Bizman Adeyemi arrested over dud cheques for N800m EcoBank loan

A Lagos businessman, Adeleke Adeyemi has been arrested by Lagos Zone of the EFCC for issuing dud cheques to cover N800million loan given by Ecobank.

Adeyemi is also being accused of conspiracy, obtaining money by false pretence, diversion of funds and money laundering.

The accused, along with his accomplice, Odusanya Ayotunde Memphis (now at large), are directors at Wafa Aggregate Limited.

Together, they approached Eco Bank Plc for a loan of N800million for the procurement of petroleum products from Covalent Oil & Gas Services Limited in October 2011.

Upon receipt of the loan, Adeyemi and Memphis allegedly diverted the funds to their personal use and defaulted in paying back the loan.

Investigation revealed that the five Diamond Bank Plc cheques of N10million each issued by the suspect and his accomplice were returned unpaid upon presentation.

The suspect will soon be charged to court, said RFCC spokesman, Wilson Uwujaren.