E-Money of Emy Cargo Faces Investigation Over N1.2bn Dispute

Image of Man Counting Money
Image of Man Counting MoneyGoogle Photos

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

According to a police source familiar with the case, Okonkwo and the aggrieved party have been invited for questioning, and another meeting has been scheduled for the case.

During a conversation with Patricia Iduwre, the sales manager for Autocorp Limited, it was revealed that the company contracted Okonkwo to clear eight vehicles in 2020/2021, valued at N1,209,200,000. Despite Okonkwo clearing the vehicles, the company has yet to take delivery of them.

Iduwre stated, "When we gave him the vehicles to clear, they were valued at N1.2bn... he said he had sold the vehicles because we owed him, whereas we did not owe him."

In response to the situation, the lawyer representing Autocorp Limited, Raymond Olaiya, described the dispute as involving "stealing, fraudulent conversion, and criminal sale" in a petition to the FCID.

Okonkwo denied the allegations, stating, "It is a false allegation; it is not true. There is a resolution and a business transaction between both parties."

The spokesperson for the FCID Annex, Alagbon, Aminat Mayegun, confirmed that Okonkwo is under investigation for conversion, stating, "The case is under investigation; we have extended an invitation to him and he has acknowledged the invitation."

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