Commercial Law

EFCC arrests bizman, Fasuyi over $2.5m fraud

Operatives of the Economic and Financial Crimes Commission(EFCC) on Tuesday arrested a businessman, Mr. Cyril Fasuyi, outside the premises of the Lagos Division of Federal High Court.

Fasuyi was arrested after attending another fraud charge before the court presided over by Justice Nicholas Oweibo. Though, none of the operatives gave reasons for his arrest, a source in the anti-graft agency confirmed his arrest.

Fasuyi’s arrest was sequel to a petition written to the EFCC by a limited liability company, Project Atlantic Transfer Incorporated on behalf of it’s client, Integrated Packaging Systems FZCO and it’s Nigeria subsidiary, IPS Ingredis Integrated System Limited.  

The petition with the caption “Complaint against Mr. Cyril Fasuyi and Mrs. Elizabeth Adun Fasuyi, trading under the name and style of Legacy Foods Limited for defrauding foreign investors and diversion of foreign investment into Nigeria, issuance of dud cheques, conspiracy to steal, obtaining by False pretence, stealing, and fraudulent conversation of the sum of two million, four hundred fifty thousand six hundred and eighty nine United States Dollars, twenty five cent ($2. 459, 689. 25) belonging to Integrated Packaging Systems FZCO”.

The petition was signed by Mr. Nuel Wilson, the Complainant’s West Africa Regional representative, and acknowledged by the EFCC on December 10, 2020.

The petition reads in parts: “we are the Representatives to Integrated Packaging Systems FZCO (IPS INGREDIS) and its Nigerian Subsidiary iPS Ingredis Integrated System Limited (hereinafter referred to as “our Clients”}, on whose behalf, we write this letter. 

“Our Client, Integrated Packaging Systems FZCO (IPS INGREDIS), is a Client duly registered under the laws of Dubai, United Arab Emirates with registered office at DAFZ Office No. 4WA 219, P.O. Box 54337, Dubai, United Arab Emirate and has a Nigerian subsidiary Client known as IPS Ingredis integrated Systems Limited also duly registered under the laws of the Federal Republic of Nigeria and has its office address at Suite No. 308, AHCN Towers, Plot 6, Block C, CIPM Road, Central Business District, Alausa, Ikeja Lagos State. 

“Our Client, IPS INGREDIS, carries on the business of sales, supply and distribution of raw materials to different parts of the world including Nigeria and carries on its business in Nigeria through its local subsidiary, (PS Ingrepig integrated Systems Limited. Our Client is one an of the foreign investors in Nigeria and is committed to growing and making positive and Capital base investments in Nigeria as investment portfolios. 

“We write this petition to bring to your attention a case of massive fraud against foreign investment and diversion of foreign investment into Nigeria, as well as conspiracy to defraud, steal and convert; obtaining by false pretences; stealing; and fraudulent conversion and detention of our fund in the sum of Two Million, Four Hundred and Fifty Thousand, Six Hundred and Eighty Nine United State Dollars Twenty Five Cent ($2,450, 689.25) by Mr. Cyril Oluwole Fasuyi and Mrs. Elizabeth Adun Fasuyi trading under the name and style of Legacy Foods Limited (the Suspects) against our Clients. 

“Our petition is predicated on the need for urgent justice to our Client and the obligations of the Nigerian government and the law enforcement agencies to ensure the maximum protection of foreign investment in Nigeria and secure the property/funds of innocent and willing foreign investors in Nigeria within the spirit and intent of the various Bilateral Investment Treaties between Nigeria and other Countries, particularly with the United Arab Emirates. 

“The Suspects were introduced to our Clients by one of our Client’s Chinese customer on 22nd November 2015 and from there the Suspects and officers of our Subsidiary Client in Nigeria had several meetings where the Suspects represented that they are astute business persons and have interest in our client’s line of trade and products. 

“In view of the new business relation, the Suspects started placing orders through various Purchase Orders for supplies of various quantities of raw materials in the categories of WS-INGREDES (Corn Starch, Maltodextrin DE, Shortening and Maltose Syrup) and OMNIA MISASTA (Waltose 50) and our clients supplied the raw materials as ordered by the suspects. 

“In the course of the business, our Client supplied goods worth over $9,000,000.00 to the Suspect. The Suspects after selling all the goods refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United State Dollars ($2,980, 535.00) worth of products already supplied to the Suspects. 

“Despite our Clients’ several and repeated demands, the Suspects still refused, failed and neglected to pay the sum to our Clients. Meanwhile, our Client’s discrete investigation revealed that the Suspect had sold and disposed of the products that were supplied to them for value and collected and diverted and appropriated the proceeds for their personal use and benefits. 

“Following the discovery above, it was dawned on our client that the whole transaction was a fraud and calculated attempt to dispossess our clients of their investment in Nigeria by stealing and fraudulent means, obtaining by False Pretences and Issuance of Dud Cheques.

Wife of the politician, Mrs. Elizabeth Adun Fasuyi, who was also named in the petition to EFCC, who came to court with her husband, was however escaped from being arrested by the anti graft agency.

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