EFCC, Police Launch Manhunt For Paul Demudia Eigbefoh Over N67.5m Fraud

A man named Paul Demudia Eigbefoh, who is accused of being a fraudster and whose business goes by the name “Capital Plus Investment Services Ltd,” is on the run after reportedly stealing N67.5 million from one of the most successful oil and gas companies in the country the previous week.

The aggrieved company has filed a petition with the Economic and Financial Crimes Commission (EFCC) to seek the recovery of N67.5 million, which is alleged to have been gained through fraudulent means by the individual known as Paul Smith, also known as Paul Demudia Eigbefoh.

In a petition dated July 24, 2023, by its counsel, Bala Omar Yakubu and Co, and sent to the EFCC Lagos Command, the company alleged that Paul Demudia Eigbefoh and Capital Plus Investment Services Limited received the sum of N67.5 million, under false pretences.

It was revealed that Paul Demudia Eigbefoh, acting under the guise of Capital Plus, approached the company with an offer of financial services to increase its operating capital.

The petition stated, in part, that “Our company which deals in petroleum down section of the economy and has retail locations in certain Southwest States and the Federal Capital Territory.”The company had submitted an application for a lending facility, but in order to make use of the facility, they were required to pay an additional N67.5 million. As soon as the aforementioned sum of money was transferred to the individual who is suspected of being a fraudster, Paul Demudia Eigbefoh, he immediately disappeared from his known workplace and residence addresses, and he has also not answered his phone since the previous week.

“As a part of the condition for the said payout, the said Paul Demudia Eigbefoh required that the company make an equity contribution to the value of N60,000,000 million,” the author writes. “This was in spite of the fact that he had asked for an initial collateral of our client’s movable assets.”

It went on to say that the insistence of Paul Demudia Eigbefoh that the equity contribution be paid in order to facilitate the said disbursement led to the payment of the amount, noting that it paid the sum of N7,500,000 on July 14, 2023 as processing fee charges and N60 million as equity contribution into the company’s account.

It went on to say that the funds were deposited into an account at Fidelity Bank Plc, number 5600141150, that belonged to Capital Plus Investment Services Limited. It is alleged that shortly after the final tranche of N60 million was received by Capital Plus Investment Services Limited, it cut off all means of communication with it.

It also disclosed that its officials had to visit the company’s address at Block 69, Kusenla Road, Ikate Lekki in Lagos State but found the place to be deserted. It stated that on discovering this, it notified its bankers, who in turn got in touch with the recipient beneficiary bank, Fidelity Bank Plc, to notify it of the said fraud. In addition, it disclosed that its bankers notified its bankers, who in turn notified its bankers.

It was determined by Fidelity Bank that as soon as the aforementioned sum was received, the aforementioned firm shifted it in tranches to other beneficiaries of the aforementioned fraud who were customers of other Banks.

As a result, the corporation has requested that the commander of the EFCC aid treat the case as an urgent matter by making use of the good office that he holds.

Reporters tried unsuccessfully to contact Paul Demudia Eigbefoh through his home and business addresses. His well-known phone contact number, 08060510537, has also been inoperable since Friday.