Investigation Reveals AFREXIM, FCMB and COM-DEV Conspired to Defraud EMIS of $5m

A leaked EFCC memo dated April 28, 2017, alleges that AFREXIM Bank, FCMB and COM-DEV conspired to defraud EM-International Systems Nigeria of $5 million. The banks are said to have ignored due diligence and breached a tripartite agreement before disbursing funds. The report states that AFREXIM made full payment a day after signing, even though COM-DEV failed to deliver any telecoms equipment. All three parties reportedly profited while EMIS Telecoms received no value. EFCC recommends that FCMB refund EMIS for all illegally deducted funds. It also advises AFREXIM to seek recovery from COM-DEV through legal or arbitration channels. Several individuals are named as suspects in the alleged conspiracy.

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