EFCC returns N24m recovered from alleged share fraud to ex-lawmaker

By Imisioluwa Afunmiso

The Economic and Financial Crimes Commission (EFCC) has handed over N24 million recovered during the investigation of an alleged case of conspiracy and fraudulent sale of shares to a former lawmaker, Senator Obende Alaba Domingo.

The money was presented on Thursday by the Lagos Zonal Directorate 2 of the Commission in three Access Bank drafts.

According to the EFCC, the recovery followed a petition it received on January 15, 2020, alleging conspiracy and the fraudulent sale of shares by Coronation Securities Limited.

The Commission said investigations into the petition established that the funds were fraudulently obtained through the alleged sale of shares, leading to the recovery of N24 million.

Speaking during the handover, officials of the Commission said the refund demonstrates the EFCC’s commitment not only to prosecuting economic and financial crimes but also to ensuring that victims recover assets lost to fraudulent activities.

The case which dates back to January 2020 when Senator Domingo petitioned the EFCC over the alleged fraudulent disposal of his shares. Following years of investigation, the Commission traced and recovered N24 million linked to the transaction.

The handover marks the latest in a series of asset restitution efforts by the anti-graft agency, which has increasingly focused on returning recovered funds and property to victims of financial crimes, alongside the prosecution of suspects.

The EFCC reaffirmed its commitment to investigating financial crimes, recovering proceeds of fraud, and ensuring that perpetrators are brought to justice in accordance with the law.