The Economic and Financial Crimes Commission on Wednesday handed over 116 cars and 20 properties in Edo, Rivers and Lagos States recovered from one Michael Obasuyi Osasogie to First Bank Plc.

Trouble began for Osasogie after a petition he wrote to the commission against E-tranzact in March 2018.

The EFCC had, however, investigated Osasogie’s business interests, following receipt of a counter-petition written by e-tranzact against Osasogie and one of his companies, SmartMicro.

SmartMicro was said to have approached e-tranzact in 2012 for the deployment of bulk purchase solution called “Corporatepay” to facilitate payment of salaries of Delta State employees in microfinance banks.

WATCH - Sowore: ''I'll Fire All Army Generals Involved In Fighting Boko Haram If Elected President''

It was also alleged that e-tranzact configured an additional outbound fund transfer solution called “Fundgate” in 2017, which required SmartMicro to maintain a pre-funded settlement account with First Bank Plc for settlement of account it had initiated.

However, e-tranzact had further alleged that the bank, sometime in March 2018, revealed that the settlement account was in debit of N11, 498,944,038.29.

Obasuyi, in his statement to the commission, confessed to have committed the crime.

Consequently, Osasogie was arraigned alongside his firms-Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and Platinum Smart Cruise Motors Limited on May 24, 2018 before Justice Justice Mojisola Dada of the Special Offences Court sitting in Ikeja on a 14 charges bordering on stealing to the tune of N11, 498, 944, 038.29.

He pleaded guilty to the charge preferred against him.

The sums of N2, 903,727,563.92, $37, 992.87 and €18,538.09 were recovered by the EFCC from Osasogie’s accounts in various banks in the country.

The commission also recovered 116 cars and 20 properties located in Lagos, Abuja, Benin and Port Harcourt.

Delivering her judgment, Justice Dada convicted the defendant on all the counts and sentenced him to one-year imprisonment.

The Judge also ordered the forfeiture of defendant’s 116 buses, 20 properties and monies in various accounts to First Bank Plc.