A Nigerian-American businessman, Mr. Badetito Obafemi, has appealed to President Bola Ahmed Tinubu and the Economic and Financial Crimes Commission (EFCC) to intervene in an alleged multi-million-dollar international fraud case.
The allegations involve Mr. Quadri Babatunde Ayanwale, Polaris Bank Limited, Waquatam Global Ventures, Kasaora Adewumi Ayanwale, Akeem Tayo Ajagbe, Ismail Olaitan Alamu, and several Bureau de Change (BDC) operators and associates.
Some of the Bureau de Change operators were Muhammad Basheer Hamma (aka 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.
Through his solicitors, Falana & Falana’s Chambers, Obafemi is seeking government intervention and an update on an investigation the EFCC began after receiving his petition since May 17, 2024.
The petitioner alleges that he was wrongly implicated in the United States and imprisoned for offences he did not commit, while those he considers responsible for the transactions remain at large in Nigeria.
He says the matter led to the collapse of his aviation and travel businesses in the United States and Nigeria, investigations by American law enforcement agencies, loss of property, and substantial financial and personal hardship.
In a letter dated April 21, 2026, Falana & Falana’s Chambers requested a formal status report from the EFCC Lagos Zonal Directorate, noting that repeated visits to the commission had not yielded clear information about the investigation’s progress or the actions being taken, despite the submission of overwhelming evidence.
Obafemi, who is a dual citizen of Nigeria and the United States, according to the petition, established aviation, logistics, and travel businesses in both countries. In 2013, he developed an online travel-booking platform, which reportedly increased sales, customer traffic, and the volume of transactions handled by his company.
To serve the growing demand from Nigerian customers, he incorporated Easytickets Limited in Nigeria in 2015 and partnered with more than 500 local travel agencies, the petition stated.
The business later faced difficulties repatriating proceeds from Nigerian ticket sales to international airlines, which required payment in US dollars, and he had to seek help from the then Skye Bank, now Polaris Bank Limited, to facilitate the transfers.
According to the petitioner, he was referred to Polaris Bank’s Alausa branch, where he met Ayanwale, who allegedly introduced himself as a senior staff member in the bank’s foreign exchange department who told Obafemi that the bank could facilitate currency conversion and transfers through customers seeking to exchange US dollars for naira.
In August 2016, the petition alleges, Ayanwale told Obafemi that a Polaris Bank customer had arranged for funds to be transferred into his Easytickets LLC account in the United States. At a meeting with Ayanwale, attended by two of Obafemi’s staff, Obafemi reportedly requested $170,000 to meet business obligations.
The petition states that on August 16, 2016, Obafemi was told that $230,000 had been deposited into the company’s Bank of America account, and he allegedly questioned the additional $60,000, having requested only $170,000. According to the petition, Ayanwale then instructed him to transfer the excess funds to a Wells Fargo account belonging to a person identified as Oladapo M. Ojo and also to a Bank of America account allegedly belonging to Mr. and Mrs. Kolawole Ayanwale. The lawyers further allege that the naira equivalents of the transactions were paid into individual customer accounts provided to Obafemi.
The petition says these transfers were part of a wider series of transactions. As sales grew and the need to pay US-based airlines increased, Obafemi also approached Zenith Bank and Access Bank, where he was introduced to bureau de change operators, including Muhammad Basheer Hamma, Bello Nasiru, Umoru Abubakar Ibrahim, and Abdulbashir Babatunde Oladepo.
Over the following 12 to 18 months, the businessman allegedly purchased more than $4 million from the operators and their associates. The petition says he believed the transactions were legitimate. It further alleges that when Obafemi was arrested in the United States in 2021, he was told that funds connected to these transactions had been fraudulently obtained.
A central concern in the petition is the alleged involvement of American citizens in the transactions. Falana & Falana’s Chambers says Obafemi was later informed by the Federal Bureau of Investigation (FBI) and the US Department of Homeland Security that funds transferred to his US accounts were allegedly obtained fraudulently from individuals in the United States, some of whom were elderly and retired.
The lawyers maintain that Obafemi conducted business and made the transactions believing the funds were legitimate. The petition also alleges that US authorities shut down his businesses, revoked licences and certifications, placed liens on his assets, closed the company’s website, and restricted its business activities.
Obafemi was reportedly arrested in the United States, imprisoned for 16 months and two weeks, and placed under 24-hour house arrest for 30 months after providing documents and other information to assist the FBI’s investigation, his lawyers say.
The lawyers argue that their client suffered significant business and financial losses and are asking Nigerian authorities to investigate the individuals allegedly responsible for the transactions. The allegations have not, based on the information provided, been established by a court in Nigeria.
Documents supplied by the petitioner’s lawyers show that the EFCC acknowledged receipt of the petition dated May 17, 2024. In a letter dated June 19, 2024, with reference number CR: 3000/EFCC/LS/EGCS-1/TE/QU/VOL.1/319, the commission said the petition had been approved and assigned for investigation.
The letter, signed by Oni Deborah O., FCA, CFE, Head of Investigation, Lagos, asked a representative of Falana & Falana’s Chambers familiar with the case to attend an adoption and interview session. The session was scheduled for June 26, 2024, at the EFCC Training Room, 15A Awolowo Road, Ikoyi, Lagos. The commission cited Section 38(1) and (2) of the EFCC (Establishment) Act, 2004.
The acknowledgement confirms that the petition entered the commission’s investigative process. However, the documents provided do not establish the investigation’s outcome or whether any of the named individuals have been charged or prosecuted. Nearly two years after filing the petition, the law firm wrote again to the EFCC on April 21, 2026, requesting a status report.
The letter, signed by Colins Aigbogun and addressed to the Acting Zonal Director of the EFCC Lagos Zonal Directorate, said the firm had not received definite information about the investigation’s progress despite several visits. The lawyers identified the Economic Governance Crime Section, reportedly led by Ms. Rasheedat Chindaya, as the section handling the investigation. They asked the commission to provide a status report as soon as possible and said their client was willing to cover necessary administrative costs.
The request raises a public-interest question: What has happened to the investigation since the EFCC acknowledged and approved the petition in June 2024? Obafemi is appealing to President Tinubu, the Attorney-General of the Federation, the EFCC chairman, and other relevant authorities to ensure the matter receives appropriate attention.
He is seeking an independent, thorough, and transparent investigation into the alleged transactions and the roles of the individuals and institutions named in the petition.
He is also asking Nigerian authorities to cooperate with their American counterparts, where necessary, to trace the funds, identify their beneficiaries, and determine the responsibilities of all parties involved.
The petitioner wants anyone found culpable to be brought before the appropriate courts and for efforts to be made to recover any funds established to have been fraudulently obtained.
He is also asking the authorities to investigate his own alleged role in the transactions, particularly in light of the reported consequences for his business and legal position in the United States.
Packaged by Emmanuel Okafor
