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.

Sodiya     Students Union Government     Abdulraheem Olesin     Abdulhakeem Amao     Aishat Sulu-Gambari     Quran     Plat Technologies Limited     Government Girls’ Day Secondary School Pakata     Kwara State Internal Revenue Service     Umar Bayo Abdulwahab     Muhammed Taofeeq Abdulrazaq     Yakubu Gobir     Maimunat Oniyangi     IHS     Bilikis Oladimeji     Michael Nzekwe     Sabi     YAKOOYO     Akanji     Taofik Abdulkareem Babaita     IsDB     Hussein Oloyede     Lucky Omoluwa     Saidu Kawu     Ballah     Ndakene     Olaitan Buraimoh     Abdullateef Abdussalam     Special Agro-industrial Processing Zone     Abdulbaqi Jimoh     IFK     AbdulFatai Adeniyi Dan-Kazeem     Ganiyu Taofiq     Ishola Balogun Fulani     Kale Belgore     Maimunat Oloriegbe     Aliyu Muyideen     Titus Suberu-Ajibola     Kwara Pdp     Dan Masanin     Kayode Ishola     Abubakar Imam     Saeedat Aliyu     Amuda Aluko     Ramat Oganija     Aishat Mohammed Lawal     SARS     Saidu Isa     Funmi Salau     Vasolar-Kwara Company Ltd     Moshood Mustapha     Muhammad Toyin Sanusi     CLAY POT     Umaru Saro     Abdullahi Dasilva Yussuf     Medinat Folorunsho Salman     Jimoh Akani     Oloje     Aisha Buhari     Senate     Muhammad Sirajo Aliyu     Kishira     Folorunsho Erubu     TIC     Jeunkunu-Malete-Bani     Umar Yakubu Jaja     Omar Bolaji Gambari     Logun     KWSIEC     Yemi Osinbajo     Adedayo Yusuf Abdulkareem     Olatomiwa Williams     Ajase-Ipo     Odolaye Aremu     Guber Aspirant     Joshua Adeyemi Adimula     Oyedepo    

Cloud Tag: What's trending

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

Maryam A. Garuba     Ajase-Ipo     Funmilayo Isiaka Oniwa     Yakub Lai Gobir     Hassan Saliu     Bola Olukoju     Budo Egba     Elewu     Gbenga Awoyale     Oniyangi Kunle Sulaiman     RTEAN     Harmony Holdings     HAMFAT Clinic And Maternity     Umar Sanda Yusuf     Jalala     ASUU     Moronfoye     Ilorin West     Y.A. Abdulkareem     Folajimi Aleshinloye     Dele Momodu     Bursary     Jani Ibrahim     Bankole Omishore     Police Commissioner     Jeunkunu-Malete-Bani     Ilorin Descendants Progressive Union     Balikis Jawondo     Abubakar Usman Jos     Kale Kawu     Monthly Sanitation Exercise     Ojuekun     Bola Shagaya     Moses Rahman Popoola     Olumide Daniel Ibitoye     Eruku     Segun Adeniyi     Rabiu Kwankwaso     Ajuloopin     Guber Aspirant     Modupe Oluwole     Paul Odama     Balogin Alanamu     A.O. Belgore     Oniyangi     Chemiroy Nigeria Limited     Ibrahim Agboola Gambari     Baba Adini Of Kwara State     Ilorin.Info     Musa Yeketi     Nigeria Customs Service     Musa Abdullahi     Computer Based Test     Bashiru Makama     Jebba     Academic Staff Union Of Universities     Fatimat Saliu     Toyin Saraki     Kwara Restoration Project     Folorunsho Alao     George Funsho Adebayo     Ibraheem Abdullateef     Agbarigidoma     Pakata Development Association     Wahab Issa     Unilorin FM     Afonja     Council Of The Wise     Junior Secondary School Certificate Examinations     Salihu Ajia     Seed Technologies     Sidikat Akaje     SARS     Osi     John Dara     National Union Of Road Transport Workers     Saka Balikis Kehinde