EFCC Recovers N64.8m, Returns Fraud Proceeds to Petroleum Dealer in Benin
The Economic and Financial Crimes Commission (EFCC) has returned a bank draft of N64.8 million to Uzoechina Anene, funds recovered from an alleged fraud linked to a failed petroleum products transaction, PulseNets learnt.
The recovery draft was formally handed over on Tuesday in Benin City by the Acting Zonal Director of the EFCC Benin Directorate, Sa’ad Hanafi Sa’ad, following the conclusion of investigations into the case.
PulseNets obtained that Anene, a 59-year-old petroleum products dealer, had approached the anti-graft agency in October 2024, alleging that he was defrauded by Adegboyega Adebanbo over a proposed supply of naphtha.
Providing details of the case, EFCC spokesman Dele Oyewale explained that the suspect collected funds under the guise of supplying petroleum products but failed to deliver.
“The petitioner stated that the suspect collected a total sum of N65.7 million on the pretext that he would supply 90,000 litres of naphtha (condensate),” Oyewale said.
“After the transfer was made, the product was never supplied, and all attempts to recover the money proved unsuccessful.”
PulseNets reported that investigations by the commission revealed that the suspect had exited the country shortly after receiving the funds.
“Our investigation showed that the suspect travelled abroad but transferred N64.8 million to the bank account of the wife of his business associate, Ekundayo Akinseye,” Oyewale disclosed.
“From there, the funds were further moved into multiple accounts in an attempt to conceal the trail.”
Despite the layered transfers, Oyewale told PulseNets that EFCC operatives successfully traced the transactions across the different accounts and recovered the bulk of the funds, leading to the issuance of the draft to the victim.
While presenting the recovered money, the acting zonal director cautioned Nigerians to exercise greater vigilance in business dealings.
“The commission remains committed to carrying out its mandate diligently and ensuring that economic criminals are held accountable,” he stated.
“We also urge members of the public to be cautious of individuals who falsely present themselves as credible businessmen or product suppliers.”
PulseNets learnt that the suspects connected to the transaction have since been arraigned in court.
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Meanwhile, Anene commended the EFCC for its swift intervention, describing the recovery as a significant relief after months of uncertainty.
