The Managing Director of Platinum Multi-Purpose Cooperative Society Limited, Michael Osasogie Obasuyi has been arrested by the Economic and Financial Crimes Commission (EFCC) for alleged offences bordering on conspiracy, cybercrime and money laundering amounting to N 11,498,944,038.29 (Eleven Billion, Four Hundred and Ninety Eight Million, Nine and Forty Four Thousand, Thirty Eight Naira and Twenty Nine Kobo)
Mr. Wilson Uwujaren, EFCC spokesperson has disclosed that: “The suspect, who is also the Managing Director of Smartmicro Systems Limited, had written a petition on March 2018 to the Commission against a company, a mobile and electronic payment provider. However, in what may be described as a dramatic twist, the company had also written a counter-petition against Smartmicro and Obasuyi, thereby leading the Commission to begin investigations into the activities of Obasuyi.”
“Smartmicro, was alleged to have approached the company in 2012 for the deployment of bulk purchase solution called “Corporate pay” to facilitate payment of salaries of Delta State employees in microfinance banks.”
“It was also alleged that the company configured an additional outbound fund transfer solution called “Fundgate” in 2017, which required Smartmicro to maintain a pre-funded settlement account with a first generation bank for settlement of account it had initiated.”
“However, the company further alleged that the bank, sometime in March 2018, revealed that the settlement account was in debit of N11, 498,944,038.29.”
According to the EFCC source, Obasuyi who was arrested by the Lagos Zonal office, in his statement to the EFCC confessed to have committed the crime. He confessed that he created fraudulent and imaginary monies through the aid of Fundgate financial application from the company.
Obasuyi also admitted he diverted the sum of N7,519,381,202 to his personal use out of the total sum of N11,498,944,038.29. He further confessed to have purchased 134 buses from the proceeds of crime for the popular Platinum Cruise Transport Company.
Meanwhile, the EFCC has recovered the sums of N2,903,727,563.92, $37,992.87 and €18,538.09 found in his accounts in various banks in the country. We gathered that a total of 20 properties located in various parts of Edo, Rivers and Lagos States and Abuja, worth several millions of naira have been traced to him, which he acquired with proceeds of crime.