Business

How the EFCC is tracing and freezing Ponzi scheme assets across Nigeria

Published

Tuesday, 29 April 2025, 2:15 am

As soon as an investigation begins, the Commission moves to secure interim forfeiture orders and works closely with banks, regulators and international partners to identify and freeze illicit funds.

Recent high‑profile actions have resulted in thousands of frozen accounts and the seizure of assets valued at billions of naira, although formal recovery and restitution to victims remain in progress.

Below is an overview of the EFCC’s multi step approach to protecting investors and upholding financial integrity.

Legal authority and interim forfeiture

Under the EFCC Establishment Act, the Commission can investigate economic crimes and apply immediately for court approval to freeze suspected proceeds of fraud. These interim forfeiture orders cover bank accounts, real estate, vehicles and other assets, ensuring that criminals cannot conceal or dissipate stolen funds before trial.

ALSO READ: CBEX isn’t The Last: How to detect the next Ponzi scheme in Nigeria

Forensic accounting and bank collaboration

EFCC teams use forensic accounting techniques to trace financial flows from the very start of an investigation. Formal requests compel banks and payment providers to share customer data, transaction histories and beneficiary information. This partnership allows investigators to map complex money trails and identify hidden accounts linked to Ponzi operators.

Digital and cross border tracking

To address modern fraud methods, the EFCC employs digital forensics experts to analyze blockchain records and cryptocurrency transactions. For cases involving funds moved abroad, the Commission liaises with international agencies such as INTERPOL and foreign enforcement bodies to exchange intelligence and secure asset freezes in other jurisdictions.

EXPLORE: CBEX: 6 Ponzi scheme red flags every Nigerian should know

Freezing accounts and seizing assets

Once evidence is gathered, the EFCC obtains court orders to lock down bank accounts connected to fraudulent schemes. In landmark operations, over a thousand accounts were frozen in a single action. Beyond cash, the Commission has seized luxury vehicles, corporate shares and hundreds of properties pending the outcome of legal proceedings.

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Regulatory partnerships and public advisories

The EFCC works hand in hand with the Securities and Exchange Commission and the Central Bank of Nigeria to identify unlicensed investment platforms. Joint alerts and public warnings inform investors about suspect entities and advise them to verify a platform’s registration status before depositing funds.

High profile recoveries and ongoing investigations

Recent EFCC crackdowns have targeted platforms responsible for trillion naira losses, including CBEX. Arrests of key syndicate members have led to the recovery of significant sums for restitution. Parallel operations against cryptocurrency and romance scams have also yielded record asset recoveries, marking a year of strong enforcement results.

Challenges and future enhancements

Despite these successes, the EFCC faces challenges such as court delays, rapidly evolving digital scams and limits on post forfeiture asset management. To strengthen its efforts, the Commission is advocating legislative reforms to streamline freezing procedures, expand custodial powers and invest in advanced technology and training for investigators.

By leveraging its legal mandate, strategic partnerships and advanced investigative methods, the EFCC continues to dismantle Ponzi networks and reclaim stolen assets. This consistent enforcement work sends a clear message that financial fraud will not go unpunished and reinforces confidence in Nigeria’s financial system.

RECOMMENDED: FULL LIST: 58 illegal Ponzi scheme operators Nigerians should be aware of

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Business

Nigerian Breweries’ Sade Morgan named Corporate Affairs Director for Heineken Africa & Middle East

Published

5 hours ago

April 28, 2025

John

Nigerian Breweries Plc- Nigeria’s foremost brewing company, has announced the appointment of Sade Morgan as the Corporate Affairs Director, for Heineken Africa & Middle East (AME) region. Her appointment takes effect on 1st May, 2025.

The appointment was conveyed in a statement signed by the Managing Director, Nigerian Breweries Plc, Hans Essaadi on Friday, April 4, 2025.

Morgan, who is currently Nigerian Breweries Corporate Affairs Director, has been elevated to a global role at Heineken, succeeding David Paterson and becoming the first regional national from AME region to hold this senior leadership role.

In this role, Morgan joins both the Heineken Global Corporate Affairs Leadership Team and the Heineken AME Management Team to continue to drive the Corporate Affairs strategy in advancing the growth agenda and protecting the reputation for HEINEKEN in AME.

Since joining NB Plc in 2018 as Corporate Affairs Director, she has led high-stakes regulatory and fiscal engagements in a dynamic operating environment, driving a robust optimal business climate agenda for the Nigerian business, mitigating significant excise tax increases and securing a more viable regulatory framework.

More recently, she played a key role in managing the temporary suspension of operations in select breweries in Nigeria, ensuring seamless stakeholder engagement and business continuity. Beyond her role in regulatory affairs, she has also provided strategic leadership in advancing Heineken’s Brew a Better World sustainability ambitions and goals in Nigeria.

Morgan was recently awarded the 2025 Outstanding Corporate Spokesperson of the year in the 2nd edition of the Nigerian National SpokesPersons Award, and Corporate Communications Professional of the year at the 2024 Lagos Public Relations Industry Gala and Awards.

Morgan is a highly accomplished corporate executive with a remarkable 27-year track record of driving business growth, managing risk, and leading high-performing teams across various industries, including fast-moving consumer goods, tobacco, and beverages. A lawyer, corporate affairs and communications professional, her impressive track record speaks for itself, with wide cross-geographical experience and a passion for building winning teams and empowering women.

Sade started her career as a lawyer in 1993 and has since worked with top Nigerian law firms and multinational companies honing her skills in resolving complex business issues across diverse sectors. In her current role as Corporate Affairs Director for Nigerian Breweries Plc, a position she has held since December 2018, Sade has been instrumental in shaping the company’s corporate governance, regulatory affairs, reputation management, and sustainability strategies.

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Her expertise spans legal, regulatory, and business leadership roles, having served as Legal, Public Affairs and Communications Director at Coca-Cola Hellenic Bottling Company as well as other various roles within the company including Executive Committee and Board member. She has also served as Legal Director and EEMEA Regulatory and Marketing Counsel for British American Tobacco’s global operations.

A distinguished alumnus of prestigious business schools IMD and INSEAD, Sade holds honors degrees in Law from Obafemi Awolowo University and the Nigerian Law School. She is a respected member of the Institute of Directors, the Nigerian Institute of Public Relations, and she pioneered the Food and Beverage Recycling Alliance (Nigeria) as its first Chairperson. Sade is happily married with 3 children to Seye Morgan, Managing Director/Chief Executive Officer, Rihago Auction Ltd.

Beyond her corporate achievements, Sade has played a pivotal advisory role in shaping public policy on business regulation and corporate governance in Nigeria. Her exceptional leadership and expertise have influenced decision-making in the consumer goods, beverages, and tobacco sectors, cementing her reputation as a champion of ethical practices and corporate responsibility within the private sector.

Prior to joining Heineken, she was the Legal, Public Affairs, and Communications Director at Nigerian Bottling Company, a subsidiary of Coca-Cola Hellenic Bottling Company, where she played a pivotal role in regulatory and stakeholder engagement, crisis management, and corporate reputation strategy.

Before then, she also held senior legal, corporate affairs and regulatory roles at British American Tobacco, including an international assignment in the UAE, where she sat on the Management Team supporting the Gulf Cooperation Council (GCC) countries. She also served as West Africa Area Legal Director, driving legal, policy advocacy and regulatory strategy across multiple markets, followed by a UK-based role where she had regulatory marketing oversight for the Africa, Middle East & Eastern Europe (AMEE) region. Prior to joining British American Tobacco, she worked in two of the most reputable commercial law firms in Nigeria- Adepetun, Caxton-Martins and Segun(ACAS) and Aluko & Oyebode.

Morgan is an alumna of executive management programs at IMD (Switzerland) and INSEAD (France) and an active member of professional organizations including the Institute of Directors and the Nigerian Institute of Public Relations. She was also the inaugural Chairperson of the Food and Beverage Recycling Alliance in Nigeria.

Her leadership and ability to navigate complex regulatory landscapes will be crucial in driving the Corporate Affairs agenda across the AME region.

About Nigerian Breweries PLC:

A member of the HEINEKEN Group, Nigerian Breweries Plc is Nigeria’s pioneer and largest brewing company. Incorporated in 1946 as "Nigerian Brewery Limited,” the company made history in June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line. Today, it has a rich portfolio of 19 high-quality brands (Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz, and Legend) produced from nine breweries and two malting plants distributed nationwide.

Nigerian Breweries Plc is also the recipient of several awards and recognition in other areas of its operations, including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability.

To learn more, visit the Nigerian Breweries website: nbplc.com

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