Details: Why Sifax Boss Taiwo Afolabi Is Regularly Questioned By EFCC

Eniola Adeniyi

Billionaire Taiwo Afolabi is a regular guest at the offices of the anti-corruption agency, Economic and Financial Crimes Commission insiders disclosed.

Societynow.ng gathered that this development is as a result of mega-money transactions he conducts.

Insiders disclosed that based on the huge volume of cash that usually hit Afolabi’s accounts, Banks notify the anti-corruption agency about the financial activities of the Billionaire that surpasses the stipulated thresholds as part of the rules guiding the operations of the Money Laundering Prevention act.

The act stipulates that financial institutions notify financial crimes watchdogs about cash deposits – and transactions – above the stated amounts for personal and corporate accounts.

‘’Afolabi is a constant guest at the EFCC by proxy because of this development when he is invited to explain some of his transactions that fall into this category ’’ societynow.ng learned.

Insiders disclosed that Afolabi’s legal team usually represents him.

“His legal team usually honor the anti-corruption agency’s invitations and provides needed explanations” Societynow.ng learned.

Sources disclosed that this is a routine for big players in the business cycle.

Insiders disclose that this development has become ‘’normal’’ for the Billionaire based on the high volume and value of his businesses.

Afolabi who is a big player in the Real Estate, Oil and Gas, and cargo business started his entrepreneurial exploit in 1980 with Nigerian Express Agencies Limited.

He left the company to Establish Sifax which has risen to be a major player in the Oil and Gas, Haulage, Logistics, Maritime, and Aviation sectors.

He is currently the major stakeholder in an ongoing refinery project and the sole sponsor of a Marriot, a Fifity (N50B) Billion Naira 7 Storey building hotel on G.RA., Ikeja, Lagos State.