2 Lagos fraudsters lose over N450 million in cash, assets to FG

Two convicted fraudsters have been sentenced to years behind bars, and forfeited over N450 million in cash and asset to the Federal Government.

Tobilola Ibrahim Bakare and Alimi Seun Sikiru had been arraigned before the Lagos State High Court, Ikeja on a five-count amended charge bordering on conspiracy, and retaining stolen property.

The two had confessed to the Economic and Financial Crimes Commission (EFCC) they earned over N410,000,000 ($1 million) from victims including three foreign airlines through Business Email Compromise (BEC) fraud.

27-year-old Bakare confessed he'd been running BEC fraud since 2009, and hacked into the accounts of KLM, Turkish Airlines, and British Airways.

The duo laundered the proceeds of the scams through the acquisition of real estate and luxury vehicles.

The defendants pleaded guilty to the charges, prompting Justice O. A Taiwo to sentence Bakare to three years imprisonment with an option of fine of N3 million, and Sikiru to three years imprisonment with an option of fine of N1 million. 

The two came to the attention of the EFCC during the investigation of another convicted fraudster, identified as Kehinde Adelakun, last year.

Further investigation led anti-graft agents to the discovery of N196.7 in a Sterling Bank account and N7.1 million in a Polaris Bank account belonging to Sikiru.

The court forfeited the money in the accounts to the Federal Government on conviction of the two fraudsters.

Two vehicles, valued at N30 million, and three properties in Lekki, Lagos, valued at a combined N230 million, were also seized from the duo and forfeited to the government.