Capitalplus denies fraud allegations amid EFCC petition

Capitalplus Investment Services Limited has denied allegations of fraudulent activities following reports of a manhunt launched by the Economic and Financial Crimes Commission (EFCC) and the Nigerian Police Force (NPF) on its owner, Paul Demudia Eigbefoh over N67.5 million financial transaction.

There were reports in some sections of the media that Total Grace Oil and Gas Limited peti­tioned EFCC for recovery of N67.5 million al­leged to have been fraudulently obtained by Eigbefoh, also known as Paul Smith.

The firm in a petition dated July 24, 2023 by its counsel, Bala Omar Yakubu and Co, and ad­dressed to the EFCC Lagos Com­mand, alleged that Eigbefoh and Capital Plus Invest­ment Services Limited, obtained the sum of N67.5 million, under false pretence.

Reacting, Eigbefoh in a statement made available to newsmen on Tuesday, refuted any claims of wrongdoing, emphasising his commitment to integrity and professionalism in all business dealings.

The company clarified that it had entered into a loan agreement with Total Grace Oil and Gas Limited, wherein the latter was required to fulfil certain contractual obligations, including payment of processing fees, a 20 per cent equity contribution, and provision of original documents of 15 BRT buses in Lagos as collateral.

The company’s Chief Executive Officer, however, noted that the failure of Total Grace Oil and Gas Limited to provide the agreed-upon collateral led to a delay in the loan processing despite meeting the financial obligations.

While frowning at the defamatory report against the company, Eigbefoh clarified that the company operates from Abuja, contrary to assertions suggesting its presence in Lagos.

He also added that the company reached out to Total Grace Oil and Gas Limited to ask for an account number so they can refund, but the message was never replied.

The company expressed readiness to cooperate with relevant authorities in the investigation and urged for a fair and thorough inquiry into the matter.

The statement read partly, “Capitalplus Investment Services Limited, a registered company in Nigeria since 2011, engaged in a loan agreement with Total Grace Oil and Gas Limited, Lagos. The loan request was facilitated by Mr. Delu, a representative of Total Grace Oil and Gas Limited.

“Under the terms of the agreement, Total Grace Oil and Gas Limited was required to pay processing fees, make a 20% equity contribution, and provide original documents of 15 BRT buses in Lagos as collateral. However, despite fulfilling the financial obligations by paying the processing fees and equity contribution, Total Grace Oil and Gas Limited allegedly failed to provide the agreed-upon collateral.

“This failure to meet contractual obligations reportedly led to a delay in the loan processing, prompting Capitalplus Investment Services Limited to seek resolution and secure the necessary documentation.

“Subsequently, Total Grace Oil and Gas Limited purportedly resorted to defamatory actions against Capitalplus Investment Services Limited and its representatives.

“It is important to clarify and set the record straight. We did not engage in any fraudulent act as widely circulated.

“We value our integrity and professionalism in all business dealings, and we have track records of successful deals we have had with multinational companies.

“It is important to also clarify that the company operates from Abuja, contrary to assertions suggesting we have an office in Lagos.

“We are ready to resolve this amicably, but we are not going to take the defamation lightly.”