By: Babagana Bukar Wakil
The Economic and Financial Crimes Commission, EFCC in Nigeria has arrested and detained a businessman, Babagana Abba Dalori, who is alleged to have fleeced his business associates to the tune of over N7 billion Fraud
Dalori, a 35- year-old 2010 graduate of Electrical Electronics, University of Maiduguri, is the Managing Director, Galaxy Transportation and Construction Services Limited, according to EFCC sources.
Investigation by the commission revealed that Dalori allegedly made his money from his suspecting investors as he lures them with mouth-watering Returns on Investment.
He also promised his investors as high as 135% and in some cases 200 percent on whatever they bring into the company as their investment.
According to the suspect, he started his business in 2012 with just a tricycle (Keke NAPEP) and by 2014, hundreds of people showed interest in the investment and he felt of the need to diversify.
In 2017, he claimed that he invested about N400 million to acquire a quarry license and started mining at Mpape, Abuja. He added that he had offices in 11 states and continued to lure his investors with mouth-watering returns.
Investigation further revealed that all the companies registered and running in three cities of Abuja, Maiduguri and Yobe, the investors were never carried along; neither were they co-owners in the companies.
Several investors interviewed, explained that they invested between N2 million to N20 million into Galazy Company but were never carried along in the multi million investment he diversified into.
Prior to his arrest by the EFCC, most of the victims of the scam had been agitated as the suspect has remained incommunicado.