Investigation

NIGERIA: EFCC to arraign company director for alleged fraud

EFCC

THE Economic and Financial Crimes Commission, South East Zonal office, Enugu has concluded arrangement to arraign the Mega Assets Managers Ltd and its Managing Director, Adedapo Solanke at the Federal High Court Enugu for alleged criminal diversion of funds, obtaining money under false pretences and issuance of dud cheques.

Vanguard learnt that different groups and organisations had written petitions to the EFCC, alleging non-payments of interests on their investments and payback of  capitals invested.

The anti-graft agency said in a statement issued by its Enugu Zonal office and signed by Nwanyinma Okeanu that the fund managers took in more than they could chew.

According to the statement, the petitioners alleged that the Managing Director issued dud cheques to aggrieved customers numbering over 130 persons in a bid to stall his arrest.

In the course of investigations by the EFCC, the company’s Managing Director, was arrested at the office of Mega Assets in Ilorin and brought to Enugu zonal office for further investigations.

Solanke reportedly admitted to owing outstanding payments to investors to the tune of approximately N150 million in some of his branches which he attributed to low patronage as well as loss of over N100 million in Capital market investments in 2009 and 2010 and other investments that failed.

Further investigations by EFCC revealed that Mega Assets Managers and its Managing Director, Solanke is operating a ponzi scheme in which old investors are paid with capital injected by new investors.

It was further discovered that the suspect  had used investors’ funds to rent and furnish his offices across the nation and build big mansions for himself. The company owes close to eight hundred million naira to its customers across the nation.

During the investigation by EFCC, Solanke was discovered to be involved in alleged criminal diversion of funds, obtaining by false pretences, illegal operation of financial institution under the guise of community savings scheme, issuance of dud cheques among other offences.

An initial effort to arraign the suspect was truncated because he reportedly jumped bail. Efforts were intensified and Adedapo Solanke was rearrested in Lagos on Monday, February 18th 2013.

“The Mega Assets’ Managing Director, Adedapo Solanke will be arraigned before the honourable Justice Shuaibu on Thursday February 28, 2013 to answer for the alleged financial crimes.

Leave a Reply

Your email address will not be published. Required fields are marked *