, the former governor… Read More
23rd August 2019
AP—The relationship between a Japanese woman and a U.S. Army captain stationed in Syria started online, through an international social network for digital pen pals. It grew into an internet romance over 10 months of daily emails. It ended with the woman $200,000 poorer and on the verge… Read More
30th July 2019
Japanese police have uncovered a record number of money laundering cases, some of which involved international criminal networks using bank accounts in the country, a new report shows. Incidents of money laundering rose about 40% on the year to 511 in 2018, topping 500 for the first time in data… Read More
10th June 2019
The news this week that the Bailiwick of Jersey had recovered more than $267 million linked to former Nigerian President Sani Abacha puts a spotlight on the banking sector’s vulnerability to money laundering. The funds, which were purportedly derived from corruption, had first been laundered through the US banking system… Read More
6th June 2019
Over $267 million has been seized from an account maintained for former Nigerian head-of-state Sani Abacha, according to the Bailiwick of Jersey. The funds, which have been transferred to Jersey’s Civil Asset Recovery Fund, were derived from corruption and laundered through the US banking system with aid of Abacha’s son… Read More
13th May 2019
The Nigerian government has accused former President Goodluck Jonathan and his then oil minister of accepting bribes and breaking the country’s laws to broker a $1.3 billion oil deal eight years ago, a London court filing shows. The deal, in which Anglo-Dutch company Royal Dutch Shell and Italian peer Eni… Read More
26th April 2019
Glencore Plc said on Thursday that the U.S Commodity Futures Trading Commission (CFTC) is investigating whether the miner and its units may have violated certain regulations through “corrupt practices”. The company said the investigations are at an early stage and have a similar scope in terms of subject matter as… Read More
21st April 2019
The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it has become a payment terminal in the… Read More
The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it’s a payment terminal in the pocket. Every… Read More
13th February 2019
AP — The widow of a Nigerian activist executed by their country’s government more than two decades ago accused oil giant Shell of complicity in his death at a civil case in a Dutch court Tuesday. “Shell came into my life to make me a poverty-stricken… Read More
Anti-money laundering author Ehi Eric Esoimeme devles into the issues surrounding pension fraud in Nigeria. Of interest is a revised approach to the processing of death benefits in one of Africa’s most populous states. Will the new measures prove effective, or can more be done?… Read More