EFCC arrests Kwara director, 11 MFB chiefs over N2bn SME fraud

Date: 2019-07-29

The Economic and Financial Crimes Commission, Ilorin Zonal Office, has arrested the Director-General, Kwara State Bureau of Small and Medium Enterprise Development, Segun Soewu, over alleged N2billion fraud.

Also arrested were Ogudu Samuel of Brightway Micro-finance; A.K. Imam of Magajingari of mfb; Adeleke M.S. of Sincere mfb; Yusuf Muideen of Balogun Fulani mfb; Issa Abdulrasheed of KCMB mfb, and Oyebode Asimiyu of Apels mfb.

Others include Lawal Ayo of Omu-Aran mfb; Tope Eniola of Iludun mfb, Lawal Folashade of Stockcarp mfb, Yusuf Tajudeen of First Heritage mfb and Olawoye E.O. of Offa mfb.

The anti-graft agency said it earlier received intelligence reports alleging fraudulent misappropriation and mismanagement of about N2bn given by the Kwara State Government to assist market men and women across the 16 Local Government Areas of the state.

Investigations further revealed that at the point of granting the loans, Soewu and the 11 mfb chiefs failed to follow due process.

It was also revealed that the N2bn loan facility meant for the general public to support their businesses and augment their working capital was distributed to highly placed politicians, traditional rulers and prominent people in the 16 LGAs.

The acting EFCC spokesman, Tony Orilade, explained in a statement in Abuja on Monday, that Soewu and one of the managing directors of the banks who were grilled by EFCC operatives confessed that a traditional ruler was given N78 million.

The suspects reportedly said, "A prominent and First Class traditional ruler in the state received over N78million cash from the loans, but never returned a dime.

"The traditional ruler through his company, Yafy International Ventures Ltd., secured the loans without following the due process."

They disclosed further that "selected and influential market men and women across the 16 LGAs of the state received N5m each as loans, but did not payback."

The Commission also gathered that about 50 percent of the controversial loans were shared by highly placed individuals and selected businessmen and women at the expense of other beneficiaries.

Findings by the operatives of the Commission also indicated that the beneficiaries who got the loan between 2012 to 2018 failed to pay back.

"The suspects are still in custody and are cooperating with the EFCC," the statement added.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Emir Of Lafiagi     Lola Ashiru     Balogin Alanamu     Olokoba Abdullahi Ayinla     AbdulRazaq Jiddah     Toyin Sanusi     Trader Moni     Isiaka Oniwa     Saidu Kawu     TESCOM     Issa Memunat Moyosore     AbdulGaniyu Kareem     Yahaya Jibril Usman     Peter Obi     Kishira     Abdullahi AbdulMajeed     SGBN     Lafiagi     Jide Oyinloye     Fatimat Saliu     Fareedah Dankaka     Lithium Deposit     Kwara 2019     Age AbdulKareem     KW-GIS     Kazeem Oladepo     Oro Grammar School     Vishvas KOZ Tractors     HICA     Adamu Attah     Sidikat Akaje     Sheikh Alimi     Gwanara     Just Law Forum     Ajidagba     Yunus Lawal     Abatemi-Usman     Firdaos Amasa     Mutawalle     Modupe Oluwole     Ibrahim Kayode Adeyemi     Farouk Salim     Kawu     A.E. Afolabi     Olota Of Odo-Owa     Paul Odama     Atiku Abubakar     AIT Ilorin     Offorjama     Patience Jonathan     Tunji Moronfoye     Sherif Sagaya     REO CAKES     Galadima     Oniyangi Kunle Sulaiman     Hydro-electric Power Producing Areas Development Commission     Tunji Olawuyi     Tunde Akanbi     IHS Towers     Adekunle David Dunmade     Moji Makanjuola     Florence Saraki     Alloy Chukwuemeka     Imam Gambari     Kwara Basketball Association     Isaac Gbenle     Amos Bajeh     Ajike People Support Centre     Sheikh Ariyibi     Muslim Stakeholders Of Kwara State     Mohammed Ghali Alaaya     Oloruntoyosi Thomas     Samuel Adaramola     Olusola Saraki     Kayode Yusuf     Ballah     Ladi Hassan    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Yusuf Zulu-Gambari     Peter Obi     Abdulkadir Akanbi-Oke     Samuel Adedoyin     Salman Alada     Adama Isa     NIRSAL     Oniye     Farouk Salim     Usman Yunusa     Christian Association Of Nigeria     Abubakar Olusola Saraki     Asiwaju Bola Tinubu     Kamaldeen Kehinde     Prince Mahe Abdulkadir     Okanlawon Musa     Lotus Bank     Kwara State Internal Revenue Service     Saka Balikis Kehinde     Kwara Metro Park     Aliyu Salihu     Fulani     Suleiman Rotimi Iliasu     Sadiq Buhari     Alfa Yahaya Road     Mazars Consulting     Quareeb     C2c@kwarastate.gov.ng     Split Diamond Interchange     Gbenga Adebayo     Sheriff Olanrewaju     Medinat Folorunsho Salman     John Dara     Sam Onile     Nigerian Supreme Council For Islamic Affairs     Omoniyi Ayinla     Minimum Wage     Garuba Alikinla Shittu     Bankole Omisore     Aminu Ado Bayero     Al-Ilory     Shettima Of Ilorin     Abdulahi Abubakar Bata     Balikis Jawondo     Voices Of Tomorrow     Harrison Osauwagboe     Salami Adekunle     Sarah Jubril     Kayode Ogunlowo     Sheikh Alimi     Sadiq Umar     Abdulrahman Onikijipa     Ayegbeni     John Mayokun Dada     George Funsho Adebayo     Sunday Popo-Ola     Saad Omo Iya     Orisun Igbomina     Kwara University Of Education     Saidu Isa     Ifelodun     Okoolowo     Ayo Opadokun     Sa\'adu Gambari     Amasa     Shuaib Boni Aliyu     Kehinde Baale     Sola Saraki Educational Foundation     Binta Abubakar Mora     Ethical College     Yusuf Abubakar     Ghali Alaaya     Moshood Bakare     Binta Sulyman     Emir Of Ilorin     Alabe     Olusin Of Ijara Isin