Thursday, October 29, 2026

Naphtha Deal: EFCC says stolen N65 million recovered, returned to businessman

The petitioner explained that Mr Adebanbo defrauded him of N65.7 million under the pretence that he could supply him with 90,000 litres of naphtha.

• January 15, 2026
EFCC-OPERATIVES
EFCC Officials used to illustrate the story

The Economic and Financial Crimes Commission has handed over a draft for N64.8 million to Uzoechina Anene, funds recovered by its operatives for him. The EFCC spokesman, Dele Oyewale, said this in a statement on Wednesday.
The acting zonal director of the Benin directorate, Sa’ad Hanafi Sa’ad, handed over the money to the victim on Tuesday in Benin.
According to him, Mr Anene, 59, a dealer in petroleum products, had petitioned the anti-graft agency in October 2024, stating that he had been defrauded by a suspect, Adegboyega Adebanbo.
“The petitioner explained that Adebanbo defrauded him of N65.7 million under the pretence that he could supply him with 90,000 litres of naphtha (condensate).
”However, upon transfer of the money, the products were not supplied, and efforts to recover the money proved abortive.
“During investigation, the commission discovered that Adebanbo had travelled out of the country but transferred the sum of N64.8 million to the account of the wife of his business associate, Ekundayo Akinseye. Akinseye also transferred the money to other accounts,” he said.
Mr Oyewale said, however, that the EFCC traced the various accounts and recovered the money.
He said that the acting zonal director, while presenting the draft, cautioned Nigerians to be circumspect to avoid falling victim to fraudsters.
“The commission will continue to discharge its responsibilities professionally and bring fraudsters to book,” he stated. “We also use this opportunity to caution Nigerians to be alert to fraudsters who parade themselves as businessmen and suppliers of products.”
He said that the suspects had been charged in court.
Meanwhile, Mr Anene commended the commission for its intervention.

(NAN)

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