419

In a recent report, the Economic and Financial Crimes Commission (EFCC) revealed the details of what they deem to be the greatest fraud ever perpetrated by a Nigerian.

The fraud in question involves a whopping $1.2 billion scam.

According to the report, the fraud began in 2016 when a Nigerian entrepreneur and philanthropist, Brigadier General Imade Ayub (rtd), convinced a group of investors to entrust him with their money to invest in a new oil project. Ayub, who claimed to have extensive experience in the oil industry and connections with top government officials, promised the investors high returns on their investments. However, the project turned out to be a completely fictitious entity.

Ayub had created a phony oil company with false documentation and fake bank statements to lure in the investors. He used the fraudulently obtained funds for personal expenses, including the purchase of luxury properties and private jets.

The EFCC report goes on to detail the vast network of individuals involved in the scam, including Ayub’s family members, friends, and associates. The group allegedly used their positions of power and influence to facilitate the fraud, including forging government documents and creating false identities.

The report notes that the investigation into this case is ongoing and that the EFCC is working closely with international law enforcement agencies to track down the stolen funds and bring those responsible to justice.

The EFCC has also issued a warning to Nigerian citizens to be vigilant and cautious when investing their money, particularly in high-risk ventures promising unrealistic returns. They urge individuals to conduct thorough due diligence and research before entrusting their finances to anyone.