Police Freeze N8.58bn in Massive Fraud Crackdown, Secure Court Order Against Firms, Suspects

ByNewsmakers

May 12, 2026 #CP Eloho Edwin Okpoziakpo, #Fraud case in Nigeria, #interim forfeiture order, #Money Laundering, #PSFU, #PSFU Ikoyi fraud prosecution

Matilda Omonaiye/

The Nigeria Police Force has secured an interim forfeiture order over alleged fraudulent funds totalling N8.585 billion in a sweeping anti-fraud operation targeting companies and individuals linked to an alleged financial scam.

The operation was carried out by the Police Special Fraud Unit under the leadership of Commissioner of Police, Eloho Edwin Okpoziakpo.

According to a statement signed by the Unit’s Public Relations Officer, DSP Ovie Kenneth Ewhubare, the forfeiture order was granted by the Federal High Court in suit number FHC/L/MISC/515/2026.

The respondents named in the suit include Plaude Technologies Limited, Omberra Commodities Limited, Olatomiwa Adebayo Idowu, Osikoya Oladayo Joshua and Ibunkun Oluwa Boluwatife Adebayo, alongside several bank accounts allegedly linked to the crime.

Police said the investigation began after a petition from a financial institution accused the suspects of conspiring to obtain huge sums of money under false pretences through alleged fraudulent schemes and deceptive representations.

DSP Ewhubare disclosed that detectives launched an intelligence-driven investigation immediately after receiving the petition, extending probes to several financial institutions and Nigeria’s apex financial regulatory authorities.

According to the statement, investigators discovered that Plaude Technologies Limited allegedly lacked the operational and financial capacity to execute the obligations and business representations made to investors and partners.

The police further alleged that one Osaretin Jonathan, identified as a director in Plaude Technologies, was involved in laundering funds through multiple bank accounts.

“Consequently, the Unit approached the court and successfully obtained a forfeiture order against the affected accounts and assets pending the conclusion of investigations,” the statement said.

CP Okpoziakpo commended the detectives handling the case for their professionalism, diligence and resilience, reaffirming the commitment of the PSFU to tackling sophisticated financial crimes and protecting the integrity of Nigeria’s financial system.