27 operators of “Local MMM”, other illegal financial institutions arrested in Oyo
Twenty-seven suspects have been arrested by the EFCC for allegedly running illegal financial institutions.
The suspects who were arrested at different locations within Ibadan, Oyo State, allegedly engage in ponzi schemes which the Commission labelled “local MMM”.
Olayeni Oladokun Samuel, Managing Director of Unlimited Grace Investment Limited and ten members of his staff, Chris N. Igbinake of Grooming Centre and four of his staff and Akanbi Oluwakemi of Grace & Mercy Households Improvement Initiative and four of her staff are the suspects in custody.
Other suspects arrested include one Awokunle Olukemi, Sikiru Obadara, Olasunkanmi Michael, Adeoti Adegboyega, Oyewusi Esther and Ojekunle Victor Olukayode, who are all staff of Sobic Financial & Investment Consultant.
The EFCC said the suspects have started to divulge useful information to aid investigation into the extent of their illegal activities.
The commission has also gathered that none of the suspected illegal financial institutions registered with the Central Bank of Nigeria (CBN) before embarking on financial transactions with members of the public.
They allegedly give loans to innocent and unsuspecting members of the public who register with them after 10% deposit of the total loans sum. About 15% to 20% interest is then applied on all the loans granted to the members.
The companies are said to have branches in and outside Oyo State with thousands of customers spread across Oyo, Lagos, Ogun, Ondo, Kwara states.
Several copies of hand flyers for advertisement of their activities and laptops were recovered from the suspects.
They would be charged to court as soon as investigation is concluded.
