Suspected Fake BDC Operator Nabbed by EFCC Over Multi-Million Naira Scam
- EFCC arrested Callistus Okeke over alleged fraud involving N369.3 million
- Forged bank transfer documents were reportedly issued to support the false claims
- The EFCC said the suspect will face prosecution after investigations are completed
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Economic and Financial Crimes Commission (EFCC) has arrested a man identified as Callistus Okeke over allegations that he defrauded two individuals of N369.3 million through separate transactions.
Source: Twitter
The commission’s spokesperson, Dele Oyewale, disclosed this in a statement on Tuesday. He said operatives from the EFCC’s Enugu Zonal Directorate apprehended the suspect following petitions filed by the complainants.
According to the statement, the two petitioners, identified as Chinedu Ezeugwu and Ernest Agu, accused Okeke of posing as a Bureau De Change operator to obtain large sums of money under false pretences.
First petition
The EFCC said Mr Ezeugwu alleged that he transferred N157.3 million to the suspect for onward remittance to his business associate in China.
However, only N24 million was reportedly delivered to the intended recipient. The petitioner said he was later given telex copies purportedly issued by ABA Bank of Cambodia as proof of payment for the outstanding balance.
The commission stated that when the documents were presented abroad, they were discovered to be forged.
During interrogation, the suspect allegedly admitted diverting the funds for personal use. He was quoted as saying he used the money to offset other financial obligations due to business difficulties and sent fabricated bank transfer documents via WhatsApp to the complainant.
Investigators further established that Okeke was not a licensed Bureau De Change operator, contrary to his earlier representation.
The EFCC said the suspect has refunded N50 million to Mr Ezeugwu, leaving an outstanding balance of N83.295 million.
Second petition
In a separate complaint, Mr Agu alleged that in 2024, the suspect requested a loan of N212 million to facilitate a transaction, claiming his funds were held in dollars outside Nigeria.
According to the EFCC, the complainant transferred the amount based on assurances of repayment. However, attempts to recover the money reportedly failed, with invoices and telex documents later found to be falsified.
The commission said the suspect has so far returned N167.6 million to Mr Agu, leaving a balance of N44.3 million unpaid.
Mr Oyewale stated that the suspect will be arraigned in court upon the conclusion of investigations.
Source: Twitter
Legal context
Under Nigerian law, offences such as obtaining money by false pretence and forgery are criminalised by the Criminal Code Act and the Penal Code.
Section 419 of the Criminal Code prescribes up to three years’ imprisonment for obtaining by false pretence, while Section 467 provides penalties for forgery. In northern Nigeria, Section 364 of the Penal Code allows for prison terms of up to 14 years for forgery-related offences. Authorities say investigations are ongoing
BDC operators yet to access CBN’s $150,000 weekly window
Legit.ng earlier reported that BDC operators said they have not yet accessed the official forex window despite the announced approval by the Central Bank of Nigeria (CBN) to allow licensed BDCs to purchase up to $150,000 weekly through authorised dealers.
Operators disclosed that no transactions have been completed under the new arrangement, as the directive remains largely unimplemented.
Some operators question the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.
Source: Legit.ng
