LAGOS: INVESTIGATIONS into the alleged diversion of more than N3,8 billion from an old generation bank by a Lagos businessman are ongoing.
Samuel Joseph Managing, Director of Vegefresh Company Limited and Rhema Doormart West Africa Limited, was arrested on Monday for the alleged swindle.
“Investigation into the case continues,” the Economic and Financial Crimes Commission (EFCC), whose operatives picked Joseph for questioning, stated.
The suspect is alleged to have collected N3, 828 billion from the bank in tranches. He allegedly collected the sum of N2 billion as loan through Vegefresh Company Limited ostensibly for the purpose of setting up a Tomato Processing Plant in Bauchi and Tomato Cannery in Badagry, Lagos, as well as Cassava factory in Ogun state.
Another N1,5 billion was allegedly released under the Commercial Agriculture Credit Scheme Facility (CACS), while N500 million was released as NEXIM Bank’s Rediscounting and Refinancing Facility (RFF) which accumulated to N3, 828 billion interest.
The bank alleges that the suspect deliberately diverted the funds for purposes other those intended as evidenced by inappropriate transfers made within and outside the bank.
The suspect is also alleged to have collected a property worth N400 million on lease from bank, paid N100 million deposit and later demolished and sold the property before attempting to pay the balance of N300million.
Suspicion grew at the point of paying the balance. New management later discovered that the suspect paid the initial deposit from the N100m loan he obtained from the same bank which he re-routed through accounts of companies that are his alter ego, back to the Bank’s Assets Disposal Account.
The original title to the property is still in the bank’s possession, raising questions as to how the suspect sold the property.
SOURCE: CAJ NEWS AGENCY