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EFCC nabs Oil Tycoon Shehu Badamasi Over N2.3bn Dupe

Anti-graft agency, Economic and Financial Crimes Commission (EFCC) have reportedly arrested an alleged oil tycoon, Shehu Badamasi for duping a lagos-based businessman of N2.3 billion. He also been questioned for issuing a dud cheque of N100 million to another client in the course of doing business together, thereby breaching financial laws. “Yes, he has been with us and we are talking to him on all the issues in the petition written by a Lagos-based businessman, who claimed he was defrauded of N2.3 billion and another who lost N100 million to the same suspect,” Vanguard newspaper quoted an EFCC source.

Recalled that the office of the national security adviser and the Ministry of Defence, had raised a high-powered panel to investigate suspected illegal bunkering activities of Shehu Badamasi’s vessel, known as M.T Al- Khaf. The vessel had earlier been arrested by the Nigerian Navy in 2010 for illegal bunkering but released under questionable circumstances in 2012. The report added that EFCC had secured a warrant to keep the suspect for 17 days to enable the operatives question him extensively on all the issues raised against him by aggrieved persons.

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