The Economic and Financial Crimes Commission, EFCC, on Tuesday arrested Ibanga Akpabio, a cousin to former Governor Godswill Akpabio of Akwa Ibom State, for alleged N10m oil scam.
The EFCC made this known on its official Facebook page. The commission said Akpabio was nabbed yesterday in Port Harcourt, Rivers State.
He was accused of fraudulently collecting N10m from a potential investor in petroleum products, knowing fully well that he will not deliver performance.
The commission added, “Specifically, Akpabio reportedly approached the investor to invest the money as equity in the purchase of petroleum product directly from a floating station belonging to the Nigerian National Petroleum Corporation. He allegedly assured the inventor that he had secured all necessary approvals for the running of the business.
“Akpabio allegedly collected the money through a Diamond Bank account being operated by Fastej Enterprises and neither kept faith with the business arrangements with the investor nor returned his money to him.”
Akpabio is being interrogated at EFCC’s zonal office in Port Harcourt.
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