Ex Trade Bank Boss, Abubakar Muhammed Losses N80m In Phone Deal Gone Sour

Abubakar Muhammed, the former Director at defunct financial institution, Trade Bank is enmeshed in a business altercation.

And this reason for this labelled loss of N80m investment fund

Sources disclosed the Managing Director, House Affairs Nigeria Limited recently engaged ‘partners’ in the United State of America to purchase mobile phones in bulk for resale in Nigeria.

The former head of Treasury and Foreign Operations Department of shut down Trade Bank reportedly committed N80m as initial payment to the enterprise.

But contrary to expectations ‘his partners’ failed to fulfil their end of the bargain.

He refused to pay any more money- and demanded for a refund when ‘inability to deliver goods’ went beyond ‘reasonable’ period of grace.

He is said to be exploring legal means in the country the ‘partners are domiciled’ (United States of America) to retrieve his fund.

Insiders further revealed the gone bad transaction occurred in last year ( 2012)- but the case is still on.

Abubakar is also the owner of CAPLc Colour Centre Franchise with offices at Ikeja and Ikoyi, Lagos.