EFCC 2026 Fraud Cases highlight 10 companies facing prosecution over alleged fraud, money laundering and financial crimes involving billions

Nigeria’s anti-corruption drive has entered a more aggressive corporate phase in 2026, with the Economic and Financial Crimes Commission (EFCC) pursuing several companies and business executives over alleged fraud, money laundering, diversion of funds and other economic offences.

Also read: CAC, EFCC Intensify Crackdown on Unregistered PoS Operators in Nigeria

Under the leadership of EFCC Chairman Ola Olukoyede, the commission has increasingly expanded investigations beyond individuals to corporate entities suspected of being used as channels for unlawful financial transactions.

The ongoing cases involve companies operating across key sectors including oil and gas, banking, entertainment, investment services and financial businesses. While the allegations remain before various courts and have not been proven, the defendants are presumed innocent until convicted.

The following are some of the most prominent EFCC 2026 Fraud Cases involving companies and corporate interests.

1. Cresco Oil and Gas Limited: N336.99 million allegation

Cresco Oil and Gas Limited is among the companies facing one of the closely watched EFCC prosecutions in 2026.

The company, alongside Abdulkarim Muhammad Arome and another defendant, Peter Daniels Prosper, is accused by prosecutors of allegedly converting N336.99 million belonging to Lotus Bank through a scheme involving conspiracy, stealing and retention of criminal proceeds.

The EFCC alleges that the transactions occurred between 2022 and 2023, with the funds allegedly diverted through corporate channels.

The case reflects the commission’s growing attention towards financial activities involving the energy and banking sectors, especially where corporate structures are suspected of being used to disguise questionable transactions.

2. 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited: N206 million case

Three companies linked to social media personality Ismaila Mustapha, popularly known as Mompha, are also facing prosecution.

The EFCC arraigned Sarumi Samusideen Babafemi alongside 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited over allegations involving approximately N206 million.

Prosecutors accused the defendants of conspiracy, concealment and transfer of proceeds of crime between 2013 and 2018.

The case highlights the EFCC’s increasing focus on companies allegedly used to move or conceal suspicious funds.

3. Intermediate Investment Holdings Limited: $1.5 million investment dispute

Intermediate Investment Holdings Limited and its representative, Ufoma Joseph Immanuel, are facing allegations connected to a $1.5 million investment obtained from Adebisi Adebutu of R28 Holdings Limited.

The EFCC alleges that the funds were secured through false representations relating to energy-sector investments and shareholding arrangements.

The prosecution has drawn attention to the importance of transparency in private investment schemes and corporate fundraising activities.

4. Viscount Microfinance Bank: N19 million and $30,000 allegation

Viscount Microfinance Bank’s Managing Director, Blessing Gozi-Anyaokei, was arraigned by the EFCC over allegations involving investors’ funds.

According to prosecutors, N19 million and $30,000 entrusted for investment purposes were allegedly converted for personal use.

The case has attracted attention because microfinance institutions play a major role in Nigeria’s financial inclusion system, making allegations involving customer funds particularly significant.

5. Abu-Haneefa Oil and Gas Limited: N691.68 million allegation

Abu-Haneefa Oil and Gas Limited and its Managing Director, Musa Farouk Abubakar, are among the oil-sector companies facing EFCC prosecution in 2026.

The company and other defendants were arraigned on a 15-count amended charge involving alleged conspiracy, corruption and money laundering amounting to N691.68 million.

The EFCC alleges that funds suspected to be proceeds of unlawful activity were transferred through company accounts and linked to property transactions.

The defendants have pleaded not guilty, and the matter remains before the court.

6. FC Njoku and Company: N240.94 million contractor payment allegation

FC Njoku and Company, owned by former Nigerian Railway Corporation Finance Director Felix Njoku, has also appeared in an EFCC prosecution.

The commission alleges that Njoku received N240.94 million from contractors handling Nigerian Railway Corporation projects through the company’s Zenith Bank account.

The prosecution forms part of broader investigations into alleged corruption linked to public procurement and contractor payments.

7. Nigerian Railway Corporation procurement network: N2.04 billion case

The EFCC is also prosecuting senior officials linked to alleged procurement-related offences involving the Nigerian Railway Corporation.

The investigation involves Felix Njoku, Benjamin Chinwuba Iloanusi and Oche Jerry Ogbole-Inalegwu over allegations bordering on abuse of office, money laundering and unlawful enrichment.

The alleged amount involved exceeds N2.04 billion, making it one of the largest corruption-related cases currently before Nigerian courts.

8. Chayomi Aluminum Limited: N1.87 billion foreign exchange allegation

Chayomi Aluminum Limited is facing prosecution over an alleged foreign exchange fraud case involving N1.87 billion.

The EFCC accused Titilayo Eboh, the company and another defendant, Abubakar Funtua, of allegedly collecting funds from representatives of Himark Intertrades Limited under the promise of providing US dollars at an agreed exchange rate.

Prosecutors allege the foreign currency was never delivered.

The case highlights the EFCC’s increased scrutiny of businesses involved in foreign exchange transactions.

9. Ski Hi-Entertainment: N16.85 million dud cheque case

Entertainment company Ski Hi-Entertainment became part of the EFCC’s 2026 corporate prosecutions after its Chief Executive Officer, Ifeanyichukwu Ogbu, was arraigned over an alleged dud cheque offence.

The EFCC alleged that Ogbu issued cheques worth N16.85 million after accommodation bills for members of Nigerian Premier Football League clubs remained unpaid.

According to prosecutors, the cheques were later rejected due to insufficient funds.

The case reflects the commission’s focus on corporate executives accused of financial misconduct.

10. Jasfad Resources Enterprises: N1.6 billion money laundering allegation

Jasfad Resources Enterprises, a Bureau de Change operator, is involved in an EFCC case concerning alleged money laundering involving N1.6 billion.

The EFCC re-arraigned Aliyu Abubakar alongside the Bauchi State Accountant-General over allegations that public funds were transferred through the business and subsequently converted.

The case underscores the commission’s attention to financial businesses that may serve as channels for movement and concealment of illicit funds.

As these prosecutions continue, the EFCC’s expanding focus on companies signals a broader enforcement strategy aimed at addressing corporate structures allegedly connected to economic crimes.

Also read: CAC, EFCC Intensify Crackdown on Unregistered PoS Operators in Nigeria

However, each matter remains subject to judicial determination, and no company or individual listed has been found guilty unless established through the courts.