Crime
PSFU Secures Asset Forfeiture in N8.58bn Fraud Probe
PSFU N8.58bn fraud asset forfeiture as police secure court order freezing accounts linked to alleged billion-naira financial scam investigation
The Police Special Fraud Unit (PSFU) has obtained a Federal High Court order for the forfeiture of assets and bank accounts linked to an alleged ₦8.58 billion fraud involving a technology company, two corporate entities and three individuals in Nigeria.
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This was confirmed on Monday in Lagos by the unit’s spokesperson, Deputy Superintendent of Police Ovie Ewhubare, who disclosed that the ruling was granted in connection with multiple financial crime allegations.
According to the police, the case involves accusations of conspiracy, obtaining money under false pretences, fraudulent conversion, stealing and money laundering linked to the affected companies and individuals.
The entities named in the investigation include Plaude Technologies Ltd and Omberra Commodities Ltd, alongside individuals identified as Olatomiwa Idowu, Osikoya Joshua and Ibunkunoluwa Adebayo, as well as several bank accounts allegedly tied to the transactions.
Ewhubare explained that the investigation began after a petition was received from a financial institution, which accused the suspects of raising funds through alleged fraudulent investment schemes and misrepresentation.
PSFU N8.58bn fraud asset forfeiture followed what authorities described as an extensive intelligence-led investigation involving multiple financial institutions and regulatory bodies.
Preliminary findings reportedly indicated that Plaude Technologies Ltd lacked the operational capacity to fulfil financial commitments made to investors and business partners.
Investigators further alleged that one Osaretin Jonathan, described as a director of the company, moved funds across multiple accounts in suspected money laundering transactions.
Following these findings, the PSFU approached the court and secured a temporary forfeiture order on the affected assets and accounts pending the conclusion of investigations.
The Commissioner of Police in charge of the PSFU, CP Eloho Okpoziakpo, commended investigators for their professionalism and commitment, describing the operation as a significant step in tackling complex financial crimes.
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He reaffirmed the unit’s resolve to strengthen enforcement against economic offences and protect the integrity of Nigeria’s financial system.
Police dismiss officers Anthony Obodo case has been confirmed as the Rivers State Police Command dismissed three of its officers linked to the killing of a 22-year-old University of Port Harcourt graduate, Anthony Obodo.
The State Commissioner of Police, Olugbenga Adepoju, disclosed this on Wednesday, September 2, 2026, while parading the three officers before journalists in Port Harcourt.
According to the command, the officers were linked to the incident that occurred last Thursday along Ada George in Port Harcourt, where Obodo was shot dead.
A member of the team, an inspector who fled after the shooting, has been declared a deserter.
CP Adepoju stated that the three arrested officers were subjected to an orderly room trial. Following the conclusion of the investigation and the establishment of their culpability, they have been dismissed from the Nigeria Police Force and will be charged to court.
“I am here to provide updates on some serious incidents recently recorded in the state, including the investigation into the death of one Anthony A. Obodo… Following the conclusion of the investigation and the establishment of the culpability of the officers involved… the officers being paraded today have been dismissed from the Nigeria Police Force and will be charged to court,” Adepoju said.
The commissioner noted that he understood the concerns of Obodo’s family and members of the public, adding that the Command has taken appropriate disciplinary action against the police personnel involved.
Obodo, a graduate of the University of Port Harcourt who was reportedly awaiting his NYSC call-up letter, was shot during a police pursuit.
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