KADUNA BUSINESS MAN DEFRAUDS COUNTERPARTY OF $130 MILLION

A businessman Alhaji Umar Bida was arrested in Kaduna and is being investigated by the Economic and Financial Crimes Commission for alleged fraud of $130 million.
The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, said in a statement in Abuja on Thursday that the commission was also investigating the businessman for alleged possession of some documents of the Nigerian National Petroleum Corporation for the supply of Crude oil to his American business partner, Donald Laletta, the Chief Executive Officer, Park LLLC. He is said to have obtained these documents from agents to a seller  who claimed to have crude oil for sale.Uwujaren said that the CEO of the American firm had told the EFCC that the suspect allegedly attempted to defraud him after signing a Sale and Purchase Agreement with him. He paid him $8 million, $10 million and $12 million on different occasions and also raised a letter of credit to the suspect's firm through a courier company to the tune of $100 million. With the mind boggling amounts involved certainly Bida has joined the league of Anajembas and Ajuduas.