Man arrested for diverting ₦55m belonging to cooperative group in Akure

By Boye Oyeyemi –

The Ondo State Police Command has arrested a 52-year-old man, Eniaye Olorunfemi, over the alleged diversion of ₦55 million belonging to the Igbeyinadun Multipurpose Cooperative Society, a thrift and credit group in Akure.

The arrest was disclosed in a statement signed by the Police Public Relations Officer, DSP Abayomi Jimoh, on Saturday.

According to the police, Olorunfemi allegedly collected the money in June 2025 under the guise of purchasing a tipper truck on behalf of the cooperative society.

The command said trouble started after the truck was handed over to the suspect, who then allegedly disappeared and failed to account for the funds, prompting a formal petition to the police.

Following an intelligence-led investigation, operatives of the anti-kidnapping section were said to have tracked and arrested the suspect on January 30, 2026.

The police disclosed that the tipper truck has been recovered and returned to the cooperative society, while the suspect remains in custody.

The Commissioner of Police, Adebowale Lawal, urged members of the public and cooperative societies to conduct proper background checks in financial dealings and promptly report suspicious transactions to security agencies.

The police confirmed that investigations are ongoing and that the suspect will be charged in court upon the conclusion of the probe.