FBI Flags Nigerian Tech Founder Izunna Okonkwo in $41 Million Insider-Trading Probe

U.S. federal investigators have linked Nigerian tech entrepreneur and Forbes 30-Under-30 honoree, Izunna Okonkwo, to an extensive insider-trading and money-laundering network that allegedly generated more than $41 million in illegal stock-market profits.

According to filings submitted to a U.S. District Court, Okonkwo, co-founder of the Lagos- and Atlanta-based software startup Pastel, is accused of trading on confidential acquisition information sourced from an investment banker at Citibank. Prosecutors say the banker passed advance deal intelligence to an associate, who then relayed the tips to Okonkwo and other beneficiaries.

Investigators allege that Okonkwo allowed his brokerage accounts to be used for coordinated trades ahead of major pharmaceutical takeovers, earning millions in rapid stock gains before announcements became public. Court documents also indicate that some trades were executed from a London residence linked to the entrepreneur.

The transactions reportedly spanned multiple high-value mergers between 2020 and 2023, including acquisitions by Gilead, Amgen, Pfizer, Biogen, and AbbVie, deals prosecutors say delivered several million dollars in profits to Okonkwo and relatives.

U.S. authorities further claim that Okonkwo maintained communication with key participants through encrypted channels and explored ways to assist the Citibank banker in securing new employment as the scheme expanded.

While charges have already been filed against the banker for leaking restricted financial intelligence, officials have not confirmed whether Okonkwo has been detained. The indictment identifies him as a dual Nigerian-American national with business operations in Lagos and the United States.

Pastel, founded in 2021 and known for developing tools for small businesses, has not issued a formal statement. A spokesperson for the company declined to comment when contacted.

The investigation remains ongoing, and U.S. prosecutors say the alleged scheme involved multiple individuals whose combined profits exceeded $41 million over a five-year period.