The FBI has launched a manhunt for suspected Nigerian fraudsters who allegedly swindled Orion, an energy company, of millions of dollars, specifically $60 million, according to Securities and Exchange Commission (SEC) filings on August 10.

Although the SEC withheld the names of the fraudsters and their personal identifying information to avoid spooking them into hiding before their arrest, law enforcement agents told Peoples Gazette that the fraudsters were of Nigerian descent.

The suspects stole $60 million from Orion, a Luxembourg-based company that produces carbon black, a major material for making tyres, ink, batteries, plastics and more.

An SEC filing showed that the suspect targeted an Orion employee in the scheme and used him as bait to make fraudulent wire transfers from the company to other accounts under their control, a criminal tactic that many Nigerian fraudsters have adopted.

“Orion S.A. (the “Company”) determined that a company employee, who is not a named executive officer, was the target of a criminal scheme that resulted in multiple fraudulently induced outbound wire transfers to accounts controlled by unknown third parties,” SEC filing stated on August 10. “As a result of this incident, and if no further recoveries of transferred funds occur, the Company expects to record a one-time pre-tax charge of approximately $60 million for the unrecovered fraudulent wire transfers.”

In a similar scheme, Ramon Abbas, also known as Ray Hushpuppi to his millions of Instagram fans, and his partner Woodberry, whose real name is Olalekan Ponle, were jailed for coordinating multimillion-dollar scams involving business email compromise schemes by the U.S. government.

The two fraudsters are serving their respective sentences at the Fort Dix correctional facility for scamming individuals and companies in similar fraud schemes.

In October, The Gazette reported that the FBI contacted their Nigerian counterpart, EFCC, to track down two fugitives wanted for scamming the American healthcare system of $13 million.

Babatunde Shodiya and Yinka Jamiu targeted at least four Minnesota-based health service providers and tricked them into paying $13 million to a manipulated account rather than the intended beneficiaries.

* The Gazette

The Economic and Financial Crimes Commission, EFCC, on Thursday, November 7, 2024, presented its second prosecution witness, PW2, Adesola Adeyinka, founder and CEO of Credit PRO Business Limited, in the trial of a couple, Ruth Idowu and Oriyomi Idowu, who are being prosecuted for an alleged N2.7bn fraud before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.

The defendants are facing a 20-count charge bordering on obtaining money by false pretence, money laundering, stealing, retention of stolen property and forgery to the tune of N2,757,188,000.00 (Two Billion, Seven Hundred and Fifty Seven Million, One Hundred and Eighty-eight Thousand Naira Only).

They were arraigned on Tuesday, November 28, 2023 by the Lagos Zonal Directorate of the EFCC alongside Food Commodity Processing Enterprise, Bonway Food Processing Company Limited, Samee Idowu Company Limited and Farmex Integrated Companies Limited, which all belong to Ruth Idowu.

Count one reads: “Ruth Sameeha Idowu, a.k.a. Loiry Ventures, Oriyomi Kabeer Idowu, a.k.a. Yocli Ventures, Food Commodity Processing Enterprise, Bonway Food Processing Company Ltd., Samee Idowu Company Limited, Farmex Integrated Companies Limited, between 31st of March 2022 and 17th of May 2023 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves by a false pretence that you had a genuine Local Purchase Order (LPO) from various vendors and with intent to defraud, obtained from Creditpro Business Support Services Ltd the sum of N2,757,188,000.00 ((Two Billion, Seven Hundred and Fifty Seven Million, One Hundred and Eighty-eight Thousand Naira Only).”

Another count reads: “Ruth Sameeha Idowu, a.k.a. Loiry Ventures, Oriyomi Kabeer Idowu, a.k.a. Yocli Ventures, Food Commodity Processing Enterprise, Bonway Food Processing Company Ltd, Samee Idowu Company Limited, Farmex Integrated Companies Limited, sometime in 2023 in Lagos, within the jurisdiction of this Honourable court, converted the sum of N10,000,000 to purchase a GLK Benz, purchase sum derived from converting the sum of N500,000,000 belonging to Creditpro Business Support Services with the aim of disguising the illegal origin of the funds.”

At Thursday’s proceedings, Adeyinka told the court that he did not know he was dealing with a fake company.

Led in evidence by prosecution counsel, Zeenat Atiku, he said: ” Exhibit P1 is an e-mail address. After we had our last meeting where we confronted them with the facts, we resolved amicably. And part of the decision reached was that we should stop interest on accruing balance. We agreed that the balance of N526, 340,333 would be paid within the period of six months, with the repayment not less than N50 million.

“I sent this email personally to Mr. Oriyomi Idowu, Ruth Idowu and my team members. Mr. Oriyomi replied, saying, “Duly Noted”.

In his further evidence, he said: “Exhibit P2 is the credit-pro. It was part of the process that payment should go to BUA, which Mrs. Ruth agreed to at the beginning. But she, however, later said it was not advisable and that we should pay to one of the marketing partners. But we didn’t have any reason to doubts her.

“Each time payment was made, we sent e-mail to confirm it. We later got to know that this was being done to mislead us. Mrs. Ruth Appiah Idowu gave us the contacts of the person. But we later realised that they were not real, as they were created to mislead us to think that the fake purchase orders were real. As usual, we confirmed the exhibit P9 given to us by Mrs. Ruth Idowu and sent to the address she gave us. Upon confirmation, we financed it because we believed it was real.”

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has collaborated with Mastercard to launch a commemorative debit card in celebration of UBA’s 75th anniversary.

This collaboration aims to honor UBA’s long-standing customer relationships and enhance their banking experience with a range of offers and discounts across multiple platforms.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, highlighted that the card comes loaded with certain benefits aimed at rewarding customers, including limited 25% off purchases on Jumia and USD75 cashback on transactions made through AliExpress.

He added that this initiative symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.

“This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, by providing them with access to secure transactions and new opportunities across the continent,” Alawuba said.

The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries. “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years,” he added.

Mark Elliott, Division President for Africa, Mastercard, expressed his appreciation for the UBA collaboration, emphasising its significance in supporting Africa’s digital economy. “We are excited to collaborate with UBA to celebrate this milestone and bring more value to customers across Africa. This commemorative card is more than just a product; it reflects our commitment to advancing financial inclusion and supporting Africans in accessing secure, convenient and impactful financial solutions.”

Elliott highlighted the immense opportunities within the African payment ecosystem and shared that Mastercard is eager to explore new opportunities with UBA. “Together with UBA, we are focused on delivering innovation that meet the evolving needs of the region, empowering individuals, and promoting digital growth across the continent,” he stated.

The launch of the commemorative debit card represents a significant step in UBA and Mastercard’s shared journey towards financial empowerment and innovation across Africa.