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12 Apr 2018

Company Director Arrested Over N11.4 Billion Fraud

A company director has landed in serious trouble after he reportedly diverted billions of naira he used to acquire cars and properties.
Mike Obasuyi
The Economic and Financial Crimes Commission, EFCC, on April 11, 2018 arrested Mike Obasuyi of Smartmicro Systems Limited, who allegedly diverted the sum of N11, 498, 904, 038. 29 (Eleven Billion, Four Hundred and Ninety Eight Million, Nine Hundred and Four Thousand and Thirty Eight Naira, Twenty Nine kobo) only.

Investigation has revealed that he alledgedly purchased 20 (twenty) properties, 137 vehicles and a warehouse from the priceed of the crime; while various sums of about N2, 903, 727, 563.92, $37992.87 and £18, 538. 09 were discovered in his companies and personal accounts domiciled in various banks.

He would be charged to court as soon as investigation is concluded.

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