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.

Colleges Of Education Academic Staff Union     Eleja     Bola Shagaya     Kwara Polytechnic     Tafida Of Kaiama     Hameed Oladipupo Ali     Shaaba Lafiagi     Share-Tsaragi     Bank Of Industry     Tanke     Jawondo     Lateef Ademola Olatunji     New Naira Notes     JAAC     Abdulwasiu Bolaji Adeyi     NITDA     Olatunde Jare     Abegunde Goke     Firdaos Amasa     Ahmed Bayero     Aiyedun     Eghe Igbinehin     Agboola Abdulraheem     Abdulrahman Abdulrazaq     Kwara Apc     AbdulQowiy Olododo     Shuaib Jawondo     AbdulRazaq AbduMajeed Alaro     ENetSuD     Lanre Badmas     Onilorin     Maryam Nurudeen     Chief Imam Of Offa     Alimi     Muhammad Fawaz Abubakar     Ilorin Descendants Progressive Union     Suraj Tunji Oyewale     Ebola     Yahaya Muhammad     Amos Justus Sayo     Yunus Oniboki     Odogun Olushola Gabriel     Ibrahim Abdullahi     Inside Kwara     Oro Grammar School Old Students Association     Abdulbaqi Jimoh     Ahmed Alhasssan     Ibraheem Abdullateef     Muhammad Akande Olarewaju Odunade     Ahmed \'Lateef     Abdulganiy Abimbola Abdussalam     Moshood Mustapha     Aishat Mohammed Lawal     Ahman Pategi University     Ayinde Oki     Abdulrazaq Aiyelabegan     Segun Ogunsola     Quran     Kwara Teaching Service Commission     College Of Arabic And Islamic Legal Studies     Bello Abubakar     UTME     International Public Sector Accounting Standards     Quarry Royal Valley     Damilola Yusuf     Raliat Elelu-Habeeb     V.O. Abioye     Prince Mahe Abdulkadir     Budo Egba     Diagnostic Centre     Dan-Kazeem     Umar Gunu     Ilorin Anchor Men And Women     Dankaka     Abubakar Baba Sulaiman     Ibrahim Oloriegbe     Aliyu Adebayo    

Cloud Tag: What's trending

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

Ilorin West/Asa Federal Constituency     Taofeeq Olateju     Temitope Ogunbanke     Undergraduate Bursary     Ibrahim Taiwo     Oju Ekun Sarumi     Isiaka Gold     Special Adviser On Digital Innovation     Ilorin Central Mosque     Junior Secondary School Certificate Examinations     Amusa Bello     Alikinla     Nnazua     Y.A. Abdulkareem     Www.Kwarareports.com     Okin Biscuits     Jumoke Monsura Gafar     Alapado     Awoye     Sango-UITH Road     Yahaya Oloriegbe     TVC Female National Debate     Amoyo     Kaosarah Adeyi     Grillo     Convocation Ceremonies     Shuaib Abdulkadir     Gamji Members Association     Gabriel Fashanu     Balogun Gambari     Wahab Isa     Abatemi-Usman     Ibrahim Mashood     Kuliyan Geri     Paul Olawoore     Shettima Of Ilorin     Sulu Gambari     Saliu Ajia     Ayedun     Quareeb Islamic Association     Gani Saadu     National Association Of Nigerian Students     Unilorin FM     Bilikisu Oniyangi     Centre For Digital Economy     Dan Iya Of Ilorin     All Peoples Party     Aiyedun     Umar Gunu     Abdulazeez Uthman     NTA Ilorin     Halimat Yusuf     Umar Bayo Abdulwahab     Abdulhakeem Amao     Ahmed Idris Mohammed     Olanrewju Okanlawon Musa     Dairo Kunle Paul     Olota Of Odo-Owa     AbdulGaniyu Kareem     Budo-Egba     Ibrahim Labaika     Kaiama     Gbajabiamila     Ilorin East     Sola Saraki University     AbdulHakeem Ajibola Akanbi     Ahmed Saidu Rufai     Aisha Ahman Pategi     International Aviation College     Saudat Abdulbaqi     UTME     Bolakale Kawu     PharmAccess Foundation     Kwara TV     Kwara State Fish Farmers Association     Atunwa     IsDB