Olaniyi was arrested following a petition addressed to the acting Chairman of the EFCC, Ibrahim Magu, and filed on February 13, 2018.
The business required that they pool resources together to establish a beer retailing venture with the promise that the proceeds would be shared every month among the investors and the coordinating company. The sources explained that in the course of their investigation, the detectives discovered that the suspect was operating eight different bank accounts and enlisted 114 people into the phoney scheme.
After taking his statement and conducting a search on his house and business address at Oluyole, Ibadan, the commission granted the suspect an administrative bail, of which he had yet to meet the conditions.
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