The Economic and Financial Crimes Commission (EFCC) has confirmed the arrest and detention of the son of the late Isa Funtua, Abubakar, for allegedly stealing over N28 billion and other fraudulent activities.
Abubakar and his Ugandan business associate, Asega Aliga, were alleged to have looted N28 billion from Keystone Bank and fled Nigeria. While Abubakar was said to have initially moved to Spain, where he was estimated to worth $300 million in cash and properties, Aliga was said to be hiding in Uganda.
Abubakar, who was arrested by EFCC operatives in his Abuja home last Friday, would likely spend his Sallah holiday in detention.
Confirming the arrest in a chat with The Guardian, EFCC spokesperson, Dele Oyewale, said: “Yes it’s true.”
It was alleged that the duo used 13 dubiously formed companies to collect agricultural loans from the Central Bank of Nigeria (CBN) when it was under the headship Mr. Godwin Emefiele and paid only N7 billion before they decided to go into hiding.
The shell companies allegedly used are: Stefem Agriculture Nig Ltd, Middleemarsh Farm Ltd, Agricultural Derivatives Ltd, Charis2014 Global Ltd, Ikeez Agro Allied Resources Ltd, Piers On Agro-Allied, Wholefoods Processing Ltd, Tenaco Farms and Food Nig Ltd, House of Eshcol Ltd, Mahveck Global Concept Ltd, Estim Farms Ltd, Willymonia Int and Hargrik Agro Investment Ltd.
According to sources, it was discovered that Abubakar and Aliga had used fronts to set up a company called Seltrix Nigeria Limited, where most of the N28 billion collected from the CBN as agric loans were warehoused. The sources revealed that only about N4 billion is now left in Seltrix account .
“Keystone Bank can no longer recover their money because the companies used to obtain those loans only exist on papers,” the sources said.
