Brila FM has suspended operations in Port Harcourt and Abuja following revelations of an alleged fraud scheme involving former employees who diverted over ₦200 million, crippling the stations’ financial viability.
Brila FM, a leading sports broadcast network, has suspended operations at its Port Harcourt and Abuja branches due to a large-scale fraud scheme allegedly orchestrated by former employees, resulting in the diversion of over ₦200 million. The group’s chairman, Dr. Larry Izamoje, authorized the suspension after years of financial struggles attributed to the activities of a fraud cartel operating within the affected branches.
Also read: Brila FM
The investigation gained momentum with the arrests of Engr. Sam Victor Mpong Akakan, the Head of the Port Harcourt branch, and Ekerete Sunday, the former Chief Accountant of Brila Broadcasting Services Ltd. The suspects are being held under a remand warrant granted by the Igbosere Magistrate Court in Lagos to facilitate a comprehensive investigation.
Reports revealed that Engr. Akakan had registered a rival company, Bricast Communications, shortly after Brila FM’s Port Harcourt branch commenced operations. He allegedly exploited his position to issue fraudulent invoices under Bricast Communications to Brila FM clients, diverting payments intended for the company into personal accounts. Additionally, he is accused of forging Brila FM broadcast certificates, further defrauding clients through deceitful representations.
Sources indicate that Akakan and his collaborators targeted advertisers and sponsors, including churches, issuing fake invoices and pocketing payments meant for Brila FM. This fraudulent scheme severely impacted the company’s revenue, rendering the Abuja and Port Harcourt branches incapable of meeting operational demands.
Engr. Akakan is reported to have made a confessional statement to both the company and law enforcement, pleading for leniency as investigations continue. The police anticipate further arrests as the scope of the fraud cartel’s activities becomes clearer.
Dr. Izamoje’s decision to suspend operations at the two branches underscores the gravity of the financial damage inflicted by the scheme. The closures, while temporary, aim to allow for thorough audits and restructuring efforts to restore operational efficiency and rebuild client trust.
This case highlights the critical importance of internal controls and accountability in safeguarding corporate assets and ensuring the integrity of business operations.
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