The Police Special Fraud Unit (PSFU) has made a major bust in Lagos, arresting an apprentice and accomplice for allegedly diverting building materials worth a staggering ₦250 million.
Key details of the case:
Suspects were trusted with material deliveries
Allegedly created fake documentation
Diverted supplies to black market buyers
Operated undetected for months
According to Punch news, the PSFU's investigation revealed:
"The suspects exploited their positions of trust to systematically steal high-value construction materials including cement, roofing sheets, and reinforcement rods."
Economic Implications:
Could delay multiple construction projects
May increase costs for affected companies
Highlights need for better apprentice vetting
The PSFU's spokesperson warned: "This case shows why businesses must implement stricter inventory controls and conduct regular audits, especially when handling high-value materials."
Next Steps:
Suspects remain in custody
Police tracking diverted materials
Case to be charged to court soon
PSFU launching awareness campaign for businesses
Industry experts suggest using:
GPS-tracked deliveries
Blockchain inventory systems
Mandatory background checks
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