By Erewunmi Peace

Reports circulating online have claimed that First City Monument Bank (FCMB) and Afreximbank were found guilty of fraud by the Economic and Financial Crimes Commission (EFCC) over a $5 million EMIS telecom financing deal. However, available evidence does not support these claims in their entirety.

Findings show that the issue stems from an EFCC internal memo reportedly dated 2017, which raised concerns about the disbursement of funds linked to a telecoms financing arrangement under the Expanded Mobile Information Systems (EMIS) project. The memo allegedly questioned whether due process was followed before funds were released.

Importantly, there is no verified record of a court ruling declaring FCMB or Afreximbank guilty of fraud in connection with the transaction. The EFCC memo reflects an investigation and internal observations, not a final judicial determination.

While the matter has continued to attract public attention years later, there is also no widely confirmed update indicating that the institutions have been legally compelled to refund the funds or that a conclusive judgment has been delivered.

The situation highlights the need for caution in interpreting viral headlines, especially those that present allegations as established facts. As of now, the case remains an issue of investigation and claims, rather than a legally proven instance of fraud.

Readers are advised to rely on verified reports from credible news sources and official statements when following developments on financial or legal matters of this nature.