Ibadan Billionaire Construction Firm 'Beedel Constructions' Boss, Bukola Odeleye, arrested for N816m Fraud

The Lagos State Police Special Fraud Unit (PSFU) in Ikoyi; have reportedly made an arrest on Ibadan-based billionaire businessman, Bukola Odeleye, for alleged involvement in the whooping sum of eight hundred and sixteen million naira (N816M) fraud.

According to an exclusive report made by DAILY POST, his arrest was made on the 24th of May, 2022; after weeks of intense investigation.

The spokesperson for the PSFU, SP Eyitayo Johnson, said the accused who happens to be the MD/CEO of BEEDEL Strategic Investment Company, was apprehended on offences bordering on forgery of 11 Local Purchase Orders (LPOs) on five (5) multinational companies and one (1) federal agency.

The SP further revealed that he (Odeleye) have long been portraying himself across numerous media platforms, as a successful contractor in Civil Engineering/Construction, Real Estate and Supply/Importation of Heavy Engineering Equipment.

He was said to have connived with both former and current procurement staff of the companies he used their LPOs to carry out the fraud, and also approached banks and investment companies with proposal to have them financed.

"He cleverly tenured to be paid between 30-60 days, to make the LPO financing appear juicy. The suspect was able to fraudulently obtain the sum of N816 million from two finance companies" The SP said.

"He diverted the sums to fund his extravagant lifestyles which includes building a mansion, office complex and purchase of exotic automobiles. He uses money from one bank/finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul"

The supposed-to-be businessman, who had formerly been arrested in March by the Department of State Services (DSS), is said to have put up numerous construction billboards and adverts across Ibadan, without carrying out any major development on any site. He also built an office along the Ade Oyo Hospital road and erected boards at the Ososami/Iyana Ade Oyo junction.