This Lagos business man is in trouble over multiple fraud running into billions of Naira.
(EFCC)
A Lagos based business man, Samuel Joseph, who is
the Managing Director of Vegefresh Company Limited, Rhema Doormart West
Africa Limited, and Plywood and Chemicals Accessories, Samuel Joseph,
is not finding it funny after he was picked up by the operatives of the
anti-graft agency, Economic and Financial Crimes Commission, EFCC, after he allegedly defrauding an old generation bank of the sum of N3.8 billion in loans he secured.
According
to the grant crime fighters, the suspect is alleged to have collected
the sum of N3, 828,756,877.61 from the bank in tranches.
"He
allegedly collected the sum of N2, 000, 000, 000 (Two Billion Naira
only) in February 2012, as loan through Vegefresh Company Limited,
ostensibly for the purpose of setting up a Tomato Processing Plant in
Bauchi and Tomato Cannery in Badagry, Lagos, as well as Cassava factory
in Ogun state.
Another N1.5 billion was
released to him under the Commercial Agriculture Credit Scheme Facility
(CACS), while N500 million was released as NEXIM Bank’s Rediscounting
and Refinancing Facility (RFF), which accumulated to N3, 828,756,877.61
with interest.
The bank alleges that the
suspect deliberately diverted the funds for purposes other than those
intended as evidenced by inappropriate transfers made within and outside
the bank.
The suspect is also alleged to
have collected a property worth N400 million on lease from the bank,
paid N100 million deposit and later demolished and sold the property
before attempting to pay the balance of N300 million.
At
the point of paying the balance, the new management of the bank smelt a
rat and rejected the payment. The bank later discovered that the
suspect paid the initial deposit from the N100 m loan he obtained from
the same bank which he re-routed through accounts of companies that are
his alter ego, back to the Bank’s Assets Disposal Account.
The
original title to the property is still in the bank’s possession,
raising questions as to how the suspect sold the property."
