The Central Bank of Nigeria (CBN) has declared that the AG Moeller Limited, a Lagos based financial institution is “not licensed by the CBN to operate a financial home”.
The apex bank was responding to a request by the police who had initiated investigation into the activities of AG Moeller and its Chief Executive Officer, (CEO), Kemi Richard Adeloye.
Despite the shocking discoveries of the illegal activities of AG Moeller, the company and its CEO through an alleged officer of the Economic and Financial Crime Commission (EFCC) has continued to enjoy undue “immunity” which made it difficult for victims of his fraudulent practice to get justice’.
One of such victims is Cross Country Limited, a famous transport service provider. Cross Country forwarded an application to AG Moeller in March 2007 for a loan facility in the sum of N140 million for the purchase of 40 units of Volkswagen buses which Bube Okorodudu was the guarantor.
Adeloye had approached Cross Country that his firm, AG Moeller is a licensed financial company by the CBN. This according to investigations has been AG Moeller mode of operation to milk innocent Nigerians of their hard-earned money.
Investigation revealed that it was an agreement between the duo of AG Moeller and Cross Country that repayment of said facility will be spread over a period of 24 months and will be for a sum of N235 million.
At the expiration of said tenor, Cross Country made payments of approximately the sum of N223 million on the said facility.
There were moves to resolve these issues. The “illegal” AG Moeller petitioned the police at Zone 2 Police Command, Onikan Lagos claiming ownership of the 40 units Volkswagen buses purchased with facility financed by AG Moeller. Adeloye later alleged that Cross Country had stolen the 40 buses procured through the loan facilitated by AG Moeller. This allegation was debunked by police investigations and it was described as baseless.
The “fake Financial home” also find winding up proceedings against Cross Country at Federal High Court, Lagos and obtained an order freezing all Cross Country’s accounts. According to sources within Cross Country, all efforts to defreeze the said accounts have since been “frustrated by AG Moeller and its collaborators”.
But the court recently reversed the order. Investigations by the IGP Monitoring Unit showed that the nature of the transaction between AG Moeller and Cross Country indicated that Cross Country was the rightful owner of the 40 Volkswagen buses and that AG Moeller has no legal stand to claim that Cross Country stole the 40 buses.
The police investigation also revealed that AG Moeller was operating an illegal finance house which was neither licensed nor duly registered or accredited to run a financial house which according to the report is an offence under the laws of the country. Despite the CBN and police reports that indicted AG Moeller and its CEO, Adeloye, the EFCC had all along continued to summon Okorodudu in spite of the court order that ruled “status quo be remained”.
It is in view of the “incessant harassment by the EFCC, that Okorodudu’s lawyer, Ladi Rotimi Williams, Senior Advocate of Nigeria, (SAN) petitioned the EFCC Chairman that the interest of a senior officer of the agency who was described as Adeloye’s friend be investigated. Williams also wondered why EFCC continued to summoned Okorodudu despite the fact the case is pending in the court.
He also noted in his petition dated 28th November, 2013 that the IGP Special Monitoring Unit of the Force Headquarters had investigated and come up with its report exonerating Okorodudu.
The petition was copied to the office of the Minster of Justice and Attorney-General of the Federation, Mohammed Adoke.
Okorodudu also petitioned the EFCC Chairman, Ibraheem Larmode; the police IG, Mohammed Abubakar; and Police Affairs Commission that AG Moeller and Olaolu Adegbite, EFCC Director of Operations be investigated.
He pointed out that if there is no criminal conspiracy between Adeloye and Adegbite “why would Adegbite be investigating a matter the police has investigated, issued a report indicting AG Moeller and its CEO and consequently dragged Adeloye and his firm to court”.
Okorodudu also submitted that the police report had vindicated him but despite that Adegbite failed to wait for the police who investigated both petitions written by the duo and found it worthy to institute a criminal charge against AG Moeller and Adeloye.
The case, according to Adeloye is pending in court rather, Adegbite allegedly seek to arrest and detain Okorodudu on trumped up charge of stealing vehicles “I have already paid for in excess”.