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Oil industry executives on the run after fraud spree

12 August 2016, 21:40

Abuja - The Economic and Financial Crimes Commission (EFCC) has declared some executives in the energy sector wanted for a range of crimes.

The Managing Director/Chief Executive Officer and Director of Hec-Davies Oil and Gas Limited and Hec-Davies Ventures, respectively, Chukwuemeka Hector Davis Nwachukwu and Ifeoma Jane Nwachukwu are wanted for a case of criminal conspiracy, obtaining money under false pretence and fraud.

It is alleged under the guise of being into the business of diesel supply, they swindled unsuspecting investors of sums totalling about N99 million.

They were arrested and released on bail, but later absconded.

Dark in complexion, Chukwuemeka is 44 years old. He hails from Ajalli town, Orumba North Local Government Area of Anambra State. His wife, Jane, is in her early forties and is light. She hails from Iwollo, Umuezerulu town, Ezeagu North Local Government Area of Enugu State.

Also read: Businessman hauled for defrauding US national in oil deal

Their last known addresses are Plot 387, Dawaki Extension, opposite Gwarimpa Estate, Abuja; 124 College Road, Abakpa Nike, Enugu East, Enugu State; Plot 2590 Cubango Close, Maitama, Abuja and 14 Ekoro Ekuro River Street, Maitama, Abuja.

Meanwhile, Olasunkanmi Atoki and Babatunde Akanbi Babalola are wanted by the EFCC in a case of conspiracy, criminal diversion of bank loan, fraud and money laundering.

Both are directors and promoters of Knox Energy Limited, First Deepwater Discovery Limited, Star Synergy Petroleum Limited and Discovery Airways Limited. Atoki and his accomplice allegedly applied for a loan to finance two allocations of 5000 tons each of kerosene from the Pipelines and Products Marketing Company (PPMC).

It is alleged upon receipt of the N768,6 million facility the suspects criminally diverted the loan to their personal use.

The suspects are allegedly avoiding arrest and gone into hiding.

Atoki is in his early 50s and Babalola is 44 years old. Both suspects are dark skinned.

Atoki's last known addresses are No 3b Kuramo Close, Ikoyi, Lagos and No

41 Itohan Avenue, Off Ogunlawo Street, Ikeja, Lagos; while Babalola's last known address is No 37 Ogunlana Drive, Surulere, Lagos. 





- CAJ News

Tags abuja oil fraud

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