Emeka Okonkwo, popularly known as E-Money, CEO of Emy Cargo and Shipping Services Limited, is currently under investigation at the Force Criminal Investigation Department Annex, Alagbon, Lagos State, over an alleged dispute involving N1,209,200,000 with a vehicle dealing company, Autocorp Limited.
According to a police source familiar with the case, both Okonkwo and the aggrieved party have been summoned for questioning, with further meetings scheduled to delve into the matter.
The dispute reportedly stems from a business transaction in which Autocorp Limited engaged Okonkwo to clear eight vehicles, comprising six TXL Prado and two Lexus jeeps, between 2020 and 2021. The vehicles were valued at N1.2 billion, but despite Okonkwo clearing them, Autocorp Limited claims they have not received the vehicles.
During conversations with Patricia Iduwre, the sales manager for Autocorp Limited, it was revealed that Okonkwo allegedly sold the vehicles without delivering them, citing unpaid debts as the reason for the sale. However, Autocorp Limited denies owing any money to Okonkwo.
In response to the situation, Autocorp Limited’s lawyer, Raymond Olaiya, submitted a petition to the FCID, describing the dispute as involving “stealing, fraudulent conversion, and criminal sale” of the vehicles. The petition urged the FCID to intervene and bring Okonkwo to justice.
When contacted, Okonkwo refuted the allegations, stating that there was a legitimate business transaction between both parties. He offered to provide his side of the story in person upon his return to town.
Aminat Mayegun, the spokesperson for the FCID Annex, confirmed that Okonkwo is under investigation for the alleged conversion. She stated that both parties have been invited for further discussions, with a date scheduled for the meeting.
