$4M FRAUD SAGA: Nigerian -American Businessman Begs Seeks EFCC Probe, Urges Tinubu to Ensure Transparency in Clearing His Name

A Nigerian-American businessman, Badetito Obafemi, has appealed to President Bola Tinubu and the Economic and Financial Crimes Commission (EFCC) to reopen attention to an alleged $4m international fraud case, insisting that a thorough investigation is necessary to establish his innocence.

Through his solicitors, Falana & Falana’s Chambers, Obafemi is demanding an update on a petition submitted to the EFCC on May 17, 2024, over alleged fraudulent foreign exchange transactions involving several individuals, Polaris Bank Limited and Bureau de Change operators.

The businessman alleged that he was wrongly implicated in financial transactions he believed were legitimate, resulting in his arrest and imprisonment in the United States.

According to the petition, Obafemi operated aviation, logistics and travel businesses in Nigeria and the US. He reportedly established Easytickets Limited in 2015 to serve Nigerian customers and facilitate international airline bookings.

However, difficulties transferring proceeds from Nigerian ticket sales to foreign airlines allegedly forced him to seek foreign exchange arrangements through Polaris Bank and other financial institutions.

The petition claims that, over 12 to 18 months, Obafemi purchased more than $4m through Bureau de Change operators and their associates.

He alleged that he subsequently discovered that some funds transferred into his American accounts were suspected by US authorities to have originated from fraudulent transactions involving American victims.

His lawyers said the businessman was arrested in the US, spent 16 months and two weeks in prison, and was subsequently placed under house arrest for 30 months.

They further alleged that his businesses suffered severe consequences, including asset restrictions, revoked licences and the shutdown of business operations.

Documents cited by the lawyers show that the EFCC acknowledged the petition in June 2024 and assigned it for investigation.

However, in a fresh letter dated April 21, 2026, the law firm requested an update, expressing concern over the absence of clear information about the investigation’s progress.

Obafemi is now asking Nigerian authorities to conduct an independent and transparent investigation, collaborate with US law enforcement agencies where necessary, trace the disputed funds and prosecute anyone found culpable.

He also wants his own role in the transactions thoroughly examined to establish the facts surrounding the allegations.

The allegations against the individuals and institutions named in the petition have not been established by a Nigerian court