News
EFCC Arrests Top Banker, Wife over Alleged $1.49m Scheme
Economic and Financial Crimes Commission, (EFCC), Lagos has arrested a couple, Rowly Isioro, a former Assistant General Manager with one of the first generation banks and his wife, Ovuomarhoni Naomi Isioro, a businesswoman, for their alleged involvement in Business Email Compromise fraud and money laundering.
The couple allegedly laundered the total sum of one million and forty-nine thousand Dollars ($1.49m) through Ovuomarhoni Naomi’s bank account in Nigeria.
Their arrest followed a petition received by the Commission from the US Federal Bureau of Investigation (FBI), through the office of the Legal Attache, United States Consulate, Lagos, about their alleged involvement in computer-based fraud, stealing and money laundering.
So far, the investigation revealed that Naomi met one Michael Uziewe (who is still at large) in Atlanta, Georgia, United States of America, sometime in 2016, and introduced her to foreign exchange business.
Through this encounter, Naomi and her banker husband turned their two registered companies, Marhoni General Services Limited and Multaid Plus Limited, into a conduit for the dispersal of funds wired by Uziewe, who allegedly owns Global Investment network.
Naomi, in statements volunteered to the Commission, confirmed she had been receiving monies in Dollars, with instructions to pay the naira equivalent into accounts provided by Uziewe.
Facts have also emerged that each time Naomi receives the Dollar transfers, she makes over the counter withdrawals, in breach of financial regulations that such transactions go through the financial system, and sell them to Bureau de Change operators for Naira equivalents.
Rowly Isioro, a banker of over 22 years of experience has also confessed that he was aware that his wife met someone in the United States of America, who sends her Dollars, while she pays the naira equivalent to various accounts on the instruction of the US-based partner.
Rowly was allegedly relieved of his appointment with the bank as a result of his involvement in the money laundering scheme.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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