N1.4bn bank fraud: EFCC arrests Kogi Assembly candidate with N326m and $610,500 cash

Ismaila Yusuf Atumeyi, the Kogi State House of Assembly candidate for the New Nigeria Peoples Party (NNPP), was arrested by the Economic and Financial Crimes Commission (EFCC) with N326million and $140,500 in cash.Information Guide Nigeria

This was reported by EFCC spokesperson Wilson Uwujaren in a statement issued on November 1, 2022.

Atumeyi, a candidate for the Ankpa 11 Constituency seat in the Kogi State House of Assembly, was arrested on Sunday, October 30, 2022, along with Joshua Dominic, an alleged serial fraudster, in a sting operation on Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja.

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Abdulmalik Salau Femi, a former bank employee who allegedly provided the inside information that permitted the syndicate’s attack on the bank, was arrested at a hotel in Lagos on Tuesday, November 1.

“Following his arrest, a search was conducted on his home in Morgan Estate, Ojodu where a total of $470,000 USD was recovered,” the EFCC spokesman stated.

“The arrest of the suspects followed months of investigation into the hacking of one of the commercial banks by a syndicate of fraudsters who pulled off a heist of N1.4billion,”

The syndicate allegedly transferred N887 million into the account of Fav Oil and Gas Limited, from which the funds were disbursed to a number of Bureau de Change operators and auto dealers for conversion into U.S. dollars and the purchase of luxury automobiles.

Dominic, who has been arrested multiple times for fraud, allegedly assisted Atumeyi in refining the hacking strategy via Abdumalik.

Dominic, a self-proclaimed investment expert and managing director of Brisk Capital Limited, was arrested in May 2021 by the Nigeria Police Special Fraud Unit for an alleged N2billion investment fraud. In a bogus investment scheme, he allegedly duped over 500 individuals.

Uwujaren revealed that two Range Rover Luxury SUVs were retrieved from the two suspects who were apprehended in Abuja.

As soon as the investigation is complete, the suspects will be charged in court, he said.JAMB Result

In the meanwhile, the Commission voiced alarm over the increasing frequency of cyberattacks on banks and the reluctance of financial institutions to report such violations to law authorities.

While cautioning that such reluctance would only empower criminals, the EFCC urged financial institutions to work with it to protect the financial sector from cyber-attack risks.

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