June 16, (THEWILL) – The Economic and Financial Crimes Commission (EFCC) has arrested Abubakar Funtua, son of a Federal Minister in the Second Republic, late Isa Funtua.
Abubakar was arrested by operatives of the anti-graft agency on Friday, for allegedly stealing over N28 billion and other fraudulent activities.
Spokesperson of the EFCC, Dele Oyewale, who confirmed the arrest on Saturday, said Abubakar is currently being detained at the Abuja headquarters of the agency.
Although Oyewale did not confirm what led to his arrest, THEWILL, however, gathered that Abubakar and his Ugandan business associate, Asega Aliga, were alleged to have looted N28 billion from Keystone Bank using 13 shell companies to collect Agricultural loans from the Central Bank of Nigeria (CBN).
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.”
A report by The Guardian said Abubakar and Aliga had used fronts to set up a company called Seltrix Nigeria Limited, where most of the N28 billion collected as Agric loans were warehoused.
Although they have paid only N7 billion before they fled, only about N4 billion is now left in Seltrix account.
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