EFCC rejects Bayelsa court order in N2b investment fraud case

The Economic and Financial Crimes Commission (EFCC) has rejected a court order restraining it from seizing properties belonging to Bliss Multinational Perfections Limited and Arch Oyinmiebi Bribena, the Chief Executive Officer of Baraza Multipurpose Cooperative Society Limited. These properties are alleged proceeds of investment fraud, otherwise known as a Ponzi scheme.

Trending reports over the weekend suggest that Ola Olukoyede, the Commission’s executive chairman, risks committal to prison for an alleged violation of the orders of Justice Isa H. A. Dashen of a Federal High Court sitting in Yenagoa, Bayelsa State.

Reacting to the report, EFCC spokesperson, Dele Oyewale, recalled that Bliss Multinational Perfections and Bribena were investigated and indicted for investment fraud in which 123 petitioners lost over N2 billion to the suspects, who promised them a 25 per cent return on investment but failed to deliver the promised returns or return the invested funds.

Oyewale pointed out that the September 4, 2024 judgement by Justice Dashen came as a surprise to the Commission, as it was not notified of the judgement date.

He lamented that denying the EFCC hearing notice was tantamount to blindsiding the Commission, and by extension, a denial of fair hearing in this case.

Oyewale disclosed that the Commission is taking steps to appeal the judgement, which is still within the allowed time frame, and maintained that an earlier decision by the court in a similar case involving the same defendants is currently under appeal at the appellate court in Port Harcourt, the Rivers State capital.

“The Commission wishes to once again reaffirm its commitment to the rule of law and will not willfully violate any court order,” he added.