By News Editor
The Economic and Financial Crimes Commission (EFCC) has confirmed the detention of Abubakar Funtua, son of the late Isa Funtua, a former federal minister in Nigeria. Funtua is currently being held at the EFCC headquarters in Abuja, awaiting trial for his alleged involvement in a major fraud scheme involving over N28 billion.
According to reports, Abubakar Funtua was arrested early on Friday at his Abuja residence. The arrest comes even as the Sallah holiday continues, with sources confirming that the accused is facing charges related to fraud and theft.
Abubakar, along with his business associate, Ugandan national Asega Aliga, is accused of embezzling N28 billion from Keystone Bank by using 13 shell companies to fraudulently acquire agricultural loans from the Central Bank of Nigeria (CBN). The companies involved in this alleged scam include: STEFEM AGRICULTURE NIG LTD, MIDDLEEMARSH FARM LTD, AGRICULTURAL DERIVATIVES LTD, CHARIS2014 GLOBAL LTD, and several others.
The two men are said to have created a front company, Seltrix Nigeria Limited, to channel the agricultural loans they obtained. Though only N7 billion of the stolen funds have been returned, approximately N4 billion remains in the Seltrix account.
As the investigation unfolds, the EFCC is working to trace the remaining funds and bring the accused to trial.
