Business Deal Turns Sour: E-Money Investigated Over N1.2bn Dispute

Emeka ‘E-Money’ Okonkwo

E-Money is being looked into for a N1.2 billion commercial disagreement with a car firm

The Force Criminal Investigation Department Annex in Alagbon is investigating Emeka Okonkwo, also known as E-Money, the Chief Executive Officer of Emy Cargo and Shipping Services Limited, about an alleged N1,209,200,000 disagreement with Autocorp Limited, a vehicle dealing company in Lagos State.

Okonkwo and the resentful party had been invited for interrogation, according to a police source with knowledge of the matter who begged to remain anonymous. The source also said that another meeting had been planned for the investigation.

The corporation hired Okonkwo to clear eight automobiles in 2020–2021; this information was found out in an attempt to learn the truth about the over N1.2 billion that was purportedly the source of the conflict between the two parties.

Iduwre said that the vehicles, which were cleared by Okonkwo, were worth N1, 209,200,000 and included six TXL Prado and two Lexus jeeps. However, the company has not yet taken delivery of the vehicles.

Patricia Iduwre, the sales manager for the car dealership, stated: “When we gave him the vehicles to clear, they were valued at N1.2 billion. All along, we thought the vehicles were at his warehouse but recently, he said he had sold the vehicles. He said he sold the vehicles because we owed him, whereas we did not owe him.

“In this business, it is after an agent supplies that you pay and he has not even supplied any of the vehicles. We involved our lawyer and reported the case to the police and it was during dialogue with him (Okonkwo) that we got to know he had sold the vehicles. When the police intervened, the reason he gave for selling the vehicles was that we owed him.

“He also said our chairman asked him to sell the vehicles but when the police engaged our chairman, he said he never gave him (Okonkwo) such a directive. Our chairman also told the police to tell Okonkwo to provide evidence that he said he should sell it.”

Iduwre asked the police to look into the matter even as he insisted on getting the cars.

She went on, “The police asked if he (Okonkwo) claimed to have sold the vehicles at the instance of the chairman, did he give us the money? He then said he used the money to offset debts. When he was asked which debt, he said my chairman asked him to use the vehicles to borrow money from the bank. But my chairman debunked that claim.

“My chairman said he is eligible to borrow money from the bank himself, so why would he ask Okonkwo to borrow money from the bank? What we want are the vehicles we asked him to clear; we don't want any money.”

The financial disagreement between Okonkwo and the automobile dealing company was characterized as one of theft, fraudulent conversion, and illegal sale by Raymond Olaiya, the lawyer representing the latter in a petition to the FCID.

The petition stated, in part, “We write on the instruction of our client, Autocorp Limited, to complain of stealing and fraudulent conversion of the company's imported vehicle numbering eight, which amounted to about N1,209,200,000.

“The vehicles were among several other imported vehicles contracted out to Emy Cargo to be cleared from the Nigerian Ports at Apapa between 2020 and the first quarter of 2021. The eight Four-Wheel Drive jeeps were, till date, never delivered to our company, ever since Emy Cargo cleared them from the Nigerian Ports.

“We, therefore, implore you to use your good offices to help track the whereabouts of these vehicles, which were specifically ordered for by our company to be delivered to our clients, and we would appreciate your timely intervention in bringing Emeka Okonkwo, the CEO of Emy Cargo, to justice as a deterrent to others.”

When reached, Okonkwo refuted the accusation and acknowledged that both parties had conducted business.

He said, “It is a false allegation; it is not true. There is a resolution and a business transaction between both parties.”

Okonkwo was the subject of a probe, according to Aminat Mayegun, the FCID Annex's spokesman in Alagbon.

She said, “Yes, we are investigating the matter concerning (Okonkwo). The matter is about the conversion and it is being investigated at the Anti-Human Trafficking Unit of the Force. The case is under investigation; we have extended an invitation to him and he has acknowledged the investigation.

“Based on the petition, he was once invited and he came. And now, we have to call both parties involved for another discussion and a date has been scheduled for it.”