Ibrahim Garba, Abuja
The Economic and Financial Crimes Commission, (EFCC) has confirmed the arrest and detention of the Son of late Isa Funtua, Abubakar for allegedly stealing over N28billion meant for agribusiness and other fraudulent activities.
Abubakar and his Ugandan businesses associate, Asega Aliga, were alleged to have looted N28billion from Keystone Bank and flee Nigeria to unknown destinations.
Sources said that Abubakar initially moved to Spain where he was hiding having fleeced the country with an estimated $300million in cash and properties, Aliga on the other hand was said to be hiding in Uganda.
Abubakar was trailed and arrested by operatives of the EFCC in his Abuja home early Friday and will likely spend his Sallah holiday in detention.
Confirming the arrest in a chat with our correspondent, EFCC Spokesperson Dele Oyewale, said: “Yes it’s true.”
The duo is alleged to have used 13 dubiously formed companies to collect Agricultural loans from the Central Bank of Nigeria, (CBN) under Godwin Emefiele and have since paid only N7billion before they decided to go underground following the arrest of Emefiele.
The companies used in facilitating the dubious acts include: STEFEM AGRICULTURE NIG LTD, MIDDLEEMARSH FARM LTD, AGRICULTURAL DERIVATIVES LTD., CHARIS2014 GLOBAL LTD, IKEEZ AGRO ALLIED RESOURCES LTD., PIERS ON AGRO-ALLIED, WHOLEFOODS PROCESSING LTD, TENACO FARMS AND FOOD NIG LTD, HOUSE OF ESHCOL LTD, MAHVECK GLOBAL CONCEPT LTD, ESTIM FARMS LTD, WILLYMONIA INT, HARGRIK AGRO INVESTMENT LTD.”
During investigations, it was discovered that Abubakar and Aliga had used fronts to set up a company called Seltrix Nigeria Limited, where most of the N28billion collected from the CBN as Agric loans were warehoused. Only about N4billion is now left in Seltrix account.
“Keystone Bank may rely on the EFCC to recover their money because the companies used to obtain those loans only exist on papers.”
Core Reporters
