Business
Nigerian National Pleads Guilty to $5m Illegal Money Transfer Scheme
BY SUNDAY SAMUEL—–Nigerian national, Ifeanyi Emmanuel Ugwu, 49, has admitted guilt to operating an unlicensed money transfer business through which more than $5 million in illicitly sourced funds was processed, U.S. Attorney Eric Grant has disclosed.
Court records show that between December 2020 and August 2023, Ugwu owned, managed, and served as the chief executive officer of Franklin Finance Inc.
Ugwu who lives in Bakersfield through the company,established and controlled 20 bank accounts across nine banks and other financial institutions, through which he received about $5 million from over 100 individuals within the United States.
He subsequently moved the funds to recipients in China, Nigeria, and other locations.
Authorities stated that at no time did the company possess the necessary licenses required to legally operate as a money-transmitting business.
Investigators further revealed that several of the individuals who transferred money to Ugwu were victims of fraud and cyber-related crimes. Out of the total amount handled, approximately $580,000 was identified as proceeds from fraudulent schemes involving these victims.
According to court documents, Ugwu was able to continue operating the unlicensed business by making false representations to customers, banks, and financial institutions in an effort to hide his illegal activities.
Several U.S.-based individuals who sent money through the operation were also confirmed to have been victims of online fraud and other cybercrimes.
The case was investigated by the IRS Criminal Investigation unit and Homeland Security Investigations, while Assistant U.S. Attorney Cody S. Chapple is handling the prosecution.
Ugwu is scheduled to be sentenced by U.S. District Judge Jennifer L. Thurston on July 27, 2026.
He faces a maximum sentence of five years imprisonment and a $250,000 fine.
However, the final sentence will be decided at the discretion of the court after considering relevant statutory provisions and the Federal Sentencing Guidelines, which take into account several factors.
The post Nigerian National Pleads Guilty to $5m Illegal Money Transfer Scheme appeared first on Business Today NG.
Coronation Insurance Plc has announced the launch of MotorMax, an innovative motor insurance policy designed to transform the Nigerian motor insurance landscape by moving motorists beyond basic third-party compliance to affordable, comprehensive vehicle protection.
For decades, motor insurance adoption in Nigeria has largely been limited to mandatory third-party coverage. MotorMaxaddresses this gap by offering motorists robust, accessible protection for their own vehicles, with plans starting from as low as ₦25,000.
MotorMax introduces a flexible, tiered structure—Bronze, Silver, and Gold—tailored to meet the diverse needs and budgets of Nigerian drivers, from urban commuters to long-distance travellers and owners of high-value vehicles.
The MotorMax Bronze plan serves as an entry-level upgrade from basic third-party insurance. Priced at ₦25,000 annually, it offers vehicle repair coverage of up to ₦500,000; third-party vehicle damage coverage of up to ₦3,000,000; unlimited (but reasonable) compensation for third-party injury or death; towing services up to ₦5,000; emergency medical expense coverage up to ₦10,000; and a 10% policy excess.
The MotorMax Silver plan, available at ₦45,000 annually, enhances protection with vehicle repair coverage up to ₦750,000, increased towing benefits of up to ₦15,000 (intra-state) and ₦25,000 (inter-state), and emergency medical coverage up to ₦15,000.
At the premium tier, MotorMax Gold offers motorists near-comprehensive benefits at a significantly lower cost than traditional comprehensive insurance. Priced at ₦50,000 annually, it includes vehicle repair coverage up to ₦1,000,000; third-party vehicle damage coverage up to ₦3,000,000; unlimited liability for third-party injury or death; towing services up to ₦15,000 (intra-state) and ₦25,000 (inter-state); emergency medical coverage up to ₦20,000; and a 10% policy excess.
MotorMax is specifically designed for motorists currently on third-party policies who seek enhanced protection without the financial burden of full comprehensive insurance. By bridging the gap between compliance and comprehensive cover, the product empowers drivers with greater peace of mind on every journey.
Speaking on the launch, Olamide Olajolo, MD/CEO of Coronation Insurance Plc, said:
“MotorMax represents our commitment to reimagining insurance for the everyday Nigerian. We understand that many motorists want more protection than third-party cover but are constrained by cost. With MotorMax, we are providing a practical, affordable solution that delivers meaningful coverage and peace of mind. This is a significant step in deepening insurance penetration and ensuring more Nigerians are truly protected on the road.”
The launch of MotorMax underscores Coronation Group’s broader mission to deliver transformational solutions that address real-life challenges across Africa. By raising the standard for motor insurance offerings, Coronation Insurance continues to position itself as a customer-focused innovator in the industry.
Motorists can purchase MotorMax by emailing digitalsales@coronationinsurance.com.ng or calling 02-012275475 or 02-012275476.
The post Coronation Insurance Redefines Motor Insurance in Nigeria with Launch of MotorMax appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—The Naira weakened to ₦1,389 per dollar, down from ₦1,382.75/$ recorded before the Easter break, amid continued pressure in Nigeria’s foreign exchange market.
This contained in a notice posted on the official website of Central Bank of Nigeria,( CBN), that intraday trading saw the local currency fluctuate between ₦1,381/$ and ₦1,390/$, with an average rate of ₦1,386.3/$.
Meanwhile, the country’s external reserves fell by about $850 million over three weeks, declining to $49.18 billion between March 11 and April 2, 2026, highlighting tightening liquidity in the forex market.
Activity in the Non-Deliverable Forward (NFEM) interbank market recorded a turnover of ₦48.66 billion across 71 deals.
The post Naira Slides to ₦1,389/$ as External Reserves Fall to $49.18bn appeared first on Business Today NG.
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