EFCC returns N140 million recovered in loan scam probe

Summary

The EFCC says it has recovered and handed over N140 million to B4 Sail Limited after investigating a suspected loan scam involving the company.

Highlights

• The money was handed over by Bawa Kaltungo, the acting Zonal Director of the EFCC’s Lagos directorate, in bank drafts.
• EFCC said the recovery followed a petition from B4 Sail Limited filed in April over a N500 million business loan deal.
• The company alleged that shares pledged as collateral for the loan were sold without its knowledge.
• The commission said its investigation involved one Jacob Oyebola Esan and companies linked to him.
• EFCC said the case involved allegations of obtaining money by false pretence and diversion of funds.