The Economic and Financial Crimes Commission (EFCC) has arrested Babagana Abba Dalori, a 35-year-old businessman, who allegedly duped investors in his company of over N7 billion.
Dalori, a 2010 graduate of Electrical Electronics from the University of Maiduguri, is the Managing Director, Galaxy Transportation and Construction Services Limited.
Investigation revealed that he allegedly made a fortune by luring unsuspecting investors with mouth-watering return on investment (RoI) that ranged from 125% to as high as 200% on their seed capitals in the company.
According to the suspect, he started his business in 2012 with just a tricycle (Keke NAPEP) and by 2014, he had been able to convince hundreds of people into pooling resources together with which he procured tricycles he managed on their behalf and made returns to them on equal owners gentleman’s agreement term.
With the success he recorded with the pool tricycle business, he diversified into sand mining, trucking, (dumper truck) and commuter buses.
In 2016, Dalori veered into full transportation business with the registration of Galaxy Transport and Construction Company with his mother as co-director. His investments grew with the huge number of members of the public who were contributing finances to him to be part owners.
He disclosed that in 2017 he invested about N400 million to acquire a quarry licence with which he started stone crushing in Mpape, Abuja. Due to the mouth-watering returns he made to his investors, his company easily spread its operations to 11 states of the North, boasting of investors’ profile of 20, 700.
He, however, bit more than he can chew with his dabbling into oil and gas with his incorporation of Galaxy Global Energy Limited, which put a strain on the returns from the existing array of Galaxy Miners Concepts Limited, Galaxy Global Farms, Galaxy Guest Palace Limited, Galaxy Hospital, Galaxy Computing, Galaxy block making and Galaxy car wash.
Dalori was no longer paying dividends to his investors and would not even take their calls.
Investigation further revealed that though the investing members of public were to be co-owners in all the companies, they were kept in the dark concerning the companies and were by no measure co-owners of the companies with him.