The Economic and Financial Crimes Commission (EFCC) has officially apprehended and confined Abubakar, the son of the deceased Isa Funtua, for purportedly misappropriating over N28 billion designated for agribusiness and engaging in other deceitful activities.
Abubakar, along with his business associate from Uganda, Asega Aliga, is accused of embezzling N28 billion from Keystone Bank and absconding from Nigeria to undisclosed locations.
Reports suggest that Abubakar initially relocated to Spain where he sought refuge after defrauding the country of an estimated $300 million in cash and assets. On the other hand, Aliga was reportedly hiding in Uganda.
Abubakar was trailed and apprehended at his residence in Abuja early Friday by EFCC operatives and is expected to spend the upcoming Sallah holiday in custody.
In a conversation with our correspondent, EFCC Spokesperson Dele Oyewale confirmed the arrest, stating: “Yes, it is indeed true.”
The pair allegedly utilized 13 deceitfully established companies to secure agricultural loans from the Central Bank of Nigeria (CBN) under the leadership of Godwin Emefiele, only repaying N7 billion before deciding to go into hiding following Emefiele’s arrest.
The companies used in facilitatting 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.”
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