The police command in Ondo State has arrested a 52 year-old man, Eniaye Olorunfemi, for allegedly obtaining the sum of N55 million by conversion from Igbeyinadun Multipurpose Cooperative Society, Akure.

This is contained in a statement made available to journalists on Saturday in Akure by the command’s spokesperson, DSP Abayomi Jimoh.

Mr Jimoh explained that the arrest was effected on January 30 by operatives of the anti-kidnapping section of the police command in Ondo State, following an approved petition received by the command.

According to him, preliminary investigation revealed that the suspect collected the money in June 2025 under the pretext of purchasing a tipper truck on behalf of the cooperative society.

“However, after the truck was handed over to him, the suspect allegedly absconded and refused to report back to the society, thereby prompting the petition to the police.

“Acting on credible intelligence, police operatives tracked down and arrested the suspect. The tipper truck was successfully recovered and has since been handed over to the cooperative society.

“The suspect is currently in police custody and has made useful statements, while investigation continues. He will be charged to court upon the conclusion of investigation,” he said.

Mr Jimoh also said the state Commissioner of Police (CP), Adebowale Lawal, advised cooperative societies and individuals to exercise heightened caution in their financial dealings.

“Cooperative societies or individuals need to ensuring that thorough due diligence is carried out on the background and credibility of prospective members and business partners.

“Prooer background checks and verification processes are essential to prevent fraud, financial loss, and other related crimes.

“The CP further encourages the public to promptly report any suspicious transactions or activities to the police, noting that early reporting greatly enhances timely intervention and effective investigation,” he said. 

(NAN)