The Ondo State Police Command has announced the imminent prosecution of a suspected fraudster who allegedly posed as a cocoa merchant to swindle a businessman of N36 million.
The suspect, identified as Ilegbami Jacob, was arrested following a petition lodged by the victim, Sunday Adegboyo, who claimed he entered into a business agreement with Jacob in July 2025.
According to a statement released on Thursday by the Command’s Police Public Relations Officer (PPRO), Deputy Superintendent of Police (DSP) Olayinka Ayanlade, the suspect falsely presented himself as a legitimate cocoa dealer and received the full sum with a promise to deliver 5.56 tons of cocoa beans.
Jacob, however, failed to supply the goods and subsequently absconded, repeatedly providing misleading assurances that the consignment would be shipped from Taraba State, the police spokesman disclosed.
Following the petition, operatives from the Command’s Scorpion Squad launched an investigation and successfully tracked the suspect to a hideout in Akure, the Ondo State capital, where he was apprehended.
DSP Ayanlade confirmed that Jacob remains in police custody and will be charged to court upon the conclusion of ongoing investigations.
The Commissioner of Police, Ondo State Command, CP Adebowale Lawal, reaffirmed the command’s determination to dismantle fraud networks and protect business interests across the state. While acknowledging the Inspector General of Police for his unwavering support and transformative leadership, CP Lawal emphasized that the command remains committed to ensuring that criminals have no safe haven in Ondo State.
The police boss also advised business owners and investors to exercise due diligence by verifying the identities and credibility of potential business partners before engaging in substantial financial transactions, noting that vigilance serves as the first line of defense against fraud.
This incident mirrors a similar case reported earlier in the year where a Lagos Special Offences Court ordered the remand of businessman Moruf Gbadamosi in prison custody for allegedly obtaining over N23 million under false pretense. Gbadamosi was arraigned before Justice Olubunmi Abike-Fadipe by the Economic and Financial Crimes Commission alongside his company, Greenbil Mega Ocean Limited.
The rise in agricultural commodity fraud has raised concerns among legitimate traders and farmers in Nigeria’s cocoa-producing regions, particularly in Ondo State, which accounts for a significant portion of the nation’s cocoa output.