EFCC Arrests Two Men Over Alleged N500 Million Oil Scam (PHOTO)

EFCC Arrests Two Men Over Alleged N500 Million Oil Scam (PHOTO)

By Joy Abobi | News Reporter on January 9, 2015
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Two suspected fraudsters Michael Oghenemi Morowie and Emmanuel Owoicho according to a statement released by the Economic and Financial Crimes Commission, EFCC have been arrested over their alleged involvement in fake crude oil dealings.

The alleged fraudsters Michael Oghenemi Morowie and Emmanuel Owoicho

The investigation which has been going on for a while following several complainants by victims, who had been defrauded by the alleged fraudsters who operate by using fake names and companies.

The statement reads:

In what may be described as the biggest catch of the new year, the Economic and Financial Crimes Commission, EFCC, has smashed a syndicate of suspected fraudsters who duped their victims, within and outside Nigeria, over N300million in cases involving different fake crude oil deals. Two members of the syndicate, Michael Oghenemi Morowie and Emmanuel Owoicho, are currently in the custody of EFCC, explaining their involvement in the alleged crude oil scam.

An unidentified victim reported that the fraudsters who run a syndicate, had promised to supply two million barrels of “Bonny Light crude oil” worth N119 million before discovering after payments were made into a certain accounts that the oil supply documents obtained from the Nigerian National Petroleum Corporation (NNPC), were fake.

Meanwhile, EFCC are also investigating the suspects for defrauding a Kenyan oil dealer who resides in Germany of over N100 million.

The suspects will be charged to court as soon as proper investigation is concluded.

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