EFCC Recovers N140m and Returns Funds to B4 Sail Limited
The Economic and Financial Crimes Commission (EFCC) has handed over N140 million in recovered funds to B4 Sail Limited, an investment and money-lending company in Lagos, as part of its ongoing efforts to recover funds and assets from individuals involved in fraudulent activities.
Investigation Reveals Fraudulent Loan Schemes
The EFCC investigation revealed that Jacob Oyebola Esan, identified as the first suspect, had obtained N1.25 billion in loans through fraudulent means.
Collateral Sold Without Company's Knowledge
Further investigation disclosed that the pledged shares were sold without the knowledge of B4 Sail Limited, leading to Esan's inability to repay the loans and the outstanding loan and accrued interest reaching N2.25 billion.
EFCC's Commitment to Returning Recovered Funds
- The recovery marks a step towards the EFCC's mission to restore funds and assets from individuals engaged in fraudulent activities.
- The Commission ensures that funds and assets recovered during its investigations are returned to legitimate owners and victims as per due process.
EFCC's Statement on Return of Funds
In a statement, the EFCC said that the recovery is part of its ongoing efforts to recover funds and assets from individuals engaged in fraudulent activities.
"The Commission is committed to returning funds and assets recovered during its investigations to legitimate owners and victims as per due process," the EFCC stated.
Nigerian Investment Promotion Commission (NIPC) and B4 Sail Limited
The Nigerian Investment Promotion Commission (NIPC) and B4 Sail Limited were not involved in the fraud scheme.
The Commission assures that the funds and assets recovered from fraudulent activities will be returned to their rightful owners and victims as per due process.
Jacob Oyebola Esan
Jacob Oyebola Esan, identified as the first suspect, had obtained N1.25 billion through fraudulent means.
The EFCC stated that the recovery is part of its ongoing efforts to recover funds and assets from individuals engaged in fraudulent activities.
B4 Sail Limited
B4 Sail Limited was not involved in the fraud scheme.
The EFCC assured that the funds and assets recovered from fraudulent activities will be returned to their rightful owners and victims as per due process.
Nigerian Investment Promotion Commission (NIPC)
The Nigerian Investment Promotion Commission (NIPC) was not involved in the fraud scheme.
The EFCC assured that the funds and assets recovered from fraudulent activities will be returned to their rightful owners and victims as per due process.
</body> </html><small>Source: Daily Post Nigeria — read the original story there.</small>
