Economic and Financial Crimes Commission (EFCC) has arraigned four persons before the Federal High Court in Lagos over an alleged money laundering scheme involving $5.3 million.

The defendants — Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo and Gbenro Victor Ademola — were arraigned before Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi on separate two-count charges bordering on money laundering.

According to the anti-graft agency, the alleged offence involved a total of $5,296,691 and contravenes the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the charges against Emmanuel alleged that between January 1 and 31, 2025, he retained $826,691 in a Wema Bank account, which he allegedly ought to have known formed part of the proceeds of unlawful activities.

The EFCC alleged that the act was contrary to Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.

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All four defendants pleaded guilty when the charges were read to them.

Following their pleas, Bilkisu Buhari, prosecution counsel,  told the court that investigations showed the defendants admitted handing over their personal details to one Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos, where they carried out their businesses.

According to the prosecution, the personal information was used to register several companies, including College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.

The EFCC further alleged that corporate bank accounts were opened in the names of the companies and used to receive millions of dollars within January 2025.

Buhari told the court that the arrangement enabled the actual operators of the companies to remain anonymous while facilitating the movement of suspicious funds through Nigeria’s financial system.

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She urged the court to convict the defendants based on their guilty pleas and impose appropriate sentences.

Justice Ogazi ordered that the defendants be remanded in a correctional facility and adjourned the matter until August 4, 2026, for judgment.

Central Bank of Nigeria (CBN), has ordered banks to refund a total  N19.12 billion to customers for illegal deductions and poor complaint handling.

This is coming as bank customers lodged 23,129 complaints against financial institutions in 2025, representing 11 per cent increase over the previous year.

The apex bank also imposed N1.69 billion in penalties on financial institutions for regulatory breaches, poor complaint handling and failure to comply with its directives, according to its 2025 Annual Report.

The CBN attributed the increase in complaints  to  growing public confidence in its consumer protection framework rather than a deterioration in banking services.

The report stated: “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53 per cent above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”

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The apex bank added: “A total of 18,824 complaints were resolved, indicating a 9.36 per cent increase over the 17,213 complaints resolved in 2024.”

On the value of disputed transactions, the CBN said: “Total claims in local currency increased to N40.61 billion from N17.13 billion in 2024. Foreign currency claims also rose, reaching $344.2 million compared with $1.06 million in the preceding year.”

According to the report, “Based on the resolved complaints, the sums of N19.12 billion and $329.3 million were refunded in 2025, compared with N9.66 billion and $0.67 million in 2024.”

The CBN said it strengthened enforcement against erring financial institutions during the year.

It stated: “During the review period, the Bank imposed 11 penalties on financial institutions totalling N1.26 billion for infractions ranging from regulatory breaches and failure to respond to regulatory queries.”

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The report further disclosed: “In addition, the Bank imposed 21 penalties on financial institutions to the tune of N430 million for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”

Access Bank Plc has dismissed rumours circulating on social media that it is shutting down, describing the reports as false and malicious.

The bank, in a statement issued on Thursday, assured customers, shareholders and other stakeholders that it remains financially sound, stable and fully operational, urging the public not to be misled by the viral message.

According to the bank, the fake report falsely portrayed itself as an official communication from Access Bank with the intention of creating panic and disrupting business activities.

“We wish to reassure our customers, partners, stakeholders and the general public that Access Bank is safe, financially strong and fully operational across all our subsidiaries. Our services continue to run seamlessly, and we remain committed to serving our customers with the highest standards of excellence,” the statement read.Business Formation

The bank emphasised that there was no truth whatsoever in the claim that it was preparing to cease operations, insisting that all its branches and digital banking platforms remained fully functional.

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Access Bank said it had begun working with regulatory agencies and security authorities to trace those responsible for originating and circulating the false information.

It warned that anyone found culpable would face prosecution in line with the provisions of relevant Nigerian laws.

The lender specifically noted that the creation and dissemination of false information capable of causing panic or eroding public confidence in institutions is punishable under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.

The bank urged customers to exercise caution when consuming information online and to verify any claim through its official communication platforms before taking action.

It also appealed to the public not to forward or circulate the fake message, stressing that doing so could further spread misinformation and create unnecessary anxiety.

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Reaffirming its commitment to customers, Access Bank said it would continue to provide secure, reliable and uninterrupted banking services while maintaining the confidence reposed in it by millions of customers across Nigeria and its international operations.