ANAMBRA MONARCH IN EFCC NET OVER N.5 Billion OIL DEAL

A PROMINENT traditional ruler from Amansea community in Awka North Local Government Area of Anambra State, in South-East Nigeria, has landed in the net of the Economic and Financial Crimes Commission (EFCC) over an alleged N500 million (about $5.00 million) sharp practice in the oil sector of the country's economy.

The Anambra monarch whose name was given as Igwe Kenneth Obiora Okonkwo, was arrested by the anti-graft agency on Wednesday, November 26, 2008 in Lagos, and flown to the Port Harcourt zonal office of the agency for interrogation.

The monarch who is also the Managing Director/ Chief Executive Officer of Schelagelic Oil Limited, situated along Azikiwe Road in Awka, the capital of Anambra state, is alleged to have obtained by tricks and under false pretense the sum of over N500 million from unsuspecting independent petroleum products marketers.

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Some senior operatives of the anti-graft agency in Port Harcourt, the Rivers State capital, told our correspondent yesterday that the royal father and businessman, was also being quizzed on alleged diversion of banks' fund.

His arrest was however, effected by the EFCC following a petition by a Port Harcourt based businessman and Managing Director of Cen-Strong Nigeria Limited, Ezewesili Maduagwuna, who through his banking and finacial consultants-- Global Adjusters Recoveries and Investment Limited-- catalogued the monarch's alleged shady transactions under the guise of bulk purchase of stocked petroleum products in Lagos.

The petitioners are alleging that the suspect has been using the guise of bulk purchase of petroleum products to divert bank funds released to some independent marketers as overdraft facilities for his pecuniary use without letting the legitimate borrowers of bank funds have access to their money.

The result of the monarch's alleged criminal diversion of banks' fund was the increasing difficulties banks are facing in recovering their funds while the legitimate borrowers of such funds face increased monthly debit interest capitalisation by their bankers.

The other victims of the suspected rip-off in the oil sector include Amicon International Nigeria Limited based in Aba, Abia State; Mmuoh Petroleum Nigeria Limited; and Cele-Vic Oil Nigeria Limited.

Our correspondent gathered that as early as 10.00 A.M on Friday, November 28, some other victims of the monarch's alleged oil scam, besieged the zonal offices of the EFCC in Port Harcourt to register their interest in the presecution of the suspect.

In the mean time, a former Commissioner in Anambra during the administration of Dr. Chris Ngige, Mr. Kenneth Arinze, is said to be rooting for the release of the monarch on bail. He was said to have presented himself before the anti-graft agency as the monarch's lawyer.

But the bail move is being opposed by the petitioners who are alleging that they do not know the former commissioner as a legal practitioner.