Nigeria’s Economic and Financial Crimes Commission, EFCC, has arrested a Kaduna based businessman over a fake oil deal, in which an American company claimed it has wired $30million to a company owned by the businessman and also raised $100million letter of credit.

The businessman, Alhaji Umar Audu Bida, identified as chief executive officer, Universal Contractors Limited, was arrested Tuesday for alleged possession of some documents of the Nigerian National Petroleum Corporation, NNPC, for the supply of crude to his American business partner, Donald Laletta, CEO, North Park LLLC.

The 62-year-old suspect, who was picked up by EFCC operatives at his residence on Gumel Road, Kaduna, was in possession of fake documents pertaining to the lifting of crude by the vessels, MT Antartic, MT Sonagol Namibe and MT Caped Bowen.

The suspect, however, said that he obtained the documents from the agents to the seller-Lambda, Double Wonder and Days Marines Services- who allegedly claimed to have crude oil for sale.

The complainant alleged that the suspect had attempted to defraud him after signing a Sales and Purchase Agreement, SPA, with him. He also claimed to have paid the suspect, who acts as his agent in Nigeria, the sums of $8million, $10million and $12million at different times, and that he raised a letter of credit, via a courier company, in favour of Universal Contractors Limited to the tune of $100m (One Hundred Million Dollars).

The payment claims are being investigated by the EFCC as well.