The Economic and Financial Crimes Commission, EFCC, on Wednesday, November 28, 2018, handed over 116 (One Hundred and Sixteen) cars and 20 (Twenty) landed properties in Edo, Rivers and Lagos States recovered from one Michael Obasuyi Osasogie to First Bank Plc.
According to EFCC report, trouble began for Osasogie after a petition he wrote to the Commission against E-tranzact in March 2018.
The Commission had, however, investigated Osasogie’s business interests, following receipt of a counter-petition written by e-tranzact against Osasogie and one of his companies, SmartMicro.
SmartMicro was said to have approached e-tranzact in 2012 for the deployment of bulk purchase solution called “Corporatepay” to facilitate payment of salaries of Delta State employees in microfinance banks.
It was also alleged that e-tranzact configured an additional outbound fund transfer solution called “Fundgate” in 2017, which required SmartMicro to maintain a pre-funded settlement account with First Bank Plc for settlement of account it had initiated.
However, e-tranzact had further alleged that the bank, sometime in March 2018, revealed that the settlement account was in debit of N11, 498,944,038.29.
Obasuyi, in his statement to the Commission, confessed to have committed the crime, stating that he created fraudulent and imaginary monies through the aid of Fundgate Financial Application from the company.
Consequently, Osasogie was arraigned alongside his firms-Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and Platinum Smart Cruise Motors Limited on May 24, 2018 before Justice Justice Mojisola Dada of the Special Offences Court sitting in Ikeja on a 14-count charge bordering on stealing to the tune of N11, 498, 944, 038.29 (Eleven Billion Four Hundred and Ninety Eight Million, Nine Hundred and Ninety Four Thousand and Thirty Three naira twenty Nine Kobo).