EFCC Presents Key Witness Against Couple in Alleged N2.7bn Fraud Case

The Economic and Financial Crimes Commission (EFCC) on Thursday, November 7, 2024, brought forward its second prosecution witness, Adesola Adeyinka, CEO of Credit PRO Business Limited, in a high-profile fraud trial involving Ruth and Oriyomi Idowu. The couple is accused of orchestrating a fraudulent scheme that allegedly defrauded Credit PRO Business Limited and other entities of approximately N2.7 billion. The trial, overseen by Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos, centers on a series of charges, including obtaining money by false pretenses, money laundering, stealing, retention of stolen property, and forgery.

The Idowus, alongside their companies—Food Commodity Processing Enterprise, Bonway Food Processing Company Limited, Samee Idowu Company Limited, and Farmex Integrated Companies Limited—face a 20-count indictment. The EFCC alleges that between March 2022 and May 2023, the defendants falsely claimed to have secured a Local Purchase Order (LPO) to mislead Credit PRO Business Support Services Ltd, ultimately receiving billions of naira under fraudulent pretenses. The EFCC also provided evidence of specific transactions allegedly designed to launder these funds, including the purchase of a GLK Benz and the diversion of large sums to obscure the funds’ origin.

Testimony from Credit PRO CEO Exposes Alleged Fraudulent Practices

During his testimony, Adesola Adeyinka recounted interactions with the defendants, revealing that he initially believed Credit PRO was dealing with legitimate enterprises. Under examination by EFCC counsel Zeenat Atiku, Adeyinka explained that Credit PRO had a signed agreement with the Idowus to repay an outstanding balance of N526,340,333, with installments no less than N50 million over six months. He detailed how he personally communicated the terms to the defendants, which were acknowledged in an email by Mr. Oriyomi Idowu.

Further into his testimony, Adeyinka disclosed evidence suggesting that Mrs. Ruth Idowu misled Credit PRO on payment arrangements. According to Adeyinka, although Credit PRO had agreed to direct payments to BUA, Mrs. Idowu later requested that payments be redirected to an associated “marketing partner.” This partner was, in reality, a front, as Adeyinka recounted how Mrs. Idowu’s actions and misleading contacts masked the fictitious nature of the LPOs, resulting in substantial financial losses for his company. Adeyinka’s testimony forms a critical part of the EFCC’s case, which argues that the Idowus used these deceitful methods to sustain their alleged fraudulent activities.

Also EFCC Arrests 21 Suspected Internet Fraudsters in Benin City

On November 5, 2024, operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) carried out a successful operation that led to the arrest of 21 individuals suspected of engaging in internet fraud. Acting on actionable intelligence, the EFCC agents apprehended the suspects at various locations across Benin City. This latest operation highlights the EFCC’s continued commitment to addressing the growing cybercrime issues in Nigeria, with Benin City often cited as a hotspot for such activities.

The EFCC’s crackdown is part of a broader effort to combat financial crimes nationwide, aiming to deter youth from resorting to internet fraud as a source of income. The arrests in Benin City underscore the agency’s proactive approach in gathering intelligence and swiftly acting to prevent the further spread of cyber-related fraud, a crime that often involves impersonation, deception, and unauthorized access to sensitive information.

Seized Items and Ongoing Investigation

During the operation, EFCC operatives recovered a range of valuable assets from the suspects, including 10 high-end luxury cars, multiple laptops, and various mobile phones. These items are believed to have been acquired through illicit financial activities linked to internet scams. The seized assets are currently being held as evidence, pending the completion of investigations and subsequent legal proceedings.

The EFCC has announced that the suspects will be charged in court once investigations are finalized. The agency emphasizes that thorough investigations are underway to establish the full extent of the suspects’ involvement in internet fraud and any connections they may have to larger cybercrime networks. The EFCC’s actions aim to send a strong message about the risks and consequences associated with internet fraud, while also protecting potential victims from falling prey to these fraudulent schemes.