Philemon Ibrahim Gora was detained by the Economic and Financial Crimes Commission (EFCC) for acquiring money under fraudulent pretenses.
He is accused of stealing N525,000,000.00, issuing a forged check, and money laundering.
Gora, through one of his front companies, Gracious Environ Workers and Planners Nigeria Limited, allegedly obtained N525million from the Onijimo of Ijumo-Jesa, Kabiyesi Jacob Esan.
The traditional ruler in Osun State is the owner of Liberitas Plc.
Wilson Uwujaren, EFCC spokesman, in a statement said the suspect was expected to help the king convert the money to United Arab Emirate (UAE) Dirham.
Gora, however, reneged on the agreement after collecting the funds.
Investigation revealed how the suspect allegedly transferred different amounts to his bank accounts and some Bureau De Change operators.
Uwujaren noted that the BDC dealers already confirmed giving the suspect the dollar equivalent of the money in cash.
However, another of Gora’s front companies, N-PAS Nigeria Limited, deposited 41 Sterling Bank cheques of N10million each, totaling N410,000,000 in favour of the complainant’s company, Liberitas.
“But the cheques were returned unpaid due to insufficient funds. The suspect will soon be charged to court”, the EFCC added.