The Economic and Financial Crimes Commission, EFCC, has stated that two directors of oil firm, Wafa Aggregate Limited, Adeleke Adeyemi and Odusanya Ayotunde Memphis (now at large), will soon be charge to court over allegations of N800m Fraud
According to anti graft agency, Adeleke Adeyemi was arrested 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 Eight Hundred Million Naira.
Adeyemi, together with his accomplice, Odusanya Ayotunde Memphis (now at large), in their capacities as directors at Wafa Aggregate Limited, allegedly approached Eco Bank Plc for a loan facility of N800million for the procurement of petroleum products from Covalent Oil & Gas Services Limited in October, 2011.
Upon receipt of the loan facility, Adeyemi and Memphis allegedly diverted the funds to their personal use and defaulted in paying back the loan.
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Investigation revealed that the five Diamond Bank Plc now Access Bank cheques of N10million each issued by the suspect and his accomplice were returned unpaid upon presentation.
Wafa Aggregate Limited was incorporated in April 2010 and has experienced unprecedented growth in the downstream sector of the Nigerian oil industry.
The company is an independent oil and gas trading company which was formed and wholly-owned by Nigerians
