EFCC arrests man over N343.8m phoney investment scam

The Economic and Financial Crimes Commission (EFCC), Ibadan zonal office, has arrested a 40-year-old man, Ayodele Saheed Olaniyi, for allegedly duping some contributors a total sum of N343.880 million. Olaniyi was arrested by the Commission following a petition addressed to the EFCC’s Executive Chairman on February 13, 2018. Signed by a lawyer, Mr Jimoh Ayofe […]

The Economic and Financial Crimes Commission (EFCC), Ibadan zonal office, has arrested a 40-year-old man, Ayodele Saheed Olaniyi, for allegedly duping some contributors a total sum of N343.880 million.

Olaniyi was arrested by the Commission following a petition addressed to the EFCC’s Executive Chairman on February 13, 2018.

Signed by a lawyer, Mr Jimoh Ayofe Tijani of E.F.A. Adeola & Co, the petition was prepared at the instance of 89 individuals who claimed to be victims of the suspect’s alleged fraudulent acts.

The petitioners alleged that Olaniyi hoodwinked them into investing in a network business called ‘Beerbanc Traders’ Network’.

As the petition explained, the business required that the contributors pool resources together to establish a beer retailing business, with the promise that the proceeds would be shared every month among the investors and the coordinating company.

The petitioners said that since they contributed monies, Olaniyi had neither shared profits with them since October 2018 nor return their invested sums, even when it was apparent that the business would not fly.

Our correspondent learnt that upon receipt of the petition, the EFCC acting chairman, Mr Ibrahim Magu, assigned detective officers to look into its merit.

In the course of their investigation, the detectives discovered that the suspect was operating eight different bank accounts through which he enlisted 114 people into the “phoney” scheme.

It was also established that a total sum of N396.5m found in the accounts was never invested in any business as promised by Olaniyi when he was luring his victims into the idea.

Again, the EFCC investigators discovered that the company under which Olaniyi tended to operate the business was not registered with the Central Bank of Nigeria or any other financial institution, as required by law.

Our correspondent gathered that the Commission, after taking the suspect’s statement and conducting a search on his house and business address at Oluyole, Ibadan, granted him an administrative bail.