EFCC arrests company MD for alleged N11.5m fraud in Akwa Ibom | Ripples Nigeria
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EFCC arrests company MD for alleged N11.5m fraud in Akwa Ibom

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The Economic and Financial Crimes Commission, (EFCC) has arrested one Stacy-Dan Ekpenyong, who is the Managing Director of Stewardship Rural Investment Limited, for alleged N11.5 million fraud in Akwa Ibom.

The EFCC Head of Media and Publicity, Wilson Uwujaren, who disclosed this in a statement on Monday, said Ekpenyong was arrested on May 14 at a branch of Keystone Bank in the University of Uyo.

According to him, the 36-year-old man was arrested following a petition by one Titilayo Bolos Malgwi who alleged the suspect tricked her into investing in his Micro Finance Company.

The petitioner claimed that she paid N11million into the suspect’s company account after he convinced her that she would get 10 percent interest on any amount invested after a period of three months.

READ ALSO: EFCC arrests siblings for alleged internet fraud in Lagos

The statement read: “When it was time for her to start reaping from her investment, the complainant severed communication with the suspect and efforts made to get her money back proved abortive.

“However, the commission had been on the trail of the suspect since December 18, 2020, when it first received a petition against him from one Amasi Ignatus whom he allegedly defrauded of the sum of N500, 000.00 through the same scheme.

“Ekpenyong has made useful statements and will be charged to court as soon as the investigation is concluded.”

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