A Lagos businessman, Adeleke Adeyemi, has been arrested by Lagos Zone of the EFCC for issuing dud cheques to cover N800million loan given by Ecobank, reports Instablog9ja.
EFCC spokesman, Wilson Uwujaren, in a statement on Friday, April 9, said the suspect is also being accused of conspiracy, obtaining money by false pretense, diversion of funds, and money laundering.
It was gathered that the accused, along with his accomplice, Odusanya Ayotunde Memphis (now at large), are directors at Wafa Aggregate Limited. Together, they approached Eco Bank Plc for a loan of N800million for the procurement of petroleum products from Covalent Oil & Gas Services Limited in October 2011.
Upon receipt of the loan, Adeyemi and Memphis allegedly diverted the funds to their personal use and defaulted in paying back the loan. Investigation revealed that the five Diamond Bank Plc cheques of N10million each issued by the suspect and his accomplice were returned unpaid upon presentation.