Lagos Business Tycoon Arrested in N2 Billion Fraud Case!

Source:Guardian Nigeria
July 6, 2025
Lagos, Nigeria
crime
major
negative
fraud
EFCC
arrest
business
crime

A well-known Lagos-based business magnate was arrested yesterday by the Economic and Financial Crimes Commission (EFCC) over allegations of a N2 billion fraud. The tycoon, whose empire spans real estate and hospitality, is accused of defrauding investors through a Ponzi-like scheme promising unrealistically high returns. EFCC operatives stormed his Ikoyi mansion in a dramatic raid captured on video by onlookers. The suspect is currently in custody as investigations continue, with fears that hundreds of victims may come forward. This arrest has sent shockwaves through Nigeria’s elite circles.

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