EFCC arrests company director over alleged N11.5m investment fraud

Operatives of the Uyo Zonal Office of the Economic and Financial Crimes Commission (EFCC) on Friday, May 14, 2021, arrested one Stacy-Dan Ekpenyong (alias Daniel Ekpenyong), the Managing Director of Stewardship Rural Investment Limited for allegedly obtaining the sum of N11.5m by false pretence.

Ekpenyong was arrested at Keystone Bank, University of Uyo branch, Akwa Ibom State, following a petition by one Titilayo Bolos Malgwi who alleged that the 36-year-old suspect tricked her into investing in his Micro Finance Company.

She claimed that she paid the sum of N11m into the suspect’s company account after he convinced her that, she will get 10% interest on any amount invested after a period of three months.

When it was time for her to start reaping from her investment, the complainant severed communication with her, and efforts made to get her money back proved abortive.

However, the EFCC had been on the trail of the suspect since December 18, 2020, when it first received a petition against him from one Amasi Ignatus whom the suspect allegedly defrauded of the sum of N500, 000.00, through the same scheme.

EFCC spokesman Wilson Uwujaren said Ekpenyong has made useful statements and will be charged to court as soon as the investigation is concluded.