Senator Cyril Fasuyi, representing Ekiti North Senatorial District, has been dragged before the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving the sum of $2,980,535.00.
The petition, submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited, accused Senator Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, of conspiracy, fraudulent conversion, obtaining by false pretence, stealing, and diversion of foreign investment funds.
According to the petition, which was acknowledged by the EFCC on December 10, 2020, the Dubai-based company alleged that the senator and his wife, operating under the name Legacy Foods Limited, failed to remit payment for products supplied to them after several business transactions.
The petition stated that IPS Ingredis, a company registered in Dubai, United Arab Emirates, conducts the business of sales, supply, and distribution of raw materials across different countries, including Nigeria, through its local subsidiary based in Lagos State.
The complainant explained that the business relationship between both parties began in November 2015 after the suspects were introduced to the company by one of its Chinese customers. Following several meetings, the Fasuyis allegedly represented themselves as credible business partners interested in the company’s line of products.
Based on the agreement, the company reportedly supplied various raw materials, including corn starch, maltodextrin, shortening, maltose syrup, and other products to Legacy Foods Limited through multiple purchase orders.
The petition further alleged that goods worth over $9 million were supplied to the suspects during the course of the business relationship. However, the company claimed that after selling the products, the suspects allegedly refused to pay the outstanding sum of $2,980,535.00.
“Our clients supplied goods worth over $9,000,000.00 to the suspects. The suspects, after selling all the goods, refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United States Dollars worth of products already supplied,” part of the petition read.
The foreign investors also accused the suspects of allegedly diverting proceeds from the sales for personal use and benefits, despite repeated demands for payment.
According to the petition, investigations allegedly revealed that the products supplied had been sold and disposed of, while proceeds were allegedly converted for personal gains.
The complainant described the development as “a calculated attempt to dispossess foreign investors of their investment in Nigeria through fraudulent means.”
The petition also emphasized the need for Nigerian authorities to protect foreign investments and uphold the spirit of bilateral investment agreements between Nigeria and the United Arab Emirates.
Meanwhile, the petition named Mrs. Elizabeth Adun Fasuyi as a co-suspect in the matter. She was reportedly present in court alongside her husband at a point during proceedings but allegedly avoided arrest by operatives of the anti-graft agency.
Senator Cyril Fasuyi, representing Ekiti North Senatorial District, has been dragged before the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving the sum of $2,980,535.00.
The petition, submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited, accused Senator Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, of conspiracy, fraudulent conversion, obtaining by false pretence, stealing, and diversion of foreign investment funds.
According to the petition, which was acknowledged by the EFCC on December 10, 2020, the Dubai-based company alleged that the senator and his wife, operating under the name Legacy Foods Limited, failed to remit payment for products supplied to them after several business transactions.
The petition stated that IPS Ingredis, a company registered in Dubai, United Arab Emirates, conducts the business of sales, supply, and distribution of raw materials across different countries, including Nigeria, through its local subsidiary based in Lagos State.
The complainant explained that the business relationship between both parties began in November 2015 after the suspects were introduced to the company by one of its Chinese customers. Following several meetings, the Fasuyis allegedly represented themselves as credible business partners interested in the company’s line of products.
Based on the agreement, the company reportedly supplied various raw materials, including corn starch, maltodextrin, shortening, maltose syrup, and other products to Legacy Foods Limited through multiple purchase orders.
The petition further alleged that goods worth over $9 million were supplied to the suspects during the course of the business relationship. However, the company claimed that after selling the products, the suspects allegedly refused to pay the outstanding sum of $2,980,535.00.
“Our clients supplied goods worth over $9,000,000.00 to the suspects. The suspects, after selling all the goods, refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United States Dollars worth of products already supplied,” part of the petition read.
The foreign investors also accused the suspects of allegedly diverting proceeds from the sales for personal use and benefits, despite repeated demands for payment.
According to the petition, investigations allegedly revealed that the products supplied had been sold and disposed of, while proceeds were allegedly converted for personal gains.
The complainant described the development as “a calculated attempt to dispossess foreign investors of their investment in Nigeria through fraudulent means.”
The petition also emphasized the need for Nigerian authorities to protect foreign investments and uphold the spirit of bilateral investment agreements between Nigeria and the United Arab Emirates.
Meanwhile, the petition named Mrs. Elizabeth Adun Fasuyi as a co-suspect in the matter. She was reportedly present in court alongside her husband at a point during proceedings but allegedly avoided arrest by operatives of the anti-graft agency.
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