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Nigerian National Pleads Guilty to $5m Illegal Money Transfer Scheme

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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.

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Lagos Police Arrest 23 Suspected Cultists, Recover Firearms in Statewide Raids

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The Lagos State Police Command has recorded significant breakthroughs through coordinated and simultaneous operations targeting cultism and illegal arms proliferation across Ikorodu, Lagos Island, Okoko, Ilasan, Ogba, and Iju areas of the State.

The operations resulted in the arrest of twenty-three suspected cultists, recovery of five (5) firearms and other incriminating exhibits.

During the operation in Ikorodu, four suspects were arrested following credible intelligence linking them to cult-related activities. Preliminary findings indicate links to the Buccaneers Confraternity (Sea Lords).

In Lagos Island, nine  suspected cultists were arrested during a raid on a criminal hideout. In Ilasan, five suspects in connection with a cult-related killing of one Emmanuel Obioson were arrested. In Okoko, one suspect with ties to the Eiye Confraternity was intercepted in possession of a firearm.

Similarly, in Ogba and Iju areas, the operations led to the arrest of four (4) suspects involved in illegal cult gatherings, assault, and other related violent crimes. Weapons used in the attacks were recovered, and victims are currently receiving medical attention.

The suspects are: Shina Wale ‘m’ 36yrs, Kehinde Kareem ‘m’ 18yrs, Mohammed Aileru ‘m’ 18yrs, Bada Mujeeb ‘m’ 18yrs, Salam Kosoko ‘m’ 30yrs, Yusuf Anjorin ‘m’ 19yrs, Quadri Abubakar ‘m’ 21yrs, Lateef Salako ‘m’ 18yrs, Fawaz Bello ‘m’ 30yrs, Oyesola Olalekan ‘m’ age 36yrs, Ubaka Justice ‘m’ age 36yrs, Emmanuel Obekpa ‘m’ age 36yrs, Sodiq Ademola ‘m’ age 36yrs, Balogun Taofeek ‘m’ 33yrs, Azeez Owolabi ‘m’ age 28yrs, Meshack Obini ‘m’ age 24yrs, Fabulous John ‘m’ age 25yrs, Promise Israel ‘m’ age 28yrs, Bright Aniedi ‘m’ age 27yrs, Familola Fikayo David ‘m’ age 24yrs, Akeem Olamilekan ‘m’ aka Magali age 43yrs, Muiz Oyedele ‘m’ age 20yrs, Hamzat Sadiq ‘n’ age 19yrs

The exhibits include: Five (5) locally made pistols, one (1) toy pistol, fifteen (15) live cartridges, three (3) expended cartridges, one (1) Police camouflage face cap, one (1) Army camouflage face cap, one (1) jack knife with the pouch.

The Commissioner of Police, Lagos State Command, reiterates the Command’s unwavering commitment to eradicating cultism and violent crimes.
He urges members of the public to remain vigilant and continue to support the Police with timely and credible information through the Command emergency lines: 07061019374, 08065154338, 08063299264, 08039344870, and 09168630929.

The post Lagos Police Arrest 23 Suspected Cultists, Recover Firearms in Statewide Raids appeared first on Business Today NG.

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UTME 2026 Begins Nationwide as Over 2.2 Million Candidates Participate

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The 2026 Unified Tertiary Matriculation Examination (UTME) has officially commenced today across Nigeria, with more than 2.2 million candidates taking part in the nationwide assessment exercise.

The examination, conducted by the Joint Admissions and Matriculation Board (JAMB), began on Thursday April 16, at accredited Computer-Based Test (CBT) centres nationwide, as candidates sat for their scheduled sessions under strict supervision and updated examination guidelines.

JAMB disclosed that 2,243,816 candidates enrolled for this year’s examination, marking a 10.5 per cent rise compared to the 2.03 million candidates recorded in 2025.

To strengthen the credibility of the process, the board has introduced biometric authentication and live monitoring technology throughout the examination period.

According to JAMB, any candidate whose biometric data fails verification will be rescheduled for another date at designated centres.

Candidates were also instructed to print their examination notification slips from the official JAMB portal to confirm their exam dates, venue, and time, and to report at their centres at least one hour before their allotted session.

State-by-state registration data released by the board showed that Lagos State recorded the highest number of applicants with 381,814 candidates.

It was followed by Ogun with 137,156, Oyo with 122,662, Kaduna with 103,498, and the Federal Capital Territory with 102,961.

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