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A massive fraud scandal has engulfed First Marina Trust, with a court ordering the interim forfeiture of millions of dollars, pounds, luxury cars, and 14 properties allegedly acquired with stolen funds. The Economic and Financial Crimes Commission (EFCC) uncovered the scheme, which involved two employees conspiring with a self-proclaimed “Muslim cleric” to steal over $3 million from customer accounts.
Details of the alleged fraud:
- Two employees: Adeyemi Oluwaseun and Suleiman Yusuf Obhakume, allegedly exploited their positions in the treasury and marketing departments to steal.
- Modus operandi: Obhakume forged customer email addresses to generate fraudulent withdrawal instructions, which were approved by Oluwaseun.
- Cleric conman: Haruna Isah, posing as a “Muslim cleric,” convinced Obhakume to hand over the stolen funds for “sacrifices” and “prayers.”
- Stolen funds: Over $2.78 million USD and £500,000 GBP were allegedly siphoned from customer accounts.
- Luxury lifestyle: The stolen funds were reportedly used to purchase 14 houses, 3 luxury cars, and laundered through multiple bank accounts.
Court action:
- Interim forfeiture: Justice Kehinde Olayiwola Ogundare ordered the temporary seizure of the aforementioned assets pending further investigation and trial.
- Next steps: The EFCC will publish the court order in a national newspaper, allowing individuals with claims to the seized assets to come forward and contest the forfeiture.
- Final hearing: The court will hold a final hearing on March 19, 2024, to determine the permanent fate of the seized assets.
Concerns and implications:
- Breach of trust: The alleged fraud represents a serious breach of trust by employees entrusted with customer funds.
- Impact on investors: The incident could erode investor confidence in First Marina Trust and raise concerns about broader financial security in Nigeria.
- Importance of justice: The court action emphasizes the importance of holding individuals accountable for financial crimes and protecting investors’ interests.