Nigeria – Operatives of the Lagos Zonal Office of the Economic and Financial Crimes Commission, EFCC , have arrested one Adeleke Adeyemi for his involvement in an alleged case of conspiracy, obtaining money by false pretence, diversion of funds, issuance of dud cheques and money laundering to the tune of N800,000.000.00( Eight Hundred Million Naira).
Adeyemi, together with his accomplice, Odusanya Ayotunde Memphis (now at large), in their capacities as directors at Wafa Aggregate Limited, allegedly approached Eco Bank Plc for a loan facility of N800million for the procurement of petroleum products from Covalent Oil & Gas Services Limited in October, 2011.
Upon receipt of the loan facility, Adeyemi and Memphis allegedly diverted the funds to their personal use and defaulted in paying back the loan.
Investigation revealed that the five Diamond Bank Plc cheques of N10million each issued by the suspect and his accomplice were returned unpaid upon presentation.
The suspect will soon be charged to court.