EFCC RECOVERS $104,950 FOR U.S-BASED BUSINESSWOMAN
The Economic and Financial Crimes Commission (EFCC) has handed over $56,000 recovered in a suspected procurement fraud case to an American-based Nigerian businesswoman, Mrs Adeshola Oshilaja, bringing the total amount recovered and returned to her to $104,950.
The handover was carried out at the Commission’s Lagos Zonal Directorate 1 in Ikoyi, Lagos, following an investigation into allegations that her business associate and family friend, Babatunde Samuel Akinsanmi, failed to account for funds entrusted to him for the procurement of 10 dump trucks from China.
According to a statement by the Commission, the latest handover represents the outstanding balance of the funds involved in the transaction. The initial sum of $48,950 had earlier been paid directly to Oshilaja by Akinsanmi, while the remaining $56,000 was recovered in cash by the EFCC and subsequently handed over to her.
The case began after Oshilaja petitioned the Commission over the alleged failure of Akinsanmi to fulfil his financial obligations concerning the procurement of the trucks. In her petition, she explained that she had transferred a total of $104,950 to two Chinese companies, Jinan Goneng Power Technology Company and China Howo Heavy Truck Industry Limited, based on instructions from Akinsanmi.
The funds were reportedly intended for the purchase of 10 dump trucks to support their business arrangement. However, the disagreement arose over the management of the transaction and the alleged failure to account for the money and proceeds associated with the trucks.
The EFCC’s investigation revealed that both parties had entered into a written agreement on July 25, 2023. Under the terms of the agreement, Akinsanmi acknowledged receiving $104,950 for the procurement of the trucks and undertook to refund the money on or before December 31, 2023.
The investigation further established that six of the trucks were subsequently delivered to Akinsanmi in Nigeria. Oshilaja alleged that the trucks were retained and used by Akinsanmi for business purposes without the proceeds being remitted to her as expected.
The alleged failure to account for the funds prompted Oshilaja to seek the intervention of the anti-graft agency to recover her money and resolve the financial dispute.
Following its investigation, the Commission recovered the full amount of $104,950 involved in the case. Of the total sum, $48,950 was initially paid to Oshilaja, while the remaining $56,000 was recovered in cash and handed over to her at the EFCC’s Lagos Zonal Directorate 1 in Ikoyi.
With the latest recovery and handover, the entire sum of $104,950 has now been returned to the businesswoman, bringing the financial recovery process to a conclusion.
The development highlights the EFCC’s role in investigating financial complaints and facilitating the recovery of funds in cases involving alleged financial misconduct. It also underscores the importance of written agreements, transparent business dealings and proper accountability in commercial transactions, particularly those involving international procurement.
The Commission’s intervention has enabled Oshilaja to recover the full amount associated with the transaction, following the dispute over the funds provided for the purchase of the dump trucks from China.
