N2b Fraud Rocks Tejuosho Market Project, Manager Arrested


The Special Fraud Unit, SFU, of the Nigerian Police has arrested Olaide Omotola for allegedly defrauding the company handling Tejuosho Market Redevelopment, Stormberg Engineering Company Ltd., of over N2 billion.

Omotola’s arrest followed to a petition sent to the Inspector General of Police by the Chairman and Managing Director of Stormberg Engineering, Mr. Dolapo Atinmo, alleging fraud he perpetrated while acting as Interim Coordinator for oversight function at the project site for the company.

The matter was subsequently referred to the SFU by the IG for further investigation.

In his statement to the SFU, Atinmo claimed that immediately after winning the contract for the redeveloping of Tejuosho Market, he travelled abroad to attend to his failing health and handed over the oversight function to Omotola.

According to Atinmo, while he was way, Omotola with his wife and 3 year-old child set up a company named Jeremiah Construction Company Limited and awarded over-bloated subcontracts to the company without approval from Stormberg Engineering.

He also alleged that during the period he was away, Omotola hijacked construction activities at the project site by further awarding the tiling and block laying jobs to his company and submitted an inflated invoice of over N76 million to Stormberg Financial for payment.

Atinmo further alleged that Omotola forged a company resolution purportedly transferring over 4 million shares of Stormberg Engineering to himself, thereby making him a director in the company.

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Having forged company resolution purportedly making him a Director and filling same at the Corporate Affairs Commission, Atinmo alleged that Omotola went about borrowing money on behalf of Stormberg Engineering.

According to Atinmo, one of the numerous companies that Omotola obtained loan from was UT Financial Services Nigeria which offered him over N300 million.

He stated that at no time did his company approve such loan and will not be liable for the repayment.

In an interview with P.M.NEWS on the matter, Atinmo said though the alleged fraudulent act of Omotola is an unfortunate incident, it will in no way affect the timely completion of the market.

He assured stakeholders that the market project will not be affected by the alleged fraud as the financer of the project, First Bank Nig. Plc, are still committed to the success of the project.

A source at SFU confirmed to P.M.NEWS Monday that Omotola was in their custody and that investigation is still ongoing in the matter.

—Henry Ojelu

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