EFCC Arrests Buhari’s Son for Alleged N20 Million Scam

Posted on Monday, May 19th, 2014 at 4:11 AM By Kings

Officials of the Economic and Financial Crimes Commission (EFCC) have arrested Mohammed Buhari, who is the adopted son of former head of state Mohammadu Buhari. He was apprehended for an alleged N20 million scam.

Mohammed reportedly got the N20 million from a woman named Nwokocha Florence, to invest in an oil and gas business. He promised to make “mouthwatering returns” to the woman, and also promised to pay her 30% annual interest on the N20 million, Punch reports.

However, their business relationship turned sour when Mohammed reneged on the agreement to pay the 30% annual interest. Once the money was transferred, Mohammed reportedly cleaned out the account and never paid the interest.

An EFCC source told Punch that “Buhari claimed that he had some problems which emanated from his loss of the bank’s guarantee which he secured from a new generation bank. He also added that the guarantee was cancelled because the bank felt that the branch from which he secured it lacked the competence to give it.”