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Tag: EFCC

  • Criminal trial: Atuche not bound by court’s rule – judge

    Criminal trial: Atuche not bound by court’s rule – judge

    Justice Saliu Saidu of the Federal High Court in Lagos Tuesday held that the court’s rule on criminal trial is not binding on a former Managing Director of Bank PHB (now Keystone Bank), Mr Francis Atuche.

    He said Section 5 of the court’s Criminal Practice Direction, designed to ensure speedier trial, is not enforceable on him.

    The judge said the section offends Section 36 of the 1999 Constitution as it tended to undermine the accused person’s rights.

    “I hold that Section 5 of the Federal High Court Criminal Practice Direction is not enforceable on the first accused person (Atuche),” Justice Saidu held.

    He added: “Substantial justice is not to be sacrificed on the altar of expeditious determination of cases. Just determination of cases is more important.”

    Atuche is standing trial along with a former defunct Spring Bank Plc Managing Director Mr. Charles Ojo on an amended 45-count charge bordering on alleged N125 billion fraud.

    Section 5 of the Practice Direction requires the defence to disclose its case before the commencement of trial.

    Opposing the provision, Atuche’s lawyer Chief Anthony Idigbe (SAN) said that it was irregular for the defendant to be constrained to specify in writing, the defence he intends to raise, or which aspects of the prosecution’s case it intends to oppose, where no witness has been called.

    Idigbe said no burden of proof should be placed on the defendant, adding that the practice direction tries to force the defence team to specify their strategy.

    He, therefore, urged the court to discountenance the prosecution’s insistence on relying on the practice direction.

    According to Idigbe, the power of the court’s Chief Judge was limited by the provisions of sections 4 of the Criminal Procedure Act (CPA).

    But prosecution’s lawyer Mr. Kemi Pinhero (SAN) argued that the practice direction did not derogate from the provisions of the 199 Constitution.

    He noted that Section 254 empowers the Chief Judge to make rules to guide the court’s proceedings.

    Justice Saidu, however, said the practice direction does not conflict with the CPA, but is only aimed at preventing trial delays.

    Refusing to invalidate the entire Practice Direction, he said: “It does not alter or amend the CPA or the High Court Act. It regulates criminal proceedings. The Chief Judge is empowered by Section 254 of the Constitution to make the direction.”

    The Economic and Financial Crimes Commission (EFCC) re-arraigned Atuche and Ojo on charges of acquiring Keystone Bank’s shares using depositors’ funds.

    They pleaded not guilty to the 45 counts of conspiracy, reckless granting and approval of loans and money laundering, between September 1, 2006 and 2009.

    Atuche was also accused of applying N3.5billion being proceeds of unlawful loans granted to Tradjek Nigeria Limited, a subsidiary of Futureview Financial Services Ltd, in payment for his acquisition of shares of Bank PHB using various companies as fronts with an intention to conceal the ownership of the loans.

    EFCC said he collaborated with different companies to conceal the genuine origins of the N3.5billion used to acquire the bank’s shares.

    The alleged offences, all of which Atuche denied, contravene Section 14(1) of the Money Laundering (Prohibition) Act and Section 516 of the Criminal Code Act Cap 38, Laws of the Federation of Nigeria 2004.

    Reckless granting of loans contravene Section 7(1) (b) of the Advance Fee Fraud and other Fraud Related Offences Act and punishable under section 7(2)(b).

    Justice Saidu adjourned the case till November 18 and 19 for trial.

     

  • Ex-Mint chief for trial in UK

    Ex-Mint chief for trial in UK

    •EFCC arrests Okoyomon ahead of extradition to the UK

    After investigating the alleged N750million polymer note bribery, the Economic and Financial Crimes Commission (EFCC) is to extradite a former managing director of the Nigerian Security Printing and Minting Company, NSPMC, Emmanuel Ehidiamhen Okoyomon to the United Kingdom for trial.

    Okoyomon was the chief executive of the NSMPC until November 2013 when he was suspended by the Board of the Central Bank of Nigeria in the wake of the N1000 notes disappearance scandal.

    Okoyomon, who holds dual Nigerian and British citizenship, has been arrested by the EFCC.

    The international dimension to the scandal was said to have informed the proposed extradition of the ex-Mint boss.

    According to some sources, the extradition was approved by the Federal Government following substantial investigation into the scam by the EFCC in collaboration with the Australian Federal Police (AFP) and the British National Crime Agency (BNCA).

    It was learnt that the outcome of the investigation revealed a “kind of international network and the diversion of the bribe sums into slush accounts in the UK and Canada.”

    A source said: “Okoyomon is to be extradited to face trial in the United Kingdom. The extradition process has been initiated through the Office of the Attorney-General of the Federation under a mutual legal assistance request by the British Government.

    “The trial of the suspect in the UK will further assist in unmasking the international syndicate behind the bribery deal on the award of polymer note contract.

    “The EFCC has conducted substantial investigation with Australiam Federal Police (AFP) and the British National Crime Agency (BNCA) which showed elements of international collaboration.

    “Okoyomon has been under investigation since 2012 following request by the British National Crime Agency.

    “The request for extradition also followed the discovery by the Australian authorities that some Nigerian officials at the Central Bank of Nigeria and the Mint, received bribes and kick backs from Securency Pty Limited, a polymer substrate producing company for the contract to produce N20 polymer notes for the Central Bank of Nigeria between 2006 and 2008.

    Another source gave some insights into the findings of the EFCC and international agencies involved in the probe.

    The bribes were routed through offshore accounts in the UK and other jurisdictions

    The source added: “The EFCC investigation uncovered a web of forgery, identity fraud and money laundering running into millions of naira.

    “The erstwhile Mint boss allegedly used the names of his driver and clerk to open different bank accounts in which he diverted several alleged bribery funds without their knowledge.

    “He allegedly forged a driver’s licence with the photograph of his driver but bearing a different name belonging to his official clerk to open the account in which N368million proceeds of laundered bribery funds were traced, with Okoyomon as the sole beneficiary.

    “Over N750million is alleged to have exchanged hands between officials of the CBN, the NSPMC and Securency International Pty of Australia, (now Innovia Security Pty Limited).”

    Responding to a question, the highly-placed source said: “Okoyomon has been arrested; he is in custody ahead of his extradition to the United Kingdom.

    “Of course the suspect’s movement had been restricted since he was placed under investigation. His passports were not only seized, he had been asked to report routinely to the EFCC.”

    When contacted, the Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, said: “This commission will extradite Okoyomon to the UK any moment from now for prosecution in the UK.”

    President Umaru Yar‘Adua had in company with the then CBN Governor, Prof. Charles Soludo launched the new N5, N10 and N50 polymer notes  on September 30, 2009 at the Presidential Villa.

    The circulation of the new bank notes coincided with Nigeria’s 49th Independence Anniversary day celebration.

    But there had been allegations of shady deal between some CBN officials and Securency International Pty of Australian.

    The AFP had already probed the alleged N750million bribe offered by Securency to win the contract.

    Although the contract for the printing of N5, N10, N50 notes were awarded in 2009, the bribery scandal involving Securency was perpetrated in 2006.

    Investigation by our correspondent revealed that the probe conducted by AFP had given clues which the EFCC looked into.

    According to a document, the CBN tender results for banknotes in 2006 showed how Securency bid for N20 polymer notes at Euro 73.475 per 1000 notes including freight charge.

    But, it was learnt that the cost was later reduced to Euro 59.88 by the CBN when the N20 polymer contract was awarded in 2006.

    The bid was dotted with the N750million bribery scandal

    Others involved in the bid were Global Securency (Australia); Gieesecke and Devrient (G &D) of Germany; De La Rue (the UK); FC Oberther (France) and Nigerian Security Printing and Minting Company (NSPMC).

    The bid was opened on March 27, 2006 and finally concluded by April 4, 2006.

    A March 16, 2006 letter from the Director of Currency and Banking Operations of the CBN had invited the five firms for the bid.

    After the bid, G&D and NSPMC were awarded contract for the printing of the notes. But Global Securency won the bid for the production of polymer substrates.

    The contract was awarded to the short-listed firms on May 2, 2006.

    In spite of the alleged scandal, Securency later made offer to acquire the Mint until public opinion weighed against it.

    The EFCC in April last year quizzed Okomoyon over the contract. Okomoyon was arrested following reports on the alleged scam sent to the EFCC by the Australian police. This was shortly after he resigned his appointment on the heels of the disappearance of millions of N1000 currency notes from the company. He was quizzed by investigators at the EFCC Abuja office.

    Nigerian officials allegedly received bribes for Securency, a note-printing firm partly owned by the Reserve Bank of Australia, which handled the polymer banknotes contract.

    A former Governor of the Central Bank of Nigeria, Prof Chukwuma Soludo, was quizzed by the EFCC  January last year in connection with the probe.

    Although the contract for the printing of N5, N10, N50 notes were awarded in April 2009, the bribery scandal involving Securency occurred in 2006.

    According to a document, the CBN tender results for banknotes in 2006 showed how Securency, bid for N20 polymer note at Euro 73.475 per 1000 notes, including freight charge.

    But it was learnt that the cost was later reduced to Euro 59.88 by the CBN when the N20 polymer contract was awarded in 2006.

    Others involved in the bid are: Global Securency (Australia); Gieesecke and Devrient (G &D) of Germany ; De La Rue (the UK ); FC Oberther ( France ) and Nigerian Security Printing and Minting Company (NSPMC).

    A document by the anti-graft agency signed by its director of operations, Olaolu Adegbeti, showed that Okoyomon had committed forgery and identity thefts which he used as cover to launder huge sums of money running into millions of naira during his tenure as chief executive of the organisation.

    The memo, entitled “Ongoing investigation of Messrs Paul Macauley and Victor Aisagbonhi”, CR:3000/EFCC/DOPS/VOL.21/325 and dated March 20, 2014, fingered the erstwhile Mint boss of fraudulently using the names of his driver and clerk to open different bank accounts in which he diverted several alleged bribery funds without their knowledge.

    According to the commission’s findings, over N750million is said to have exchanged hands between officials of the CBN, the NSPM and Securency International Pty of Australia, even as the said monies were allegedly delivered to the Nigerian officials through two British businessmen, Benoy Berry and Michael Harvey.

    EFCC added that on July 13, 2007, Okoyomon allegedly opened a bank account with the Guaranty Trust Bank Plc with forged documents, using the passport photograph of one Mr Paul Macaulay, his official driver at the Mint for the transaction.

    He was said to have forged a driver’s licence with the same photograph of Mr Macaulay bearing a different name belonging to his official clerk, Mr John Peter Ebhodaghe, on it to open the account, in which N368million proceeds of laundered bribery funds have been traced to, with Okoyomon as the sole beneficiary.

    “The fraudulent account was used to launder proceeds of bribery by Mr Emmanuel Ehidiamhmen Okoyomon who was the main beneficiary of the funds,” EFCC stated in the memo.

    In the memo by the EFCC, Adegbeti said four other bank accounts operated at the First City Monument Bank (FCMB) have also been traced by the anti-graft agency to the former managing director.

    The said accounts which also bear the name of his clerk, Mr John Peter Ebhodaghe, but with a different passport photograph of one Mr Victor Aisagbonhi was opened by the former Mint boss in four different currencies of naira, euro, British pounds and dollars.

    The anti-graft agencies alleged that while N106million was laundered in the naira account, the second account has about €156,000, with the third account stashed with £246, 220 deposit and the with about $431,600.

    “Four accounts for naira, euro, dollar and British pounds at FCMB Plc in the name of John Peter Ebhodaghe were found to have the photograph of Victor Aisagbonhi; Okoyomon was found to be the major beneficiary of the accounts,” the memo further noted.

  • ‘N1.1b subsidy fraud’: Court summons EFCC’s witness

    Justice Lateefat Okunnu of a Lagos High Court, Ikeja yesterday summoned a witness of the Economic and Financial Crimes Commission (EFCC), Kehinde Akinmolayan,  for repeatedly failing to appear in court.

    He is expected to give evidence in support of the prosecution in the trial of an oil marketer, Opeyemi Ajuyah, over allegations of fuel subsidy fraud.

    Ajuyah and her company, Majope Investment, are on trial with another oil marketer, Abdullahi Alao and his company, Axe Eneryg Nigeria Ltd and Olanrewaju Olalusi, a worker with Sterling Bank Plc, for an alleged N1.1billion fuel subsidy fraud.

    At the resumed hearing, EFCC’s prosecuting counsel, Mr. Rotimi Oyedepo, told the court that Akimolayan, a principal witness in the trial, refused to honour invitations to give evidence.

    He claimed that the witness alleged that some persons were after his life and that one of the suspects attempted to enter his home.

    Oyedepo said the witness was adamant despite assurances to protect his life.

    He prayed the court to summon him.

    Justice Okunnu granted the request.

    The matter was adjourned till tomorrow.

     

     

  • Subsidy fraud: Court summons EFCC witness

    Justice Lateefat Okunnu of a Lagos High Court, Ikeja, on Monday summoned a witness of the Economic and Financial Crimes Commission, Engr. Kehinde Akinmolayan for repeatedly failing to appear in court to give evidence.

    Akinmolayan is expected to give evidence in support of the prosecution in the ongoing trial of an oil marketer, Opeyemi Ajuyah, who is standing trial for alleged fuel subsidy fraud.

    Ajuyah and her company – Majope Investment Limited  are standing trial alongside another oil marketer, Abdullahi Alao and his company – Axe Eneryg Nigeria Limited and Olanrewaju Olalusi, a staff of Sterling Bank Plc.

    The company has denied the allegation.

    At the resumed hearing of the matter, EFCC prosecuting counsel, Mr. Rotimi Oyedepo, told the court that Akimolayan, who is a principal witness in the trial, has refused to honour invitations to give evidence in the matter.

    Oyedepo claimed the witness had alleged that some persons were after his life and the people attempted to gain entrance into his house.

  • Update: Ikuforiji’s trial a joke taken too far – Judge

    Update: Ikuforiji’s trial a joke taken too far – Judge

    Justice Ibrahim Buba of the Federal High Court on Friday described the trial of Lagos State House of Assembly Speaker Adeyemi Ikuforiji for money laundering charges as a joke taken too far.

    The judge said this while discharging and acquitting the Speaker from the charges filed against him by the Economic and Financial Crimes Commission (EFCC).

    He upheld Ikuforiji’s no-case submission and held that the prosecution did not prove the allegation.

    The judge said EFCC prosecuted Ikuforiji “by trial and error.”

    “It is the considered opinion of this court that the prosecution, on the no-case submission, has no answer and has not made out a prima facie case against the accused person.

    “On other constitutional issues, the prosecution has not also answered the submissions referred to in this ruling. Consequently, the first and second accused be and are hereby discharged,” Justice Buba ruled.

    The Speaker and his aide Oyebode Atoyebi were re-arraigned on an amended 21-count charge of money laundering.

    They were accused of accepting cash payments amounting to N338.8 million from the House without going through a financial institution.

    Justice Buba held that Ikuforiji was charged on mere suspicion of money laundering anchored on a “baseless” petition by Lai Olotu, who “disappeared into thin air” afterwards.

    He said the Speaker was wrongly arraigned as the transactions that formed the basis of the charge were “duly approved in law and sanctioned by law.”

    According to the judge, the prosecution’s witnesses gave evidence that reinforced the accused persons’ innocence rather their proving their guilt.

    To the judge, the right thing would have been for EFCC to withdraw the charge when it realised it had no watertight case against Ikuforiji.

    “This proceeding should have been treated as an aborted trial, whereby the charge should have been withdrawn.

    “Having not done the needful, the court is expected and, in law entitled, to uphold the no case submission and discharge the accused,” the judge held.

    The judge said EFCC was in difficulty as to which offence to charge Ikuforiji with, and under which law.

  • Money laundering: Court frees Lagos Speaker Ikuforiji

    Money laundering: Court frees Lagos Speaker Ikuforiji

    The Federal High Court in Lagos on Friday discharged and acquitted the Speaker of the Lagos State House of Assembly, Adeyemi Ikuforiji, of money laundering charges.

    Ikuforiji was arraigned by the Economic and Financial Crimes Commission alongside one his aides – Oyebode Atoyebi.

    They were accused of receiving over N600million from the House between April 2010 and July 2011, without passing through a financial institution.

    Only two witnesses testified for the EFCC, namely its official Adebayo Adeniyi and a former Permanent Secretary and Clerk of the House Adewale Olatunji

    Justice Ibrahim Buba, while ruling on a no-case submission made by the defence, held that the prosecution did not sufficiently prove its case against the defendants.

    Details later…

  • Alleged theft: Power outage stalls Atuche’s trial

    Power outage at the premises of the Lagos High Court, Ikeja, on Wednesday stalled the trial of a former managing director of Bank PHB, Francis Atuche.

    The News Agency of Nigeria reports that Atuche and his wife, Elizabeth, are standing trial over alleged theft of N25.7 billion belonging to the bank (now Keystone Bank).

    They are being prosecuted alongside a former Chief Financial Officer of the bank, Ugo Anyanwu, before Justice Lateefat Okunnu.

    However, the proceedings could not go on as scheduled on Wednesday because of power outage which affected some courtrooms in the complex.

    One of the generators supplying power to the new court complex where Okunnu’s courtroom is located was said to have developed a fault.

    The situation forced the court to adjourn the case till September 26 for Atuche to continue his testimony.

    Atuche had earlier denied the theft charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

    The former bank chief had said that he could not engage in theft as a member of Catholic faith.

    He also told the court how he grew a mortgage finance company – Pinnacle Investment Limited — and transformed it into Platinum Bank Plc.

    Atuche said the bank merged with Habib Bank following the mandatory N25 billion recapitalisation policy initiated by former governor of Central Bank, Prof. Charles Soludo.

     

  • Outrage grows over $9.3m seized in South Africa

    Outrage grows over $9.3m seized in South Africa

    JNI, Akume demand probe of smuggled cash from Nigeria

    There was more outrage yesterday over the smuggling of $9.3million from Nigeria into South Africa purportedly to buy arms.

    Islamic body Jama’atu Nasir Islam (JNI) expressed disbelief that such a mission was undertaken ostensibly on behalf of government.

    Senate Minority Leader Geroge Akume expressed “utmost dismay and anger” over the matter. He criticised Christian Association of Nigerian (CAN) President Ayo Oritsejafor for his role in the matter.

    The CAN leader has admitted having a “residual interest” in Eagle Airline Limited, owners of the Bombadier jet to ferry the cash from Abuja to Johannesburg on September 5”.

    He, however, said the plan had been leased to another company since August. The company gave the plane  out on charter.

    Jama’atu Nasril Islam (JNI) expressed disbelief over the impounding of the jet in South Africa, laden with $9.3 million in cash, purportedly to buy arms in the country, saying that the matter became more of concern to JNI because the government has full knowledge of it, despite its illegality.

    A statement by JNI Secretary General, Dr. Khalid Abubakar Aliyu in Kaduna yesterday said: “Government should tell Nigerians the real fact on the issue. We hope the matter will not be wheedled with. However, we note with dismay the unguarded utterances of some leaders that they will call on their followers to defend themselves.

    “Also we note the uncourteous speeches attacking other leaders, which leave much to be desired and overheat the polity.

    “JNI demands answers to why were the presidential fleet of jets not used? Is government short of official agents which necessitated assigning non official ones? With the current trend of cashless financial transaction, why is such huge amount carried in cash? And isn’t arms deals executed via third parties?

    “Where is the Ministry of Defence and the office of the National Security Adviser? Was due process followed through relevant government agencies? And are bilateral matters dealt with in that way?”

    The apex Islamic body in the North also urged Senators and Reps to rise initiate a special discussion on the matter, which according to it, as urgent public interest revolves on it, as it relates to threat to national security.

    “The EFCC must wholly play its role in this direction by prosecuting those involved to adequately face the wrath of the law. It doesn’t matter whose ox is gored.

    “We are in support of any move to restore peace and security and we will not waiver. We commend the efforts of security agents in the fight against terrorism and the successes so far achieved,” the statement added.

    Akume statement said the circumstances surrounding the incident suggested that those ferrying the money did it in open breach of Nigerian and international laws.

    “South Africa has already established a prima facie case of criminality involved in the questionable misadventure.”

    Pastor Oritsejafor’s arguments are unsustainable because he has vicarious liability at several levels. One, the vessel used for criminal activity belongs to him. Secondly, he commercially leased the vessel to Eagle Air, which is a company he holds an interest in and which in turn further leased same to the company that converted it to commercial use with his full knowledge and approval. The chain of ethical liability is unbroken. How will the pastor explain his involvement with people engaged in the murky waters of international arms trafficking?”

    “The President of CAN, Pastor Ayo Oritsejafor, claimed that his congregation donated this same jet to him on the 40th anniversary of his ministry sometime in 2012 for the purpose of attending to his flock and doing God’s work. The plane, a Bombardier Challenger 600, was registered as a privately owned jet supposedly for pastoral use. However, the three passengers arrested in South Africa with the aircraft were definitely not on pastoral visit to preach the gospel of Jesus Christ.

    “Unfortunately, the Christian Association of Nigeria (CAN) has jumped into this fray, hurling insults on respectable members of the society and making statements that are more political than spiritual. I wish to remind officials of CAN that when on 27th August, 1976, Christian leaders first met at the Catholic secretariat, Lagos, they agreed to establish an organisation that would promote cooperation among Christians, interfaith harmony and safeguard the welfare of all Nigerians. When CAN was eventually registered in 1986, its constitution clearly articulated among other objectives to act as ‘watchperson of the spiritual and moral welfare of the Nation’. Another core objective is to promote understanding, peace and unity among the various people of Nigeria.

    From the pioneer president of CAN His Eminence Dominic Cardinal Ekannem through his revered successors like His Eminence Anthony Cardinal Okogie, Dr. Sunday Mbang, Most Rev. Peter Akinola and the immediate past President of CAN and Catholic Archbishop of Abuja, His Eminence John Cardinal Onaiyekan, CAN witnessed its glorious years.

    “My appeal to Pastor Oritsejafor is that as a Christian leader, his beacon should be Jesus the Christ. “

    “I advise him to sell this controversial jet and use the funds to reconstruct or rehabilitate churches destroyed by Boko Haram in the northeast of Nigeria. This advice is especially apt now that the Pastor no longer needs the plane for pastoral duties,” Akume said.

  • Oil marketer denies diverting 10,000 metric tonnes of PMS

    An oil marketer, Opeyemi Ajuyah, accused of N1.1 billion fuel subsidy fraud, has denied the allegation by the Economic and Financial Crimes Commission (EFCC) that she did not import 15,000 metric tonnes of PMS into the country.

    Ajuyah told the court that the EFCC did not do enough investigation to verify its claim that the vessel, MT Brave, actually discharged 15,000 metric tonnes of PMS at Lister jetty.

    Olanrewaju Ajanaku, who is representing the marketer, Ajuyah and her company, Majope Investment Ltd, spoke yesterday at the resumed trial of the defendants before Justice Lateefat Okunnu of a Lagos State High Court in Ikeja.

    Ajuyah and her company  are being prosecuted by the EFCC with another oil marketer, Abdullahi Alao and a worker of Sterling Bank Plc, Olanrewaju Olalusi.

    Speaking through her counsel, Ajanaku, the oil marketer denied that she  conspired with others to divert over 10,000 metric tonnes of Premium Motor Spirits.

    Under cross examination by defence counsel, Ajanaku, an EFCC investigator, Mr. Effa Okim, admitted that an independent auditor, Mr. Ezekiel Ejidele, who supervised the transaction reported that 15,000 metric tonnes were discharged.

    Ajanaku argued that the EFCC failed to do a thorough investigation of the transaction and tendered Ejidele’s statement to the commission.

    The statement was admitted as exhibit by the court.

    Ajanaku said the statement by Ejidele, a worker with Akintola Williams Delloite Auditing Firm, confirmed that 15,000 metric tonnes was discharged at the jetty.

    Ajanaku further argued that the discharge certificates signed by the other surveyors, Q and Q Survey Ltd and Petroma Logistics Limited also revealed a discharge of 15,000 metric tonnes.

    The EFCC investigator, Okim, at the last hearing on May 27 testified that the defendants collected subsidy payment based on claims that they imported 15,000 metric of petroleum product into the country.

    Okim told the court then that investigations by the EFCC, however, showed that the vessel, MT Brave, only discharged 4,264 metric tonnes at the Lister Jetty in Apapa, contrary to the claims of the defendants.

    He said the remaining product was allegedly diverted to an unknown destination by the defendants.

    He alleged that Majope Investment Limited  obtained a subsidy payment for 15,000 metric tonnes from the Petroleum Support Fund for the transaction.

    The matter was adjourned till September 19 for continuation of hearing.

  • EFCC arrests two for ‘N1.3b fraud’

    The Economic and Financial Crimes Commission (EFCC) said yesterday that it had arrested two suspected fraudsters, who allegedly defrauded a foreign investor of $7.9million (N1, 327, 200,000).

    It said a businessman from the Middle East was swindled by the suspects.

    A statement by the commission’s Head of Media and Publicity, Mr. Wilson Uwujaren, said the suspects lured the businessman to invest in the flourishing oil sector in Nigeria.

    The statement reads: “The suspected fraudsters, Mr. Victor Uadiale and Captain Nnaji Everest, were arrested separately in connection to the scam.

    “Uadiale, the principal suspect, is the arrow head of an international syndicate versed in defrauding international businessmen seeking investment opportunities in the country.

    “He allegedly invited the investor, a businessman from the Middle East, to invest in the flourishing oil sector in Nigeria.

    “Using a pseudo name: Victor Emeka, he made the investor to visit Nigeria and received him at the Nnamdi Azikiwe International Airport, Abuja and thereafter flew him in a helicopter to a destination where he reportedly met a certain Mr. Grant, a member of the syndicate, who assured him of the credibility of the business arrangement.

    “Convinced that Uadiale was real and the business promising, the investor started paying money in foreign currency into Uadiale’s offshore accounts from where they are laundered into bank accounts around the world.

    “A sum of $ 1,292,000 was traced to a Barclay’s Bank (United Kingdom) account of Captain Nnaji Everest, a member of Uadiale’s syndicate.

    “Also, N1,599,602.58; N1,241,039,000; 894.79 Pound Sterling and $275.30 were traced to Uadiale’s accounts with one of the new generation banks in Nigeria and 391.93 Pound Sterling to another local bank.”

    The commission said although one of the suspects, Uadiale, denied the alleged fraud, a business associate further exposed the deal.

    The statement added: “In the course of investigation, Uadiale denied meeting or transacting any business with the foreign investor.

    “He was, however, nailed by a business associate of the investor, who identified him as the fraudster that duped the investor and led operatives of the EFCC to Uadiale’s home in Festac Town, Lagos.

    “Uadiale and Everest will soon be charged to court.”