N1.4bn fraud: Kogi Assembly candidate, 2 others busted, N326m, $1.8m cash recovered

From top right: Abdulmalik Femi .Yusuf Atumeyi  and sacks of Cash and vehicles recovered from the suspects by EFCC

From top right: Abdulmalik Femi
.Yusuf Atumeyi
and sacks of Cash and vehicles recovered from the suspects by EFCC

A Kogi State House of Assembly candidate of the New Nigeria Peoples Party, NNPP, Ismaila Yusuf Atumeyi has been arrested with N326million and $ 140,500 cash believed to be part of N1.4 billion stolen from one of the commercial banks by a syndicate of fraudsters.

According to the Economic and Financial Crimes Commission, Atumeyi who is seeking to represent Ankpa 11 Constituency in the Kogi House of Assembly was arrested on Sunday, October 30, 2022.

He was arrested alongside one Joshua Dominic, an alleged serial fraudster, in a sting operation at Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja.

The anti-graft agency also said arrested in connection with the Fraud is Abdumalik Salau Femi, a former bank employee, who allegedly supplied the inside information that facilitated the theft of the money from the the bank by the syndicate.

Femi was picked up today, 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.

EFCC said the arrest of the suspects followed months of investigation into the hacking of the commercial banks by the syndicate of fraudsters.

The syndicate, EFCC said 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.

R-L Ismaila Yusuf Atumeyi & Joshua Dominic
R-L: Ismaila Yusuf Atumeyi and Joshua Dominic

Dominic, who has severally been arrested for fraud, allegedly helped Atumeyi perfect the hacking plan through Abdumalik.

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Two Range Rover Luxury SUVs were also recovered from the two suspects arrested in Abuja.

Dominic, a self-styled investment expert and managing director of Brisk Capital Limited had been arrested in May 2021 by the Special Fraud Unit of the Nigeria Police for alleged N2billion investment scam.

He allegedly defrauded over 500 persons in a phony investment scheme.

They will be charged to court as soon as the investigation is concluded.

Meanwhile, the Commission expresses concern about the rising spate of cyber-attacks on banks and the reluctance of the institutions to report such breaches to law enforcement. While warning that such reticence would only embolden the criminals, the EFCC appeals to financial institutions to collaborate with it to secure the financial sector from threats of cyber-attacks.

It will also be recalled that the EFCC had in the wake of the recent announcement by the Central Bank Nigeria, CBN of plans to redesign and re-issue higher denominations of the Naira, warned Bureau de Change operators to be wary of currency hoarders who would attempt to seize the opportunity to offload the currencies they had illegally stashed away.

Wilson Uwujaren

Head, Media & Publicity
1 November, 2022
1. Abdulmalik Femi
2.Yusuf Atumeyi and Joshua Dominic
3. Yusuf Atumeyi
4. Yusuf Atumeyi
5. Sacks of Cash and Vehicles recovered from suspects
6.Video of seized cash and vehicles

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