UAE-Based Businessman Faults EFCC Over Fraud Allegation in $77m Forex Dispute

An international businessman in the United Arab Emirates, Rabiu Auwalu Tijjani, has raised alarm over what he describes as a “damaging and unjustified” move by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), to declare him wanted in connection with a $1.9 million fraud allegation.

‎In a statement issued Sunday, Tijjani said the EFCC’s notice, which names him as a suspect in an alleged case of money laundering and obtaining by false pretence, is both premature and misleading. He warned that he would pursue legal action against the commission for defamation and reputational harm.

‎“This is a commercial transaction gone wrong, not a criminal case,” Tijjani said. “I’ve been in touch with relevant authorities and made representations. The EFCC’s action is unjustified.”

‎The businessman, a native of Dala Local Government Area in Kano State, said he entered into a large-scale foreign exchange partnership with one Ifeanyi Ezeokolu between January and December 2023. The total volume of the transactions, Tijjani stated, exceeded $77 million, conducted through 11 different Nigerian companies affiliated with Ezeokolu.

According to Tijjani, the deal involved a simple exchange of naira payments from Ezeokolu’s companies in Nigeria, followed by dollar equivalents from his base in the UAE. But after reviewing the records, Tijjani said his team discovered that Ezeokolu had been overpaid.

‎“Once we detected discrepancies, we tried to reconcile. I reached out to him, but he stalled repeatedly,” he said.

‎He further disclosed that he had involved Nigeria’s Department of State Services (DSS), which mediated initial talks between both parties and advised the appointment of an independent auditor to analyze the accounts.

However, rather than resolve the dispute, Tijjani said Ezeokolu turned to the courts, filing a suit against the DSS for alleged rights violations effectively stalling reconciliation efforts.

Olumide Ajayi, the independent auditor assigned to review the transactions, confirmed that a preliminary audit showed that Ezeokolu’s companies were overpaid by more than $2 million.

“We reviewed records from both sides, although two of Ezeokolu’s companies GRE International and Seagate Maritime are still withholding documents,” Ajayi said. “Those two accounts alone had over $50 million in transactions. The lack of transparency is hampering our review.”

Ajayi said he plans to meet with EFCC officials in Abuja to present his audit findings.

‎In a brief response, EFCC spokesperson Dele Oyewale defended the commission’s decision, saying Auwalu was declared wanted only after all attempts to reach him had failed.

‎Meanwhile, Ezeokolu declined to comment when contacted, citing the ongoing investigation by the EFCC.