The Economic and Financial Crimes Commission, (EFCC) has confirmed the arrest and detention of the Son of late Isa Funtua, Abubakar for allegedly stealing over N28billion and other fraudulent activities.
Abubakar and his Ugandan businesses associate, Asega Aliga, where alleged to have looted N28billion from Keystone Bank and fled Nigeria.
While Abubakar was said to initially moved to Spain where his estimated to worth $300million in cash and properties, Aliga was said to the hiding in Uganda.
Abubakar who was arrested by operatives in his Abuja home early Friday would likely spend his Sallah holiday in detention.
Confirming the arrest in a chat with The Guardian, EFCC Spokesperson Dele Oyewale, said: “Yes it’s true.”
The duo is alleged to have used 13 dubiously formed companies to collect Agricultural loans from the Central Bank of Nigeria, (CBN) under Godwin Emefiele and have since paid only N7billion before they decided to go into hiding.
The shell companies used are: STEFEM AGRICULTURE NIG LTD, MIDDLEEMARSH FARM LTD, AGRICULTURAL DERIVATIVES LTD., CHARIS2014 GLOBAL LTD, IKEEZ AGRO ALLIED RESOURCES LTD., PIERS ON AGRO-ALLIED, WHOLEFOODS PROCESSING LTD, TENACO FARMS AND FOOD NIG LTD, HOUSE OF ESHCOL LTD, MAHVECK GLOBAL CONCEPT LTD, ESTIM FARMS LTD, WILLYMONIA INT, HARGRIK AGRO INVESTMENT LTD.”
According to sources close to The Guardian, it was discovered that Abubakar and Aliga had used fronts to set up a company called Seltrix Nigeria Limited, where most of the N28billion collected from the CBN as Agric loans were warehoused. Only about N4billion is now left in Seltrix account.
“Keystone Bank can no longer recover their money because the companies used to obtain those loans only exist on papers
