The Central Bank of Nigeria says 33 banks have met new capital requirements under a major recapitalization programme. The exercise raised $3.36 billion, boosting financial stability and strengthening the sector’s ability to support economic growth.
Friday, April 3, 2026
Nigerian banks raise $3.36 billion in major reform drive
The Central Bank of Nigeria says 33 banks have met new capital requirements under a major recapitalization programme. The exercise raised $3.36 billion, boosting financial stability and strengthening the sector’s ability to support economic growth.
Police arrest Nigerian man over $550,000 scam targeting American woman
The Nigeria Police Force has arrested a suspect over an alleged $550,000 cyber fraud targeting an American woman.
The suspect, identified as Emwanta Smith, was arrested on 26 March in Benin City, Edo State, by operatives working through the INTERPOL National Central Bureau Abuja, the police said.
In a statement issued Tuesday in Abuja, Force Public Relations Officer, Anthony Okon, said the arrest followed a four-day intelligence-led operation conducted between 23 March and 26 March after a formal complaint by the victim.
The police said preliminary findings indicated that the suspect allegedly posed as high-ranking government officials and other prominent figures to gain the victim’s confidence.
He was said to have subsequently persuaded her to transfer funds via cryptocurrency channels over the period from October 2025 to January 2026.
“Investigations revealed that the suspect used false identities of notable personalities to deceive the victim and induce payments via digital currency platforms,” Mr Okon said.
He said proceeds of the alleged fraud were traced to the acquisition of five vehicles and an uncompleted building in Benin City, which have now been secured as exhibits.
He also disclosed that counterfeit cash valued at $10,000 was recovered from the suspect at the time of arrest.
Mr Okon said investigations are ongoing and reiterated the police’s commitment to tackling cybercrime, particularly schemes that exploit cross-border anonymity and digital financial systems.
By Ekemini Simon, Premium Times
Alleged ‘Fake Prince’ Arrested in Nigeria as Another Apparent Victim of the Romance Scam Comes Forward
The suspect, identified as Emwanta Smith, was arrested on 26 March in Benin City, Edo State, by operatives working through the INTERPOL National Central Bureau Abuja, the police said.
In a statement issued Tuesday in Abuja, Force Public Relations Officer, Anthony Okon, said the arrest followed a four-day intelligence-led operation conducted between 23 March and 26 March after a formal complaint by the victim.
The police said preliminary findings indicated that the suspect allegedly posed as high-ranking government officials and other prominent figures to gain the victim’s confidence.
He was said to have subsequently persuaded her to transfer funds via cryptocurrency channels over the period from October 2025 to January 2026.
“Investigations revealed that the suspect used false identities of notable personalities to deceive the victim and induce payments via digital currency platforms,” Mr Okon said.
He said proceeds of the alleged fraud were traced to the acquisition of five vehicles and an uncompleted building in Benin City, which have now been secured as exhibits.
He also disclosed that counterfeit cash valued at $10,000 was recovered from the suspect at the time of arrest.
Mr Okon said investigations are ongoing and reiterated the police’s commitment to tackling cybercrime, particularly schemes that exploit cross-border anonymity and digital financial systems.
Pattern of scams targeting Americans
In July 2020, PREMIUM TIMES reported how the Nigerian police arrested a suspected internet fraudster, Chukwuebuka Obiaku, who allegedly lured an American woman to Nigeria under the guise of marriage and extorted $48,000.
Some cases have had fatal consequences. In October 2023, a US citizen died by suicide after losing his life savings to a romance scam carried out by a network of fraudsters, including Nigerians based in the US and Nigeria.
In February this year, a Nigerian, Afeez Adewale, was extradited to the US to stand trial for offences, including sexual extortion, wire fraud and a death linked to the scheme.
Earlier, in April 2025, the Federal Bureau of Investigation said it arrested 22 Nigerian cyber fraud suspects accused of sexually blackmailing and extorting minors in the US.
Edo State has featured prominently in several high-profile cyber fraud cases.
In September 2023, the Economic and Financial Crimes Commission (EFCC) handed over a three-bedroom semi-detached duplex in Edo State to American victim Cheryldene Cook, who was scammed by Aisosa Ohue after paying N104 million in a romance scam.
In May 2025, the EFCC traced $30,000 in laundered funds from the activities of an internet fraudster in Auchi, Edo State
In July 2020, PREMIUM TIMES reported how the Nigerian police arrested a suspected internet fraudster, Chukwuebuka Obiaku, who allegedly lured an American woman to Nigeria under the guise of marriage and extorted $48,000.
Some cases have had fatal consequences. In October 2023, a US citizen died by suicide after losing his life savings to a romance scam carried out by a network of fraudsters, including Nigerians based in the US and Nigeria.
In February this year, a Nigerian, Afeez Adewale, was extradited to the US to stand trial for offences, including sexual extortion, wire fraud and a death linked to the scheme.
Earlier, in April 2025, the Federal Bureau of Investigation said it arrested 22 Nigerian cyber fraud suspects accused of sexually blackmailing and extorting minors in the US.
Edo State has featured prominently in several high-profile cyber fraud cases.
In September 2023, the Economic and Financial Crimes Commission (EFCC) handed over a three-bedroom semi-detached duplex in Edo State to American victim Cheryldene Cook, who was scammed by Aisosa Ohue after paying N104 million in a romance scam.
In May 2025, the EFCC traced $30,000 in laundered funds from the activities of an internet fraudster in Auchi, Edo State
By Ekemini Simon, Premium Times
Thursday, April 2, 2026
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Nigeria fuel prices surge 65% amid global oil shock
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Nigeria makes progress in recovering looted Benin artefacts
Nigeria has recorded a breakthrough in the effort to recover artefacts looted during the 1897 Benin Expedition. A joint announcement by Cambridge University and Nigeria’s Commission for Museums and Monuments confirms the transfer of legal ownership, while physical returns are planned for the coming months. The move forms part of a wider push across Europe to address colonial-era collections.
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