The Economic and Financial Crimes Commission has arrested one Adeleke Adeyemi for alleged conspiracy, issuance of dud cheques and diversion of N800m bank loan for personal use.

It was learnt that Adeyemi and his alleged accomplice, Odusanya Memphis (now at large) had in their capacities as directors at a company took N800m loan in 2011 from a commercial bank for the purchase of petroleum products.

It was also gathered that both Adeyemi and Memphis had upon the receipt of the loan diverted the funds for personal use and failed to pay back.

Adeyemi, in a statement by the Head, Media and Publicity of the EFCC, Mr. Wilson Uwujaren, was said to have failed to pay back the loan after allegedly presenting dud cheques of N50m.

“Operatives of the Lagos Zonal Office of the Economic and Financial Crimes Commission have arrested one Adeleke Adeyemi for his involvement in an alleged case of conspiracy, obtaining money by false pretence, diversion of funds, issuance of dud cheques and money laundering to the tune of N800m.

“Adeyemi, together with his accomplice, Odusanya Ayotunde Memphis (now at large), in their capacities as directors, allegedly approached the bank for a loan facility of N800m for the procurement of petroleum products from an oil firm in October 2011.

“Upon receipt of the loan facility, Adeyemi and Memphis allegedly diverted the funds for their personal use and defaulted in paying back the loan,” the statement read.

The EFCC disclosed that five cheques of N10m each issued by the suspect and his accomplice were returned unpaid upon presentation. Uwajaren said the suspect, who was arrested on March 22, was being held in EFCC custody with a remand warrant.