EFFC Arrests Smartmicro Systems Ltd Boss Michael Obasuyi Over N11.5b Fund

By Dipo Olowookere

Managing Director of Smartmicro Systems Ltd, Mr Michael Osasogie Obasuyi, has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) over alleged conspiracy, cybercrime and laundering of N11.498 billion.

A statement issued by spokesman of the EFCC, Mr Wilson Uwujaren, disclosed that the suspect, also the managing director of Platinum Multi-purpose Cooperative Society Limited, had written a petition in March 2018 to the commission against a mobile and electronic payment provider firm known as eTranzact.

However, this petitioned company had also written a counter-petition against Smartmicro and Mr Obasuyi, leading the anti-graft agency to launch investigations into the activities of Mr Obasuyi and his firm.

It was alleged that Smartmicro had approached eTranzact in 2012 for the deployment of bulk purchase solution called ‘Corporatepay’ to facilitate payment of salaries of Delta State workers in microfinance banks.

It was also alleged that the company configured an additional outbound fund transfer solution called ‘Fundgate’ in 2017, which required Smartmicro to maintain a pre-funded settlement account with a first generation bank for settlement of account it had initiated.

The company further alleged that the bank, sometime in March 2018, revealed that the settlement account was in debit of N11,498,944,038.29.

According to the EFCC, Mr Obasuyi, in his statement to the Commission, confessed to have committed the crime, stating that he created fraudulent and imaginary monies through the aid of ‘Fundgate’ financial application from the company.

Mr Uwujaren said, “The commission, in the course of investigation recovered a paper version of the programme called MicroSwitchServer1, which he allegedly used to create and post the imaginary monies.

“He also admitted to have diverted to his personal use N7,519,381,202  out  of N11,498,944,038.29.

“The Commission has so far recovered N2,903,727,563.92, $37,992.87 and 18,538.09 found in Obasuyi’s accounts in various banks in the country.

“Also, a total of 20 properties located in various parts of Edo, Rivers and Lagos States and Abuja, worth several millions of Naira, have been traced to Obasuyi, which were acquired with proceeds of crime.

“Obasuyi, who also admitted to have purchased 134 buses from the proceeds of crime, runs the popular Platinum Cruise Transport Company. He will soon be charged to court as soon as investigations are concluded.”