The Economic and Financial Crimes Commission (EFCC), has arrested a politician, Ismaila Yusuf Atumeyi with huge sums of illicit fund amounting to N326 million and $610,500 cash, days after the Central Bank of Nigeria (CBN) moved to redesign the naira notes, and has given Jan. 31 deadline for the old notes to be returned to the banks.
Atumeyi, who is a member of the New Nigeria Peoples Party (NNPP) currently seeking to represent Ankpa 11 Constituency in Kogi State House of Assembly, was arrested on Sunday, alongside one Joshua Dominic, an alleged serial fraudster, in a sting operation at Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja, according to a statement issued by EFCC’s Head of Media and Publicity, Wilson Uwujaren.
The fund is said to be the proceeds of bank fraud that the suspect perpetrated in connivance with an ex banker. According to the EFCC, a former bank employee, Abdumalik Salau Femi, allegedly filled the suspects with the insider information that facilitated the successful bank hacking operation.
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“He was picked up on Tuesday, November 1, 2022, at Radisson Blu Hotel in Lagos. Following his arrest, a search was conducted on his home in Morgan Estate, Ojodu where a total of $470,000 USD was recovered,” Uwujaren said.
The money is in addition to the $140,500 that was separately recovered from the second suspect by the EFCC.
According to Uwujaren, the arrest of the suspects followed months of investigation into the hacking of one of the commercial banks by a syndicate of fraudsters who pulled off a heist of N1.4 billion.
“The syndicate allegedly moved N887 million into the account of Fav Oil and Gas Limited, from where the monies were paid to several Bureau de Change operators and some auto dealers for exchange into United States Dollars and purchase of high-end cars.
“Dominic, who has severally been arrested for fraud, allegedly helped Atumeyi perfect the hacking plan through Abdumalik. Dominic, a self-styled investment expert and managing director of Brisk Capital Limited was arrested in May 2021 by the Special Fraud Unit of the Nigeria Police for alleged N2 billion investment scam. He allegedly defrauded over 500 persons in a phony investment scheme.
“Two Range Rover Luxury SUVs were also recovered from the two suspects arrested in Abuja,” a statement issued by the agency said.
The anti-graft agency said the suspects would be charged to court after the investigation.
The development has once again brought the plights of many Nigerian banks’ customers, who have lost their hard-earned money left in the care of the banks similar fraud incidents, to the spotlight. In most cases, the banks have been found denying every responsibility.
With the prevalence of cybercrimes in banks, the EFCC is concerned that the banks and other financial institutions are reluctant to report their cases to the relevant agencies when they happen.
The commission warned that such reticence would only embolden the criminals, appealing to financial institutions to collaborate with it to secure the financial sector from threats of cyber-attacks.
Nigerians say that they’re expecting more stories like this in the near future, due to the redesign of the naira notes. The EFCC has also warned Bureau De Change operators to be wary of those who would want to beat the CBN deadline by converting their ill-gotten fund stashed outside the banks to dollars.