EFCC Arrests 40-year-old Man for Operating Ponzi Scheme in Ibadan

By Abiodun Ogunrinde, Ibadan

A 40-year-old man, Ayodele Saheed Olaniyi, is currently cooling his heels in the custody of the Economic and Financial Crimes Commission, EFCC, Ibadan zonal office for allegedly duping people of sums totaling Three hundred and forty- three million, eight hundred and eighty thousand
naira (N343,880,000).

Olaniyi was arrested by the commission following
a petition addressed to the EFCC’s Executive Chairman, and filed on February 13, 2018.

Signed by a lawyer, Mr. Jimoh Ayofe Tijani of E.F.A. Adeola & Co, the petition was prepared at the instance of 89 individuals, who claimed to be victims of the suspect’s alleged fraudulent acts.

The petitioner alleged that they were hoodwinked by Olaniyi into investing in a network business called Beerbanc Traders’ Network.

The business required that they pool resources together to establish a beer retailing business with the promise that the proceed would be shared every month among the investors and the coordinating company.

They further alleged that after collecting their money, Olaniyi neither share profits with them since October 2018 nor return their invested sums, even when it was apparent that the business would not fly.

Upon receipt of the petition, the acting chairman of EFCC, Mr. Ibrahim Magu, had assigned detective officers to look into its merit. Their findings were shocking.

In the course of their investigation, the detectives discovered that the suspect was operating eight different bank accounts through which he enlisted.