The Economic and Financial Crimes Commission, EFCC has confirmed that Abubakar Funtua, son of late Isa Funtua, a Federal Minister in the second Nigeri
The Economic and Financial Crimes Commission, EFCC has confirmed that Abubakar Funtua, son of late Isa Funtua, a Federal Minister in the second Nigerian Republic, is currently cooling off in detention at its headquarters in Abuja.
This followed reports that Abubakar was in detention and awaiting trials over alleged fraud and theft involving over N28 billion.
He was reportedly arrested by operatives in his Abuja home early on Friday, and has remained behind bars even as the Sallah holiday commenced.
Sources reveal that Abubakar and his Ugandan business associate, Asega Aliga, were alleged to have looted N28 billion from Keystone Bank using 13 shell companies to collect Agricultural loans from the Central Bank of Nigeria, CBN.
The shell companies used are STEFEM AGRICULTURE NIG LTD, MIDDLEEMARSH FARM LTD, AGRICULTURAL DERIVATIVES LTD., CHARIS2014 GLOBAL LTD, IKEEZ AGRO ALLIED RESOURCES LTD., PIERS ON AGRO-ALLIED, WHOLEFOODS PROCESSING LTD, TENACO FARMS AND FOOD NIG LTD, HOUSE OF ESHCOL LTD, MAHVECK GLOBAL CONCEPT LTD, ESTIM FARMS LTD, WILLYMONIA INT, HARGRIK AGRO INVESTMENT LTD.”
Abubakar and Aliga had used fronts to set up a company called Seltrix Nigeria Limited, where most of the N28 billion collected as Agric loans were warehoused.
Although they have paid only N7 billion before they fled, only about N4 billion is now left in Seltrix account.
