The Ondo State Police Command has arrested a 52-year-old man, Eniaye Olorunfemi, for allegedly obtaining the sum of ₦55 million by conversion from the Igbeyinadun Multipurpose Cooperative Society in Akure.

The arrest was carried out on January 30, 2026, by operatives of the Anti-Kidnapping Section of the Command, following a petition approved and received by the police.

According to a statement issued on Saturday by the Police Public Relations Officer, DSP Abayomi Jimoh, preliminary investigations revealed that the suspect collected the money in June 2025 under the guise of purchasing a tipper truck on behalf of the cooperative society.

The police alleged that after the truck was handed over to him, Olorunfemi absconded and failed to report back to the cooperative, prompting the society to petition the police.

Acting on credible intelligence, operatives tracked down and arrested the suspect, while the tipper truck was successfully recovered and returned to the cooperative society.

The suspect is currently in police custody and has made useful statements, as investigations continue. Police said he would be charged to court upon the conclusion of the investigation.

Meanwhile, the Commissioner of Police in the state, CP Adebowale Lawal, advised cooperative societies and members of the public to exercise caution in financial dealings, stressing the need for proper background checks and due diligence on prospective members and business partners.

He also urged the public to promptly report suspicious transactions or activities to the police, noting that early reporting enhances timely intervention and effective investigation.