The Economic and Financial Crimes Commission (EFCC) has recovered N64.8 million from an alleged petroleum products fraud and returned the funds to a 59-year-old Edo State businessman, Uzoechina Anene, in Benin City.
The recovered sum was handed over 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 failed fuel supply transaction, according to the News Agency of Nigeria.
The EFCC’s spokesperson, Dele Oyewale, disclosed the development in a statement issued on Wednesday.
Anene, a petroleum products dealer, had petitioned the anti-graft agency in October 2024, alleging that he was defrauded by a suspect identified as Adegboyega Adebanbo. According to the commission, the businessman was induced to pay a large sum of money on the promise that he would be supplied 90,000 litres of naphtha (condensate), a deal that eventually collapsed.
“The petitioner explained that Adebanbo defrauded him of N65.7 million under the pretext that he could supply 90,000 litres of naphtha,” Oyewale said. “However, after the money was transferred, the product was not supplied and all efforts to recover the funds proved abortive.”
EFCC investigations revealed that the suspect allegedly fled the country shortly after receiving the money and attempted to hide the proceeds through third-party accounts.
“During the investigation, the commission discovered that Adebanbo travelled out of the country but transferred N64.8 million to the account of the wife of his business associate, Ekundayo Akinseye. Akinseye subsequently moved the funds to other accounts,” Oyewale added.
The commission said it successfully tracked the movement of the funds across multiple accounts and recovered the money, which was then returned to the victim.
While presenting the bank draft, the Acting Zonal Director cautioned Nigerians to exercise due diligence in business transactions, warning against individuals who pose as legitimate suppliers to defraud unsuspecting victims.
“The commission will continue to discharge its responsibilities professionally and ensure that fraudsters are brought to justice,” he said.
Oyewale further disclosed that the suspects involved in the case have been charged to court. Anene, in turn, commended the EFCC for its swift intervention and recovery of the funds.
