Ex-Akwa Ibom Governor Emmanuel spends third day in EFCC net over alleged N700bn fraud

Former Akwa Ibom State Governor, Udom Emmanuel, is currently spending his third day in the custody of the Economic and Financial Crimes Commission (EFCC) following his arrest on Tuesday, March 5, 2025 over allegations of fraud involving 700 billion Naira.

The arrest occurred at the EFCC headquarters in Abuja, where Emmanuel had arrived to respond to allegations of money laundering, diversion of funds, and stealing.

The investigation stems from a petition filed by the Network Against Corruption and Trafficking (NCAT), a civil society organization. According to the petition, Emmanuel received N3 trillion from the Federation Account during his eight-year tenure as governor (2015–2023).

However, it is alleged that he left behind a debt profile of N500 billion and unpaid ongoing projects worth N300 billion in Akwa Ibom State.

Furthermore, Emmanuel is accused of being unable to account for N700 billion.

Investigations have reportedly uncovered troubling transactions, including the withdrawal of N31 billion in cash from a single account named “Office of the Governor” between 2019 and 2023.

The EFCC

EFCC is Nigeria’s primary agency responsible for investigating and prosecuting financial and economic crimes.

Established in 2003 under the administration of President Olusegun Obasanjo, the EFCC was created to combat corruption, money laundering, advance fee fraud (419 scams), and other financial crimes in Nigeria.

The agency operates under the EFCC Establishment Act of 2004 and has its headquarters in Abuja, with zonal offices across the country.

The EFCC investigates and prosecutes individuals and organizations involved in financial crimes, including public officials, private sector actors, and international fraudsters.

The agency is also empowered to trace, seize, and recover proceeds of crime, including funds and properties acquired through illegal means.

Additionally, the EFCC engages in public enlightenment campaigns to educate Nigerians about the dangers of corruption and financial crimes.

It also works with international organizations, such as INTERPOL and the United Nations, to combat cross-border financial crimes and money laundering.

The EFCC has been involved in several high-profile cases, including the investigation and prosecution of former governors, senators, and other public officials.

Despite its successes, the EFCC has faced challenges, including allegations of political interference in some cases, limited resources to tackle the vast scale of corruption in Nigeria, and criticism from some quarters that the agency is sometimes used as a tool for political witch-hunts.

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