Naphtha Scam: EFCC Recovers N64.8Million For Edo Businessman In Fuel Deal Fraud, Charges Suspects
Naphtha Scam: EFCC Recovers N64.8Million For Edo Businessman In Fuel Deal Fraud, Charges Suspects
The recovered funds were presented to Anene on Tuesday by the acting zonal director of the EFCC’s Benin Directorate, Sa’ad Hanafi Sa’ad, following months of investigation into a transaction that went wrong, according to the News Agency of Nigeria.
The Economic and Financial Crimes Commission (EFCC) has returned a substantial portion of funds lost to an alleged petroleum products scam, handing over a bank draft of N64.8 million to a 59-year-old businessman, Uzoechina Anene, in Benin City.
The recovered funds were presented to Anene on Tuesday by the acting zonal director of the EFCC’s Benin Directorate, Sa’ad Hanafi Sa’ad, following months of investigation into a transaction that went wrong, according to the News Agency of Nigeria.
The EFCC’s spokesman, Dele Oyewale, disclosed the development in a statement issued on Wednesday.
Anene, a dealer in petroleum products, had approached the anti-graft agency in October 2024 after alleging that he was defrauded by a suspect identified as Adegboyega Adebanbo.
According to the EFCC, the businessman was induced to part with a large sum of money on the promise of a petroleum supply that never materialised.
“The petitioner explained that Adebanbo defrauded him of N65.7 million under the pretence that he could supply him with 90,000 litres of naphtha (condensate),” Oyewale said.
”However, upon transfer of the money, the products were not supplied, and efforts to recover the money proved abortive.”
Investigations by the commission revealed that the suspect had left the country shortly after receiving the funds but allegedly attempted to conceal the proceeds through third-party accounts.
“During investigation, the commission discovered that Adebanbo had travelled out of the country but transferred the sum of N64.8 million to the account of the wife of his business associate, Ekundayo Akinseye. Akinseye also transferred the money to other accounts,” he said.
Oyewale said the EFCC successfully traced the transactions across multiple accounts and recovered the funds, which were subsequently returned to the victim. While presenting the draft, the acting zonal director warned Nigerians to exercise caution in business dealings.
“The commission will continue to discharge its responsibilities professionally and bring fraudsters to book,” he stated. “We also use this opportunity to caution Nigerians to be alert to fraudsters who parade themselves as businessmen and suppliers of products.”
The EFCC spokesman added that the suspects involved in the case had been charged in court. Meanwhile, Anene commended the commission for its timely intervention and recovery of the funds.
