Reporting on Fintech, Bitcoin, Ethereum, Blockchain and Cryptocurrency News in Nigeria

DiutoCoinNews Markets

EFCC Detains Obi Cubana Over Money Laundering, Tax evasion

Share this:

On Monday 1st of November, the report of the arrest of Obinna Iyiegbu popularly known as “Obi Cubana” by the Economic and Financial Crimes Commission(EFCC) was flying around the news media. The EFCC has nonetheless cleared the air and clarified the matter.

As reported, a source from the EFCC has indicated that it wasn’t an arrest but rather the business tycoon walked into their office in Wuse Zone 6 Abuja by himself. The source affirmed that he was invited some two weeks ago and he showed up on Monday.

The Economic and Financial Crimes Commission have stated why it invited the socialite. According to them, he is brought in for questioning with regards to money laundering, evasion of tax by the Cubana group and the abuse of naira.

It is uncertain if the abuse of naira charges levelled on him is related to the spraying of naira notes earlier this year during his mother’s burial ceremony.

Reflecting on his interview with BBC in July after his mother’s burial, Obi Cubana has stated that the money sprayed was not his and those have every right to do as they please with their money. Furthermore, he said all they are trying to do is show love.

At the time of this writing, the money laundering charges haven’t stuck. But money laundering is a serious charge in Nigeria. The Nigerian government has since linked money laundering with the use of cryptocurrency.

Just last week, the Nigerian government declared its desire to join the Financial Action Task Force (FATF) to join the fight against financial crime globally. The FATF is known for its crackdown on cryptocurrencies as it is a means that aid financial crimes.

The EFCC has however said that it cannot detain Obi Cubana for more than 48 hours without charging him to court according to the law. 

Copyright DiutoCoinNews

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission fromĀ  DiutoCoinNews.


Your email address will not be published.

Data Scientist, Tech Enthusiast and a Crypto Lover