A Nigerian-American businessman, Badetito Obafemi, has appealed to President Bola Ahmed Tinubu and the Economic and Financial Crimes Commission (EFCC) to investigate an alleged $4 million international fraud involving several individuals, bureau de change operators and Polaris Bank Limited, insisting that a thorough probe is necessary to establish his innocence.
Obafemi, through his solicitors, Falana & Falana’s Chambers, is seeking urgent government intervention and an update on an investigation initiated by the EFCC following a petition submitted on May 17, 2024.
The businessman alleges that he was wrongly implicated in financial transactions that resulted in his arrest and imprisonment in the United States, while individuals he believes were responsible for the movement of the funds remain in Nigeria.
The controversy reportedly led to the collapse of his aviation, logistics and travel businesses in the United States and Nigeria, alongside significant financial losses, asset restrictions and prolonged legal difficulties.
In a letter dated April 21, 2026, Falana & Falana’s Chambers asked the EFCC Lagos Zonal Directorate to provide a comprehensive status report on the investigation, expressing concern over the lack of clear information despite repeated visits to the commission.
EFCC Acknowledged $4m International Fraud Petition in 2024
Documents made available by the petitioner’s lawyers indicate that the EFCC acknowledged receipt of the petition dated May 17, 2024.
In a subsequent letter dated June 19, 2024, with reference number CR: 3000/EFCC/LS/EGCS-1/TE/QU/VOL.1/319, the commission confirmed that the petition had been approved and assigned for investigation.
The letter, signed by Oni Deborah O., FCA, CFE, Head of Investigation, Lagos, invited a representative of Falana & Falana’s Chambers familiar with the matter to attend an adoption and interview session.
The meeting was scheduled for June 26, 2024, at the EFCC Training Room, 15A Awolowo Road, Ikoyi, Lagos.
The commission reportedly cited Section 38(1) and (2) of the EFCC (Establishment) Act, 2004.
However, although the acknowledgement confirms that the petition entered the commission’s investigative process, documents provided by the lawyers do not establish the outcome of the investigation or whether any of the individuals named have been charged or prosecuted.
How the Alleged Polaris Bank Transactions Began
According to the petition, Obafemi, a dual citizen of Nigeria and the United States, established aviation, logistics and travel businesses in both countries.
In 2013, he reportedly developed an online travel-booking platform that significantly increased customer traffic, sales and transaction volumes.
To expand his operations in Nigeria, he incorporated Easytickets Limited in 2015 and partnered with more than 500 local travel agencies.
However, the business subsequently encountered difficulties transferring proceeds from Nigerian ticket sales to international airlines, which required payments in US dollars.
The petitioner said he approached the then Skye Bank, now Polaris Bank Limited, for assistance with foreign exchange transactions and international transfers.
According to his account, he was referred to the bank’s Alausa branch, where he met Mr. Quadri Babatunde Ayanwale, who allegedly introduced himself as a senior employee in the foreign exchange department.
Ayanwale reportedly informed him that the bank could facilitate currency conversion and international transfers through customers seeking to exchange US dollars for naira.
Alleged $230,000 Transfer Raised Questions
The petition states that in August 2016, Ayanwale informed Obafemi that a Polaris Bank customer had arranged to transfer funds into his Easytickets LLC account in the United States.
At a meeting attended by two of Obafemi’s employees, the businessman reportedly requested $170,000 to meet outstanding business obligations.
However, on August 16, 2016, he was allegedly informed that $230,000 had been deposited into the company’s Bank of America account.
According to the petition, Obafemi questioned the additional $60,000 because it exceeded the amount he had requested.
The lawyers allege that Ayanwale subsequently instructed him to transfer the excess funds to a Wells Fargo account belonging to an individual identified as Oladapo M. Ojo and a Bank of America account allegedly belonging to Mr. and Mrs. Kolawole Ayanwale.
The petition further claims that the naira equivalents of the transactions were paid into individual customer accounts supplied to Obafemi.
The businessman maintains that he believed the transactions were legitimate business arrangements facilitated through the banking system.
As the volume of his travel business increased, Obafemi reportedly approached other financial institutions, including Zenith Bank and Access Bank, to facilitate foreign exchange transactions required for payments to international airlines.
According to the petition, he was introduced to several bureau de change operators who allegedly facilitated the purchase of foreign currency over a period of approximately 12 to 18 months.
The operators and individuals named in the petition include: Muhammad Basheer Hamma, also known as Muhammed Basheer Hamma, Bello Nasiru, Umoru Abubakar Ibrahim, Abdulbashir Babatunde Oladepo, Animashaun Ibrahim Olaleye, Dare Santana, Daresan Enterprises, Suleiman Yisa, Ikechukwu Emmanuel Eboigbe, Michael C. Onyeje, Awodi Paul, Aina Oluwatoyin and Aina Temitope Johnson.
Other individuals and entities mentioned include Kasaora Adewumi Ayanwale, Akeem Tayo Ajagbe, Ismail Olaitan Alamu, Waquatam Global Ventures and Polaris Bank Limited.
Obafemi alleged that he purchased more than $4 million from the operators and their associates during the period, believing that the funds were legitimately sourced.
The allegations concerning these individuals and organisations have not been established by a Nigerian court. Their inclusion in the petition does not, in itself, establish wrongdoing.
A major concern raised by Obafemi’s legal representatives is the alleged involvement of American citizens whose funds were reportedly transferred into accounts associated with the transactions.
According to Falana & Falana’s Chambers, the businessman was subsequently informed by the Federal Bureau of Investigation (FBI) and the United States Department of Homeland Security that some funds transferred into his American accounts had allegedly been fraudulently obtained from individuals in the United States.
The lawyers claim that some of the alleged victims were elderly and retired Americans.
Obafemi maintains that he conducted the transactions in good faith and believed the funds were legitimate payments connected to his business operations.
His lawyers further alleged that the investigations by American law enforcement agencies resulted in the closure of his businesses, revocation of licences and certifications, liens on his assets, closure of his company’s website and restrictions on its commercial activities.
The petition also details the personal and professional consequences Obafemi allegedly experienced following his arrest in the United States in 2021.
According to his lawyers, he spent 16 months and two weeks in prison before being placed under 24-hour house arrest for 30 months.
They maintained that he provided documents and other information to assist the FBI’s investigation but continued to suffer substantial financial and personal hardship.
The businessman alleges that the developments effectively destroyed the aviation and travel businesses he had spent years building in Nigeria and the United States.
His legal representatives are now asking Nigerian authorities to investigate the underlying transactions, identify the individuals who allegedly initiated and benefited from the movement of the funds, and establish whether any criminal conduct occurred.
Falana & Falana’s Chambers Seeks EFCC Investigation Update
Nearly two years after the commission acknowledged the petition, Falana & Falana’s Chambers returned to the EFCC with a formal request for an update.
In its April 21, 2026 letter, signed by Colins Aigbogun and addressed to the Acting Zonal Director of the EFCC Lagos Zonal Directorate, the law firm expressed dissatisfaction with the absence of a definite response regarding the investigation’s progress.
The lawyers identified the Economic Governance Crime Section, reportedly led by Ms. Rasheedat Chindaya, as the unit handling the matter.
They requested a formal status report and indicated that their client was willing to cover necessary administrative expenses.
The law firm said repeated visits to the commission had not provided sufficient information about the investigation or the steps taken since the petition was assigned.
The latest appeal has therefore renewed questions about the status of the EFCC investigation and whether the allegations have been sufficiently examined.
Obafemi Appeals to Tinubu, EFCC Chairman for Independent Probe
Obafemi is appealing to President Bola Ahmed Tinubu, the Attorney-General of the Federation, the EFCC chairman and other relevant authorities to ensure that the allegations receive appropriate attention.
Through his lawyers, he is seeking an independent, comprehensive and transparent investigation into the alleged transactions and the respective roles of the individuals, financial institutions and organisations named in the petition.
He is also urging Nigerian authorities to cooperate with their American counterparts, where necessary, to trace the funds, identify their ultimate beneficiaries and determine the responsibilities of all parties involved.
The businessman wanted anyone found culpable to be prosecuted before the appropriate courts and efforts made to recover funds established to have been fraudulently obtained.
Significantly, he is also asking Nigerian authorities to investigate his own alleged role in the transactions to establish the facts surrounding his involvement and address the circumstances that led to the reported legal and business consequences in the United States.
