EFCC Nabs Popular Bar Owner, Iyanda Ibadan For N343.8m Scam

The Economic and Financial Crimes Commission, EFCC, Ibadan zonal office has arrested one Ayodele Saheed Olaniyi, fondly referred to in the social circles of Oyo State as "Iyanda Ibadan", for defrauding unsuspecting investors in a phoney N343,880,000 (Three hundred and forty three million, eight hundred and eighty thousand Naira) investment scam.

Olaniyi’s arrest followed a petition to the EFCC in February, which was investigated by the Commission's operatives. The petition had alleged that Olaniyi duped 89 persons, collecting money from them at various times amounting to N343,880,000.
Olaniyi was said to have persuaded his victims into investing in a network structure called “Beerbanc Traders’ Network”, in which the participants would pool resources together to establish a beer retailing business, which proceed was expected to be shared every month among the investors and the purported coordinating company.
But rather than bring succour, Olaniyi, the owner of Ringii Entertainment Center, a popular drinking bar along Ring Road, Ibadan, accentuated their frustration as they neither received a dime as profit on their investment since October 2018, nor did they get their invested money back.
Investigations into the petition revealed that Olaniyi, who also owns Continental Kitchen, a popular eatery on the Ring Road axis was operating eight different accounts through which he enlisted 114 people into the phoney scheme. It was also established that a sum of N396.5 million found in the accounts was never invested in any business.
It was also established that the company under which Olaniyi was operating the business was not registered with the Central Bank of Nigeria as a financial institution.
After taking his statement and conducting a search on his house and business address at Oluyole, Ibadan, he was granted administrative bail; he was however, unable to meet the terms.
However, having realised that it was game up, and that there was likelihood of him facing the consequence of his actions, Olaniyi, who was notorious for owing his staff months of salaries tried playing a smart one on the Commission, as he feigned illness.
He claimed to be suffering from Hepatitis B in a bid to secure his release on health ground.
However, a medical laboratory test conducted on him established that he was not infected as he claimed.
He will soon be charged to court.