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EFCC Arraigns Managing Director, Company for Alleged N21m Oil Fraud in Kano

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The Economic and Financial Crime Commission, EFCC, has arraigned  Salisu Suleiman, managing director of Faris Construction Company Limited and his company on one-count charge of misappropriation of funds to the tune of N21,000,000 (Twenty One Million Naira only).

He was arraigned on Tuesday, December 12, 2023 before Justice Hadiza Suleiman of  the Kano State High Court sitting in Kano.

The  lone count charge reads: “That you, Salisu Suleiman being the Managing Director of Faris Construction Company Limited and Faris Construction Company Limited on or about 15th June 2021 in Kano, within the jurisdiction of this honourable court dishonestly misappropriated the sum of N21,000,000 being payment for the supply of 125,000 litres of Automotive Gas Oil , AGO,  to your construction site in Nguru Local Government, Yobe State by SID Oil and Gas Limited and you thereby committed an offence contrary to Section 308 of the Penal Code Law and punishable under Section 309 of the same law.”

He pleaded not guilty to the charge when it was read to him, prompting prosecution counsel, Aisha Tahar Habib to pray the court for a trial date, while the defence counsel, Mardiyya Alasan Dawaki applied for his bail.  Habib opposed the prayer of the defence counsel on the ground that the defendant had  jumped an administrative bail earlier granted him by the EFCC.Justice Suleiman remanded the defendant in EFCC’s custody and adjourned for hearing on the bail application.

Suleiman allegedly received 125,000 litres of Automotive Gas Oil, diesel, on credit from the petitioner, S.I.D Oil and Gas Limited worth N21,000,000 (Twenty One Million Naira) on the ground that he will pay upon receipt of payment from Yobe State Government for the supply.He, however, breached the promise after the Yobe State Government had paid him, preferring to lie to the defendant that he had received no payment from the state government. The petitioner suspected foul play and petitioned the EFCC. Investigations revealed that the defendant had been paid by the Yobe State Government a long time ago, but misappropriated and diverted the money entirely for his personal use.

(C) EFCC

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Crime

Femi Otedola tackles Jim Ovia, exposes ‘fraudulent transactions’ in Zenith Bank account

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The face-off between Femi Otedola, billionaire businessman, and Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud has taken a turn for the worse, TheCable understands.Otedola had accused Zenith Bank of unlawfully using the account of his company, Seaforce Shipping Limited, to trade in 2011 without his knowledge or consent.Although this and other allegations are being investigated by the Force Criminal Investigation Department (FCID) of the police, moves are being made to resolve the matters amicably.TheCable has contacted Ovia and Zenith Bank for comments.

UNAUTHORISED TRANSACTIONSDespite having not been operated since 2010, Seaforce Shipping’s account continued to be used for trading — completely unknown to Otedola, according to his petition to the police.Although Otedola said Seaforce never applied for nor took a loan from Zenith Bank, unauthorised trading running into billions of naira continued on the account.

When asked to provide documentation — including offer letters to support the grant of the said loans — Zenith Bank reportedly failed to do so.Otedola discovered the suspicious activities only recently — 13 years after the transactions — when he was tipped off by a whistle blower in Zenith Bank.When he confronted Zenith Bank’s officials, TheCable learnt, they apologised.Otedola produced a letter written on March 19, 2018 by Zenith Bank to Shofolawe-Bakare & Co, Seaforce’s auditors, stating a debt of only N2,278,420 on the same account, as against the N5 billion recorded in the bank statement seen by TheCable.

Curiously, on the day the letter was written, the bank statement showed a debt of N2.9 billion — compared to the N2 million stated in the letter signed by Taofik Bashir (internal audit control) and Edwin Kind Olie (group head, telecomm).

Transactions of over N16 billion were recorded against Seaforce’s account from 2011 to 2024.

Otedola queried who made the payments to reduce the purported debt from N16,927,628,581.84 to N11,010,924,522.71 because he was not in the know of the transactions.

There were credits of N77,169,375.00 on April 18, 2011, N119,822,762.50 on December 01, 2011, N316,537,329.30 on December 8, 2011, N266,361,181.73 on December 15, 2011 and N444,304,524.50 on December 12, 2011.

Seaforce now has a debt of N5,916,704,059.13 as a result, a chunk of it being interest charges.

A senior official of the bank has already been questioned by the police.

Meanwhile, Zenon, Seaforce, Luzon Oil and Gas, Garment Care Limited, and Otedola have secured a federal high court injunction against Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and Central Securities Clearing System, restraining them from trading with shares or paying dividends.This injunction subsists until the hearing of the motion on notice for interlocutory injunction.

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GTBank Staff Arraigned For Pilfers Customers’ N9.9 Million

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Guaranty Trust Bank, GTBank, has sued one of its staff, Komolafe Oluwayomi, 45, before a Lagos Magistrate’s court for allegedly breaking into the bank’s system to steal the sum of N9,989,000 from its account and converted the money to his personal use.The defendant was ordered arrested by the Divisional Police Officer, DPO in charge of Bar Beach division, Victoria Island, Lagos following a complaint by the management of GTBankAfter an investigation by Inspector Patience Eguabor and team, Oluwayomi, a resident of Unity Close, Ojodu, Lagos from Ondo State was charged before the Tinubu Magistrate’s Court, Lagos Island on a two-count charge bordering on conspiracy and stealing.Police counsel, Ben Ekundayo informed the court that the defendant committed the offence during working hours at the Guaranty Trust Bank Plc located at Oyin Jolayemi Street, Victoria Island, Lagos.Ekundayo told the Court that the defendant betrayed the trust reposed in him by his employer as the officer in charge of payment of drivers’ retirement benefits by fraudulently including the name and account number of his friend in the retirement benefits payroll and used it to transfer the sum of N9,989,000 into his friend’s account as if his friend is a beneficiary of the retirement benefits and later transferred the money from his friend’s account to his personal account domiciled at GTB Bank and converted the money to his use.He said the management of GTB uncovered the fraud when they audited the drivers’ retirement payroll accounts.Ekundayo said the offences, the defendant committed were punishable under sections 411 and 287(7) of the Criminal Law of Lagos State, 2015.The defendant, however, pleaded not guilty to the charges, and Magistrate, M.A. Owunmi granted him N2m bail with two sureties in like sum.Owunmi adjourned the case till 11 June 2024 and ordered that the defendant be detained at the Ikoyi correctional facility till he perfected the bail conditions.

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Police Invades Ondo PDP Guber Candidate, Agboola Ajayi’s Lagos Home Over Forgery And Perjury (Video)

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The Gubernatorial Candidate of Peoples’ Democratic Party, for the forthcoming Governorship Election in Ondo State, Agboola Ajayi has been alleged of illegally occupying a Building property which is the beneficial property by purchase, of Segzyadet Integrated Ltd.The property is 5-Bedroom Duplex with Boys’ Quarter situate at 14B Abimbola Okulaja close, Lekki Phase1, Lagos Nigeria.

Segzyadet Integrated Ltd claimed it has purchased the said property through public bidding/auction, in 2023 and since then the occupant of the property who is Alfred Agboola Ajayi has refused to vacate the property, thereby inhibiting the occupation of it by the new owner.On Monday 6th of May when Newsmen were visited the premises to access the situation, it was discovered that the said occupant is still living therein. What is more, the staff of Segzyadet Integrated Ltd in the presence of Police Officers, were prevented from entering the Building premises.It took the effort of someone who came over and intervened before Journalists gained access into the premises.Speaking with Newsmen, Segzyadet Integrated Ltd CEO, Adetuwo Oluwasegun said the said Occupant of the building has refused to vacate the premises despite several notifications, in a manner that smacks of impunity.Check the video:https://vm.tiktok.com/ZMMW8ReAbHe said the occupant is leveraging on his connections as a politician to frustrate the Company from having quiet possession and occupation of the property. He called on all relevant Authorities to rise up to the occasion and call Alfred Agboola Ajayi to order.According to a reliable source, AGBOOLA AJAYI was said to have been using his father’s inlaw name as pseudo in most of his dealings including this particular property.The police has gotten confessional statement from the father in-law who denied his involvement in all the deals traced to him including the affidavit he was alledged to have disposed to.

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