The Nigeria most decorated and former Arsenal player, Kano Nwankwo, aka Papilo lost N1.4 billion in his hotel business, Mr Ayoola Gam Ikon the managing director of the hotel and 49 others has been arrested and charge to court for the alleged fraud.
The inspector General of Police monitoring unit arrested Mr Ayoola Ikon, the managing director of Hardly Suites Limited situated at Waziri Ibrahim Crescent, off Elsie Femi Pearse Street, VI, Lagos, for allegedly stealing N1.4 billion belonging to the Hotel and Suites owned by Kanu Nwankwo.
The police said Ikon was arrested following a complaint made by the management of the Hotel (Kanu Nwankwo and Ogbonna Kanu) that between 2005 to 2012 Ikon allegedly defrauded them of the sum of N1.4 billion on the pretense of using the money to expand on the existing facilities of the hotel by constructing and furnishing of additional block of 30 suites and conference hall, but he failed to use the money for that purpose and converted the money for his personal use.
He was also alleged to have forged a special resolution made by the board of directors of Hardley Suites Limited to obtain loans of N493 million, N187 million and N50million from Skye Bank Plc without authorization.
Mr Ayoola Ikon and others are in Ikoyi prison, pending when they would fulfill bail conditions