Mkpoikana Udoma
Port Harcourt — The Economic and Financial Crimes Commission, EFCC, has recovered N64.8 million from a failed petroleum products deal and returned the funds to a Lagos-based oil products dealer, reinforcing its clampdown on fraud in Nigeria’s downstream energy sector.
The recovered sum was formally handed over by the Acting Zonal Director, Benin Zonal Directorate of the EFCC, Sa’ad Hanafi Sa’ad, to Mr. Uzoechina Vincent Anene, a 59-year-old petroleum products dealer.
Anene had petitioned the Commission that in October 2024, one Adegboyega Adebanbo allegedly defrauded him of N65.7 million, claiming he could supply 90,000 litres of Naphtha (condensate). The product was never delivered after payment, and all efforts to recover the funds initially failed.
EFCC investigations revealed that Adebanbo had travelled out of the country but transferred N64.8 million to the account of the wife of his associate, Ekundayo Akinseye, who subsequently moved the funds across multiple accounts in an attempt to evade detection.
“The Commission painstakingly traced the flow of the funds across the various accounts and successfully recovered the money,” Sa’ad said while presenting the bank draft to the victim.
He warned Nigerians, particularly players in the petroleum products market, to exercise caution in business dealings.
“The Commission will continue to discharge its responsibilities professionally and bring fraudsters to book,” Sa’ad said. “We also caution Nigerians to be alert to fraudsters who parade themselves as businessmen and product suppliers. Some of them are criminals.”
Anene, visibly elated, praised the EFCC for its intervention and professionalism.
“I was dazzled by the professionalism exhibited by the operatives of the Commission,” he said. “Your character is worthy of emulation.”
The EFCC confirmed that the suspects involved in the transaction have been charged to court, as the Commission continues its enforcement actions to sanitise commercial activities, including petroleum product trading, from fraudulent practices.
