Contractor Nabbed Over N1.8bn Contract Fraud As EFCC, CBN Tackle ATM, POS Frauds

The Economic and Financial Crimes Commission (EFCC), has arrested one Umoh Archibong, a contractor notorious for allegedly using fake contract documents to obtain about N1.8bn (One billion, Eight hundred million naira) from unsuspecting members of the public.

He was arrested on Friday November 6, 2020, at a hotel in Uyo, Akwa Ibom State.

His modus operandi, according to statement by Wilson Uwujaren, is brandishing fake contract documents to prospective victims, and enticing them with promises of huge returns if they agree to fund the execution of the contracts.

Archibong met his Waterloo when one Okika Ugochukwu petitioned the Commission on July 30, 2019, alleging that sometime in June 2019, Achibong approached him with the information that he had been awarded two contracts by Hensek Construction Company and VKS Construction Company, both in Uyo, for the supply of laterite and borrow pit sand, and convinced him to invest N39million ( in tranches between June 15 to June 25, 2019) with a promise of paying him N18,000 monthly until he receives payment for the contracts.

The petitioner further alleged that, after he received payment from him and others, Archibong severed communication with them; that all efforts to get back the invested capital and accrued interest totaling N45, 000, 000.00 proved abortive.

The two companies which Archibong claimed awarded him the contracts, Hensek Construction Company and VKS Construction Company, denied having any dealings with the suspect. Since his arrest, a total 38 victims have come forward with claims that they were also defrauded by the suspect under same guise.

Under interrogation, the suspect claimed he invested the proceeds of crime in ponzi schemes and acquired several exotic cars. The suspect will be charged to court as soon as investigation is concluded.

Meanwhile, the anti-graft commission, has agreed to work together with the Kaduna Branch of the Central Bank of Nigeria, CBN, to ensure that public funds are kept safe.

The Head, EFCC Kaduna Zonal office, Sanusi Abdullahi, who made the declaration while on a courtesy visit to the CBN, Kaduna branch, lamented the increasing incidence of lose of money by members of the public to illegal withdrawals by fraudsters through Point Of Sale (P.O.S), and ATMs platforms.

Abdullahi observed that the Commission has in the last few days, witnessed several petitions from the public concerning illegal withdrawals of their hard earned monies by fraudsters, using the POS and ATM, mechanism, adding that the petitioners are requesting the assistance of the Commission, to help them recover their lost funds. He called for strong collaboration between the Commission and the CBN to monitor new trends on financial policies as it affects financial institutions.

Responding, the branch Controller, CBN, Kaduna branch, Ahmed .M. Wali, reiterated the need for robust partnership with the EFCC; adding that the collaboration which is longstanding, has yielded positive results.

Wali added that the CBN would continue to formulate policies that would ensure that public funds are kept safe He also advised the public not to disclose their ATM or banking details with anyone adding that fraudsters are eager to take advantage of such windows to defraud unsuspecting victims. Wilson Uwujaren Head, Media & Publicity 18 November, 2020.