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.

Salihu Ajibola Ajia     Olusin Of Ijara Isin     Busari Alabi Alausa     Mary Arinde     Salman Alada     Towoju     Titus Suberu-Ajibola     Kupchi Hosea Maxwell     Mustapha Akanbi     Baakini     Sunday Fagbemi     Olatunde Olukoya     Belgore     Najim Yaasin     Olubukola Kifayat Adedeji     Ilorin Amusement Park     Abdullahi Samari     Bello Abubakar     Presidential Election     Wahab Issa     Ibrahim Taiwo     Kawu     Kwara State Council Of Chiefs     AbdulHakeem Ajibola Akanbi     Ado Ibrahim     Makama Of Ilorin     Abdulraufu Mustapha     Junior Secondary School Certificate Examinations     Danladi     Saba Jibril     Oba Abdulrahim     Mubarak Oladosu     Taofik Abiodun Ahmed     Oya State     08001000100     Deji Ajani     Abdulbaqi Jimoh     Abubakar Abdulraheem     Halimat Yusuf     Ilorin General Hospital     Basit Olatunji     Ishola Moses Abiodun     Aliyu Alhassan     March 18     Issa Memunat Moyosore     AbdulRazaq Jiddah     Tafida Of Ilorin     Hussein Oloyede     Abdulraheem Olesin     Dunmade     Idowu Aremu     Galadiman Ngeri     Segun Adeniyi     Ola Falade     John Kehinde Salako     Abdulrosheed Okiki     Ganmo Electricity Sub-Station     A.E. Afolabi     Akande Idowu Ayoola Muhammed     Umar Yakubu Jaja     Saad Omo\'ya     Voices Of Tomorrow     Igosun     Ajuloopin     Babata     Baboko Primary School     Usman Alkali Baba     Offa Descendants Union     Jani Ibrahim     Abdulmajeed Wahab     Saadu Alanamu     NULGE     National Association Of Nigerian Students     Abubakar B.M     Coronavirus     NSCIA     Ibrahim Abduquadri Abikan    

Cloud Tag: What's trending

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

Manzuma     Abdulrahman Abdulrasak     Pakata Patriots     Modupe Oluwole     Adesoye College     Omar Gambari     Ibrahim Orire     Ilorin International Airport     Sunset Workers     Undergraduate Bursary     Minimum Wage     Ayotunde Emmanuel Alao     Yusuf Abdulraheem     Oluwatoyin Lukman     Ahmed Dankaya     Soffiyyallah Kamaldeen     Kwara State Branch Of The National Library     Aro Yahaya     Sayomi     Kayode Yusuf     Federal Road Maintenance Agency     Sidikat Alaya     Kola Bukoye     Tsaragi-Share     Tosho Yaqub     Muhammad-Mustapha Suleiman     Vasolar     Sidikat Uthman Ajibola     Magaji Nda     Onilu     Salihu Yahaya     Tinubu     Yahaya Abdulkareem     Shehu Salau     Ridwan Agboola     Adedipe     Sam Okaula     Ilorin Amusement Park     Atiku     Riskat Opakunle     Vasolar Consortium     Saka Balikis Kehinde     Gbenga Awoyale     Abdulrasheed Na\'Allah     Saba Jibril     Revenue Court     Wahab Abayawo     Savannah Centre For Diplomacy, Democracy And Development     KWAFFA     Modibo Kawu     Tunji Moronfoye     JMK Construction Company Limited     Lanre Aremu     Bello Bature     Abdulrahman Onikijipa     Oluwarotimi Boluwatife Adenike     Sarkin Malamai     Bature Bello     Ibrahim Abdullahi     UNILORIN Alumni Association     Valsolar     Yusuf Amuda Abubakar     AbdulQowiy Olododo     Muhammed Aliyu     FERMA     Abdulrazaq Aiyelabegan     Abraysports FC     Convocation Ceremonies     Durbar     Abdullahi Saadudeen Alikinla     Mohammed Alabi Lawal     Congress For National Consensus     Jide Oyinloye     ANCOPPS     Akeem Olatunji     First Lady     Ojo Fadumila