The Economic and Financial Crimes Commission (EFCC) has arrested Stacy-Dan Ekpenyong, the managing director of Stewardship Rural Investment Limited, for allegedly obtaining the sum of N11.5million by false pretence.

A statement by EFCC’s spokesperson, Wilson Uwujaren, Monday, said that Mr Ekpenyong, also known as Daniel Ekpenyong, was arrested by operatives of the Uyo Zonal Office of the commission on Friday.

“Ekpenyong was arrested at Keystone Bank, University of Uyo branch, Akwa Ibom State, following a petition by one Titilayo Bolos Malgwi who alleged that the 36-year-old suspect tricked her into investing in his Micro Finance Company,” the statement read in part.

It stated that Ms Malgwi claimed in her petition that she paid the sum of N11million into the suspect’s company account, after he convinced her that she would get 10 per cent interest on any amount invested after a period of three months.

“When it was time for her to start reaping from her investment, the complainant severed communication with her and efforts made to get her money back, proved abortive,” the statement also read.

It also stated that the commission had been on the trail of the suspect since December 18, 2020, when it first received a petition against him from one Amasi Ignatus whom the suspect allegedly defrauded of the sum of N500, 000 through the same scheme.

Mr Ekpenyong has made useful statements and will be charged to court as soon as investigation is concluded, the statement added.


The preponderance of economic and financial crimes like advance fee fraud (419), money laundering, among others “has had severe negative consequences on Nigeria”, the commission asserts in its profile published on its website.

It states that the impact of the crimes include “decreased Foreign Direct Investments in the country and tainting of Nigeria’s national image.”

“The menace of these crimes and the recognition of the magnitude and gravity of the situation led to the establishment of the Economic and Financial Crimes Commission (EFCC).

“The legal instrument backing the Commission is the attached EFCC (Establishment) Act 2002 and the Commission has high-Ievel support from the Presidency, the Legislature and key security and law enforcement agencies in Nigeria.”


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