By; BAYO AKAMO, Ibadan
A 40-year-old man, identified as Ayodele Saheed Olaniyi, is now in the custody of the Economic and Financial Crimes Commission (EFCC), Ibadan zonal office over alleged N343.8million scam.
According to EFCC sources, Olaniyi’s arrest by the commission was as a result of a petition addressed to the EFCC’s Executive Chairman, and filed on February 13, 2018
alleging him of duping people of sums totaling three hundred and forty-three million, eight hundred and eighty thousand Naira (N343,880,000).
It was learnt that in the petition signed by a lawyer, Mr. Jimoh Ayofe Tijani of E.F.A. Adeola & Co, prepared at the instance of 89 individuals, who claimed to be victims of the suspect’s alleged fraudulent acts, it was alleged that the 89 individuals were hoodwinked by Olaniyi into investing in a network business called Beerbanc Traders’ Network.
The business, according to sources required that the 89 individuals pool resources together to establish a beer retailing business with the promise that the proceed would be shared every month among the investors and the coordinating company.
However, in the petition to the EFCC, it was alleged that after collecting the money from the 89 people, Olaniyi neither share profits with them since October 2018 nor return their invested sums, even when it was apparent that the business would not fly.
Operatives of the EFCC swung into action upon receipt of the petition, as the acting chairman of EFCC, Mr. Ibrahim Magu, had assigned detective officers to look into its merit.
Sources stressed that in the course of the EFCC investigation, the commission’s detectives discovered that the suspect was operating eight different bank accounts through which he enlisted 114 people into the phoney scheme and also established that a total sum of N396.5million found in the accounts was never invested in any business as promised by Olaniyi when he was luring his victims into the ‘business idea’.
Also, the EFCC investigators were able to established that the company under which Olaniyi tend to operate the business was not registered with the Central Bank of Nigeria as other financial institution as required by law and that after taking his statement and conducting a search on his house and business address at Oluyole, Ibadan, the commission granted the suspect an administration bail, of which he was yet to meet the conditions.
However, having realised that the bubble has burst and there is likelihood of him facing the consequence of his actions, Olaniyi tried playing it smart on the commission by feigning that he is suffering from hepatitis B to aid his release without meeting the bail conditions which was detected to be untrue as the medical laboratory test conducted on him established that he never suffered from the health condition he simulated.
As at the time of sending this report, EFCC investigators are fine-tuning their findings to prepare Olaniyi for prosecution.