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US Freezes Abacha’s $458m Loot

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General Sani Abacha, former Nigeria’s maximum ruler
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United States said Wednesday it had ordered a freeze on $458 million in assets stolen by former Nigerian dictator Sani Abacha and his accomplices and hidden in European accounts.

The Justice Department said the corruption proceeds — stashed away in bank accounts in Britain, France and Jersey — were frozen at Washington’s request with the help of local authorities.

Abacha died in office in 1998, but his surviving relatives still include some of the richest and most influential figures in Africa’s most populous nation.

According to a civil forfeiture complaint unsealed in the US District Court in Washington, the department wants the recover more than $550 million in connection with the action.

“This is the largest civil forfeiture action to recover the proceeds of foreign official corruption ever brought by the department,” said Mythili Raman, acting assistant attorney general.

“General Abacha was one of the most notorious kleptocrats in memory, who embezzled billions from the people of Nigeria while millions lived in poverty,” she said.

The Justice Department said the assets frozen — along with additional assets named in the complaint — represent the “proceeds of corruption” during and after the military regime of Abacha, who became president of Nigeria through a military coup on November 17, 1993 and held that office until his death on June 8, 1998.

The complaint alleges that Abacha, his son Mohammed Sani Abacha, their associate Abubakar Atiku Bagudu and others “embezzled, misappropriated and extorted billions from the government of Nigeria and others, then laundered their criminal proceeds through the purchase of bonds backed by the United States using US financial institutions.”

Raman said that the action sends a “clear message” that the United States is “determined and equipped to confiscate the ill-gotten riches of corrupt leaders who drain the resources of their countries.”

The US government’s Kleptocracy Asset Recovery Initiative “where appropriate” provides for the return of stolen proceeds “to benefit the people harmed by these acts of corruption and abuse of office.”

It did not specify what action would be taken with regard to the Abacha case.

The funds frozen include approximately $313 million in two bank accounts in the Bailiwick of Jersey and $145 million in two bank accounts in France, the department said.

Four investment portfolios and three bank accounts in Britain were frozed, with an estimated value of at least $100 million but the exact amounts in the accounts have not yet been determined, it said.

The Justice Department said that on February 25 and 26, authorities in Jersey, France and Britain complied with the US action to freeze the assets.

The complaint also seeks to freeze five corporate entities registered in the British Virgin Islands.

According to the complaint, Abacha and others systematically embezzled billions of dollars in public funds from Nigeria’s central bank on the false pretense that the funds were necessary for national security. They withdrew the funds in cash and then moved the money overseas through US financial institutions.

Abacha and his finance minister, Anthony Ani, also allegedly caused the Nigerian government to buy Nigerian government bonds at vastly inflated prices from a company controlled by Bagudu and Mohammed Abacha. That operation created an an illegal windfall of more than $282 million.

In addition, Abacha and his co-conspirators allegedly extorted more than $11 million from a French civil engineering company, Dumez, and its Nigerian affiliate in connection with payments on government contracts.

Funds involved in each of these schemes were laundered through the United States in nine financial institutions, the complaint alleged.

The financial institutions involved include Citibank, Chase Manhattan Bank and Morgan Guaranty Trust Company, now JPMorgan Chase, and New York-based units of Britain’s Barclays Bank and Germany’s Commerzbank.

 
 


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EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud

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Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.

EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud

Tunde Ayeni, former chairman of defunct Skye Bank Plc,

This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.

He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.

Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.

Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.

Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.

About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.

The EFCC is expected to file charges once the investigation is concluded.


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Summit Factory Opens in Ogun, Targets Hygiene Market Expansion

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L-r: Sadiq Ali, General Manager, Summit Household Solutions Limited; Oba Abdulakeem Odunaro, Onikotun of Otun, Ota; Hon. Wasiu Adewale Lawal (FCA), Executive Chairman of Ado-Odo/Ota LGA; Mr Kehinde Akintomide, Permanent Secretary, Ministry of Commerce, Trade and Investment, Ogun State; and Mojeed Maaradesa, Manufacturing Manager, during the commissioning of the ultra-modern factory by Summit Household Solutions Limited in Ota on Thursday.
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Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.

The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.

Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.

He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.

Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.

In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.

He also revealed that the company is preparing to introduce new home and personal care products later this year.

Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.

Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.

Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.

The special guests were conducted around the facility, and the programme was concluded with a luncheon.

 


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US Freezes $344m in Crypto Linked to Iran in Major Crackdown

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The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.

US Freezes $344m in Crypto Linked to Iran in Major Crackdown

The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.

U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.

Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.

A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.

Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.

The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.

Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.


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