One Adeleke Adeyemi has been arrested and detained by the Economic and Financial Crimes Commission (EFCC) for allegedly diverting N800 million loan taken from a commercial bank to personal use.
Adeyemi, alongside his accomplice, Odusanya Memphis (at large) are being accused of conspiracy, issuance of dud cheques and diversion of the bank loan, the spokesman of the EFCC, Wilson Uwajuren said in a statement on Friday.
“Operatives of the Lagos Zonal Office of the Economic and Financial Crimes Commission have arrested one Adeleke Adeyemi for his involvement in an alleged case of conspiracy, obtaining money by false pretence, diversion of funds, issuance of dud cheques and money laundering to the tune of N800m.
“Adeyemi, together with his accomplice, Odusanya Ayotunde Memphis (now at large), in their capacities as directors, allegedly approached the bank for a loan facility of N800m for the procurement of petroleum products from an oil firm in October 2011.
“Upon receipt of the loan facility, Adeyemi and Memphis allegedly diverted the funds for their personal use and defaulted in paying back the loan,” the statement read.
Uwajuren further revealed that five cheques of N10m each issued by the suspect and his accomplice were returned unpaid upon presentation, adding that the suspect, who was arrested on March 22, was being held in EFCC custody with a remand warrant.