Kessington Adebutu, popularly known as Baba Ijebu, is currently under investigation by the Economic and Financial Crimes Commission (EFCC) for alleged tax fraud, economic sabotage and other financial crimes.
Premium Times reports that the anti-graft agency in Lagos detained and questioned Segun Adebutu, son of the octogenarian, on Tuesday.
Premier Lotto, Adebutu’s company, is being accused of the crimes by Premier Lotto, a rival, owned by former lawmaker, Buruji Kashamu. The latter had written a petition to the EFCC in December 2019, sparking the investigation.
Officials told Premium Times that they have identified at least N5 billion in revenue losses against the government since the investigation began — directly blaming the management of Premier Lotto for allegedly shortchanging Nigerians.
Betting companies are now being investigated over allegations of sharp practices including withholding money won by customers to attract higher interest from banks.
‘Baba Ijebu’ has been widely hailed as pioneering inclusive gambling in Nigeria and shooting it into the mainstream. Although it was only in 2001 that he registered Premier Lotto, the betting franchise that accounts for the largest share of his wealth.