EFCC recovers N140m for lender and warns POS operators

The Economic and Financial Crimes Commission (EFCC) has recovered N140 million for B4 Sail Limited, an investment and money-lending company in Lagos. The recovery follows an investigation into Jacob Oyebola Esan and related companies regarding the diversion of funds and obtaining money by false pretences. Esan had reportedly sought a N500 million loan through Geo Fields Plc, with total loan exposure reaching over N1 billion. Investigations revealed that shares pledged as collateral through Calyx Securities Limited were sold without the knowledge of the lender.

Separately, EFCC Chairman Ola Olukoyede has issued a warning to Point of Sale (POS) operators across Nigeria. During a meeting with the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), the commission cautioned agents against allowing their platforms to be used by fraudsters, money launderers, and kidnappers to move illicit funds. The EFCC emphasized the need for proper transaction records and accurate verifiable addresses to assist in tracking suspicious financial movements.