Anti-graft body, Economic and Financial Crimes Commission (EFCC) has given an insight into how the Chief Executive Officer of Galaxy Transportation an
Anti-graft body, Economic and Financial Crimes Commission (EFCC) has given an insight into how the Chief Executive Officer of Galaxy Transportation and Construction Services Limited, Mr Babagana Dalori, built a N7billion Ponzi scheme for over seven years.
The commission’s acting publicity secretary, Mr Tony Orilade, said Dalori took off with his Ponzi idea, by incorporating a firm in 2012, with the asset being a tricycle (Keke NAPEP). By pooling investments from members of the public, the firm later boasted of 50 tricycles.
“The entrepreneur later diversified into other business ventures while promising mouth-watering returns to investors. The commission’s investigators discovered that Dalori initially paid 200 per cent interest on investors’ deposits in the firm and later reduced the interest to 135 per cent before the scheme crashed in 2018. To get as many unsuspecting victims into his ponzi net, Dalori engaged in massive advertisements on radio and television, including a production of a movie by A-list Nollywood actors.
“Unfortunately, his gimmicks paid off as different people, numbering 27,000, took their hard-earned savings, inheritance, pensions and other sources of income and invested in Galaxy. Now, the scheme has crashed and investors can no longer get their money. At the moment, he has used the investors money to incorporate different entities without getting their consent.
“He now has Galaxy Global Energy Concept Ltd, Galaxy Miners Concept Ltd, Galaxy Global Farms, Galaxy Computers, Galaxy Block Making Factory, Galaxy Hospital and Galaxy Hotel.”
Babagana Dalori has since been arrested and according to Orilade, all bank accounts belonging to Galaxy have been frozen in order to prevent further dissipation of investors’ funds, pending the conclusion of investigation.
