The Ondo State Public Complaint, Financial Crime and Anti-Corruption Commission (SPFACC) has arrested one Mr. Shola Leramo for alleged fraudulent conversion of funds amounting to Four Million Naira (N4,000,000.00) belonging to two investors.
The arrest followed a petition received by the Commission from Mrs. Margaret Adedina and Mr. Adebiyi Odunayo alleging that the suspect obtained various sums from them under the guise of investing in his oil and gas business.
According to the petitioners, Mrs. Adedina initially invested the sum of Two Million Naira (N2,000,000) in the year 2024 with an agreement that the suspect would pay her 4% of every One Million Naira monthly, amounting to Eighty Thousand Naira (N80,000) monthly as returns on investment...To Read The Full Content; Tap Here Now .
The said monthly payment was made for a while. She subsequently added another Two Million Naira (N2,000,000), bringing her total investment to Four Million Naira (N4,000,000), with a new agreement executed by both parties raising the interest to 5% monthly, amounting to One Hundred Thousand Naira (N100,000) monthly.
In the course of the business, Mrs. Adedina introduced her friend, Mr. Adebiyi Odunayo, who also invested the sum of Two Million Naira (N2,000,000) under the same 5% monthly return agreement.The agreement also stipulated that the initial capital invested would be refunded upon request whenever the investors were no longer interested in the business.
The Commission was informed that when Mrs. Adedina requested for Two Million Naira (N2,000,000) out of her Four Million Naira investment, the suspect refunded same and continued payment of the monthly returns for two months, after which he stopped payment since June, 2025.All efforts by the petitioners to recover their outstanding capital proved abortive as the suspect stopped picking their calls. The matter was reported to another enforcement agency before being brought to the Commission.Upon receipt of the petition, the Commission invited the suspect severally, but he failed to honour the invitations. Consequently, the operational team of the Commission effected his arrest on the 13th of October, 2026, and brought him to the Commission’s custody for interrogation.
During interrogation, the suspect admitted to all the allegations levelled against him.He is still under interrogation within the custody of the Commission, while efforts are ongoing to recover the outstanding sum of Four Million Naira (N4,000,000) – being Two Million Naira balance for Mrs. Adedina and Two Million Naira for Mr. Odunayo.
The Commission wishes to assure members of the public that upon conclusion of investigation if found guilty, the suspect will be charged to court accordingly.
The Commission also uses this medium to warn members of the public to be wary of investment schemes promising outrageous monthly returns, and to conduct due diligence before committing funds.
Signed:
Media Unit
For: The Chairman,
Ondo State Public Complaint, Financial Crime and Anti-Corruption Commission (SPFACC)