The Economic and Financial Crimes Commission (EFCC) has arrested the Chief Executive Officer of Galaxy Transportation and Construction Services Limited, Babagana Dalori.
He was arrested for defrauding 27,400 Nigerians to the tune of about
N7billion through fake promises of mouth-watering returns on their
investment in his companies.
Dalori, who is currently undergoing
interrogation in the Commission, had incorporated the firm in 2012 with
one tricycle (Keke NAPEP), which through pool investments by members of
the public later boasted of 50 tricycles.
The entrepreneur later
diversified into other business ventures while promising mouth-watering
returns to investors. The Commission’s investigators discovered that
Dalori initially paid 200 per cent interest on investors’ deposits in the firm and later reduced the interest to 135 per cent before the scheme crashed in 2018.
To suck as many unsuspecting victims into his ponzi
net, Dalori engaged in massive advertisements on radio and television,
including a production of a movie by A-list Nollywood actors, which
aimed at convincing members of the public to invest in his companies.
As
a victim stated, “he even went to the extent of organizing Nollywood
stars to produce a movie for him to further promote public investment
into his company. He specifically organized some actors and actresses in
Kannywood to act in a movie called “Zero Hour” to show the need for
people to invest in Galaxy.
“Unfortunately, his gimmicks paid off as different people took their hard-earned savings, inheritance, pensions and other source of income and invested in Galaxy. Now, the scheme has crashed and investors can no longer get their money.
“At the moment, he has used the investors
money to incorporate different entities without getting their consent.
He now has Galaxy Global Energy Concept Ltd, Galaxy Miners Concept Ltd,
Galaxy Global Farms, Galaxy Computers, Galaxy Block Making Factory,
Galaxy Hospital and Galaxy Hotel.”