Fake Investment: EFCC returns N42.5m to 70-year-old widow defrauded by banker

*Nigeria’s Economic and Financial Crimes Commission ensures justice, and returns N42.5 million to Mrs. Margaret Taye Odofin, a 70-year-old widow and retiree, who was defrauded by her account and investment officer in a new generation bank

*Alexander Davis | ConsumerConnect

Following her banker’s enticement into a fake investment scheme since 2020, the Economic and Financial Crimes Commission (EFCC) has recovered and returned N42.5 million to Mrs. Margaret Taye Odofin, a 70-year-old widow and retiree.

ConsumerConnect gathered that Mrs. Odofin retrieved the sum of money after having been defrauded by certain Mrs. Kehinde Olawale Yusuf, her account and investment officer in a new generation bank.

In serving justice in the fraud-related matter, the EFCC recovered total N42.5 million from Mrs. Yusuf, the suspect, and presented it to the victim, in Kaduna, Northern Nigeria.

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Bawa Kaltungo, Acting Director of the EFCC Kaduna Zonal Command, presented the recovered money to the 70-year-old widow and retiree on behalf of Mr. Ola Olukoyede, Executive Chairman of the anti-graft regulatory Commission, report said.

Speaking at the presentation of the recovered money to the victim of voodoo investment scheme, Kaltungo reportedly said the recovery reflected the Commission’s renewed resolve to ensure justice for victims of financial crimes.

“We appreciate you for trusting the Commission.

“This recovery demonstrates our professionalism and capacity to resolve cases within our mandate,” stated he.

How banker lured Mrs. Odofin into fake investment scheme, by EFCC

Recalling what to the fraud perpetrated by the bank’s account and investment officer, the Commission disclosed Mrs. Odofin had petitioned the agency December 2024 after discovering that her banker had diverted her retirement savings.

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Fake Investment: EFCC Returns N42.5m To 70-Year-Old Widow And Retiree Defrauded By Banker

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She also claimed that Yusuf lured her into a fake investment scheme 2020 with a promise of a quarterly return of N1.7 million.

However, Mrs. Odofin said she later discovered that N47 million had been siphoned from her account, and transferred to multiple destinations without her authorisation.

It was gathered the EFCC investigation later tracked down Mrs. Yusuf, the suspect, who had allegedly fled Nigeria to the United Kingdom (UK) after the fraud was uncovered, leading to the recovery of “part of the stolen funds”.

Odofin: EFCC has wiped away my tears

Responding to the recovery and eventual return of the money, Mrs. Odofin, while receiving the recovered money, broke down in tears, applauding the EFCC and its leadership for restoring her hope in the Nigerian system.

She declared: “I cannot believe this is happening. When we reported the case in the UK, we were told the offence was committed in Nigeria and that only the EFCC could help.

“Today, God has used the Commission to wipe away my tears. I waited for years to get my hard-earned money back.

“I will campaign for the EFCC anywhere because they have proven that justice still works in Nigeria.”

Kaltungo, Acting Director of EFCC Kaduna Zonal Command, restated that under Olukoyede’s leadership, the Commission would remain committed to pursuing financial criminals and ensuring victims get justice, no matter how long it takes.

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