Connect with us

General

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

Published

on

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.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Click to comment

Leave a Reply

General

Customs Area 1 Command Eyes Higher Revenue in 2025

Published

on

Mustapha Hashim customs area 1 command

By Bon Peters

The Area 1 Command of the Nigeria Customs Service (NCS) in Port Harcourt, Rivers States, has expressed confidence in raking in higher earnings in 2025 after it generated about N200.6 billion in 2024.

A statement by the command’s Public Relations Officer, Mr Oscar Ivara, a Superintendent of Customs, said last year’s revenue was higher than the N116.3 billion collected in 2023 by 72.41 per cent or N84.3 billion.

He quoted the Comptroller of the command, Mr Mustapha Hashim, as attributing “this impressive surplus” to the hard work, dedication, and operational improvements within the command, which he insisted have helped increase revenue while improving compliance with customs regulations.

He noted that the command’s strategic focus on enforcement operations and ensuring compliance with customs regulations have significantly contributed to the increase in revenue even as he applauded the improved monitoring systems, increased patrols, and enhanced collaboration with other enforcement agencies which he emphasized have played a critical role in curbing smuggling activities and improving revenue.

Continuing, Mr Hashim gave a breakdown of the 2024 revenue figures of the command to include N184.2 billion in the first quarter of 2024, with an estimated monthly collection of N15.4 billion, which he said was later reviewed upwards to N230.3 billion with monthly expected collection of N19.2 billion in the second to fourth quarters of the year.

The agency, however, reported an annual revenue target shortfall collection of about 13.04 per cent, which was largely attributed to the federal government’s food import waiver policy, introduced in July 2024, to mitigate Nigeria’s worsening food crisis.

“The presidential directive, which ended on December 31, 2024, gave waivers to essential food items such as wheat, maize, and grain, which are the major goods imported through the command,” he stated.

In the area of export activities, Mr Hashim posited that the command made notable strides in boosting revenue from agricultural products, which he referred to as a key indicator to Nigeria’s economic diversification.

“This focus has increased export facilitation and boosted the command’s contribution to national revenue,” he said.

He added that the total quantity of cargoes exported in the year 2024 was 17,352,817 metric tons with FOB at $1.5 billion, while the NESS paid was N2.9 billion for both oil and non-oil exports.

The statement also disclosed that a total of 289 ships called at the Area Command in 2024, with import tonnage comprised of bulk cargoes such as wheat, frozen fish, salt, oil well equipment, PMS, AGO, gypsum, bitumen and general cargoes which amounted to 4,080,654.198 metric tons and the duties collected from the bulk cargoes and excise factory   contributed to the huge revenue collected in the command.

He said the feat was achieved by advocating full compliance of all customs regulations by ensuring maximum collection of customs duties, levies and payment of all unpaid assessment.

Mr Hashim said with the command’s focused approach, dedication and continued support from partners and stakeholders, the revenue generation, anti-smuggling and trade facilitation drive for 2025 will be effective, promising that the command would deploy all necessary tools to ensure seamless clearance operations this year.

Continue Reading

General

EFCC to Auction Over 800 Forfeited Cars in Lagos, Abuja (Full List)

Published

on

efcc car auction 2025

By Modupe Gbadeyanka

Over 850 cars forfeited to the Nigerian government across various locations in Nigeria will be auctioned by the Economic and Financial Crimes Commission (EFCC), a statement from the agency has revealed.

The anti-money laundering organisation said the vehicle were seized by the government through court orders from persons involved in various financial crimes, including corruption, money laundering, and cybercrime.

The agency said the auction is in line with the EFCC (Establishment) Act, 2004, Public Procurement Act, 2007 and the Proceeds of Crime (Recovery & Management) Act, 2022.

It called on interested members of the public to participate in the auction, promising that the process will be transparent and fair.

The exercise will be conducted by the EFCC in partnership with appointed auctioneers in Lagos, Abuja, Benin City, Enugu, Ilorin, Ibadan, Port Harcourt, and Kano from January 20 to 27, 2025.

“The general public is hereby notified that the @officialEFCC through its appointed auctioneers will conduct e-Auction of the under listed vehicles that are subject of final Forfeiture orders in accordance with the EFCC (Establishment) Act, 2004, Public Procurement Act, 2007 and the Proceeds of Crime (Recovery & Management) Act, 2022,” the statement read.

Below are the cars to be auctioned by the EFCC;

EFCC Car Auction List

Continue Reading

General

Oyo Rehabilitates Agbowo Road, Three Others

Published

on

Agbowo road Ibadan

By Modupe Gbadeyanka

Four major roads are being rehabilitated by the Oyo State government to improve transportation infrastructure and enhance mobility.

The chairman of the Oyo State Road Maintenance Agency (OYSROMA), Mr Busoye Ogunlade, in a statement in Ibadan last Friday, said the roads should be completed in less than eight weeks.

The roads include Bashorun Oluwo-nla road, Agbowo road, Eleyele-Water road, and Zion plaza-Olusoji road.

“Work has commenced on some of these roads, as we speak. However, repairs on other roads will commence soon,” Mr Ogunlade said, advising commuters to follow temporary traffic diversions and cooperate with the ongoing construction efforts.

The OYSROMA chief said the ongoing rehabilitation was based on fund availability and the economic viability of those roads, noting that the move is in line with the commitment of the administration of Governor Seyi Makinde to make the state more attractive to both local and foreign investors.

“Governor Seyi Makinde has given us the mandate to rehabilitate roads across the State, and we have mobilized Engineers, through direct labour to these sites,” he said, adding that to make the exercise have the desired impact on the people, the agency has gone across all zones and picked critical roads that need rehabilitation across the state.

“This is borne out of the complaints we received during zonal town hall meetings from residents of the state. Our Engineers have swung into action and have taken measurements of critical roads,” he said.

Continue Reading

Trending