EFCC Nabs Businessman over N17bn fraud

The Economic and Financial Crimes Commission,EFCC, has arrested an oil magnate. Alhaji Shehu Badamasi, who is the Chairman of Tanzila Petroleum Company over a case of criminal, conspiracy, fraud, and diversion of credit facility of about N17.7 billion.

The billionaire businessman was said to have taken the funds from Intercontinental Bank between 2006 and 2008.

His arrest is coming barely a week after the EFCC arrested two excutive directors and four senior managers of Bank PHB over a fraud of about 17 billion.

Sources close to the commission revealed that the EFCC chairman, Mrs. Farida waziri was alarmed by the recent findings of its investigations into the activities of some banks.

Waziri had at a recent forum promised to beam the commission’s search lights on the banking sector.

Latest revelations from the EFCC may be a confirmation of that as about four banks are currently being investigated by the commission over frauds running into billions of naira.

It was further gathered that EFCC had already recovered N50million from the businessman while properties worth over N3.5 billion were also said to have been recovered from him.

When contacted on the matter, Head of Media and Publicity in EFCC,Mr. Femi Babafemi confirmed the arrest but declined further comment.