The Economic and Financial Crimes Commission has received a petition alleging that Senator Cyril Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, were involved in an alleged $2.98 million fraud linked to international business transactions.
The petition was submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited.
According to the complaint, the allegations border on conspiracy, fraudulent conversion, obtaining by false pretence and diversion of funds arising from a commercial partnership that reportedly began in 2015.
The petition stated that the Fasuyis, operating through Legacy Foods Limited, were introduced to the Dubai-based firm by a third party and subsequently entered into several agreements for the supply of raw materials, including corn starch, maltodextrin, maltose syrup and shortening.
The complainant alleged that products valued at more than $9 million were supplied during the course of the business relationship but claimed that an outstanding balance of $2,980,535 remained unpaid despite repeated demands.
According to the petition, the supplied products were allegedly sold in Nigeria, while proceeds from the transactions were purportedly diverted for personal use instead of being remitted to the foreign supplier as agreed.
The petition further described the situation as an alleged abuse of commercial trust capable of discouraging foreign investment and undermining international trade relationships.
The EFCC reportedly acknowledged receipt of the petition on December 10, 2020, and is expected to review the allegations as part of its investigative procedures.
Mrs. Fasuyi was also named in the petition as a co-accused in the transactions under investigation. The complaint further alleged that she was present during related proceedings at one stage but reportedly evaded arrest by operatives of the anti-graft agency.
As of the time of filing this report, neither Senator Fasuyi nor his wife had publicly responded to the allegations.
