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Police Arrest Popular Ibadan Businessman For Alledged Fraud

MD/CEO of BEEDEL Strategic Investment Company, an Ibadan based construction Company,  Bukola Odeleye has been reportedly arrested for alleged N816 million fraud.


Odeleye was arrested on May 24, 2022 after weeks of discrete investigation by the police


Police Special Fraud Unit (PSFU) Ikoyi, Lagos State, in a statement by its spokesperson, SP Eyitayo Johnson said the suspect was nabbed for alleged forgery of 11 Local Purchase Orders (LPOs) of five multinational companies and one federal agency.

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The Ibadan based businessman was said to have alledgedly paraded himself on social media as a successful contractor in Civil Engineering/Construction, Real Estate and Supply/Importation of Heavy Engineering Equipment.


The police also said the BEEDEL boss allegedly operated in connivance with former and current procurement staff of the companies whose LPOs were used to perpetuate the fraud.

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The PSFU said with forged LPOs of companies and the government, he approached banks and investment companies with proposal to finance the LPOs.


The police noted that he diverted alledged fraudulent money to fund “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.”

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The PSFU said Odeleye would be charged to court as soon as investigation was concluded.

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