Police authority at the Special Fraud Unit (SFU), Force Criminal
\nInvestigation Department (FCID), Milverton Road, Ikoyi in Lagos said at
\nthe weekend that, Akwa Ibom Refinery and Petrochemical Company Ltd, never
\nexisted. This is after conmen had allegedly siphoned a whopping $29.2
\nMillion public money using the company as conduit-pipe.<\/p>\n
Police investigators disclosed also that findings at the Corporate Affairs
\nCommission (CAC) have revealed that there is no company in their record
\ncalled, \u201cAkwa Ibom Refinery and Petrochemical Company Ltd.\u201d<\/p>\n
\u201cThere is no company named Akwa Ibom Refinery and Petrochemical Company
\nLtd. We have a letter from the CAC to that effect. Yet, there are records
\npurporting the existence of the company. There are minutes of meetings and
\nresolutions purportedly passed by the company, and there are agreements
\nsigned between this company and the Akwa Ibom State Government through its
\nagency known as Akwa Ibom State Investment and Promotion Council
\n(AKIIPOC)\u201d<\/p>\n
Tunde Ogunsakin, a Commissioner of Police (CP) and Chief Operation Officer
\n(COO) SFU, who disclosed this to our Correspondent, added that two
\nNigerian Banks. FCMB and the defunct Gulf Bank were the financial
\ninstitutions actively used by the conmen to clean-up the country.<\/p>\n
He added that another fictitious company named LYK Engineering Ltd
\nallegedly owned by a prominent Akwa Ibom politician also benefitted from
\nthe scam.<\/p>\n
Ogunsakin stated that LYK Engineering collected $17 Million to finance
\nletter of acquisition of equities in Ibom Power Company. \u201cSo these two
\ncompanies were the two Special Purpose Vehicles (SPV) used by the
\nperpetrators of the fraud to fraudulently siphon funds, massively and with
\nimpunity, from the defunct Gulf Bank, which eventually led to the untimely
\ncollapse of the bank.\u201d<\/p>\n
It was gathered that there are foreigners among the conmen, these include
\none Gareth Wilcox, a Briton, who was allegedly the Managing Director (MD)
\nof Ibom Power Company and one Peter Lin, a Chinese American, who was the
\nchief operation officer of LYK Engineering Ltd.<\/p>\n
Investigation revealed that the duo had since absconded Nigeria with their
\nstolen money.<\/p>\n
Police also revealed to our Correspondent that, after it was indicted,
\nIbom Power Company admitted participation in the sleaze and promised to
\nrefund the sum of $8.86 Million (N1.2 Billion) being amount allegedly
\ncollected to purchase a non-existing gas-turbine.<\/p>\n
Courtesy: Nigeria Political Economist<\/p>\n","protected":false},"excerpt":{"rendered":"
Police authority at the Special Fraud Unit (SFU), Force Criminal Investigation Department (FCID), Milverton Road, Ikoyi in Lagos said at the weekend that, Akwa Ibom Refinery and Petrochemical Company Ltd,…<\/p>\n","protected":false},"author":1,"featured_media":22039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-22038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n