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.

Lithium     Sobi     FOMWAN     Adedayo Yusuf Abdulkareem     N-Power     Oloyede     Zulkifli Ibraheem     Olusegun Adeniyi     John Olajide Adedipe     Countryside Emerging Leaders Fellowship     Rabiu Kwankwaso     Tunde Mukaila Mustapha     Isin     Mohammed Lawal     Salman Alada     Galadiman Ngeri     Saad Belgore     Communication Network Support Services     Joseph Alex Offorjama     Elerin Of Adanla     Farouk Salim     Suleiman Ajadi     Idiagbon     Haruna Tambiri Mohammed     Ilorin South Constituency     Yusuf Badmus     Maimunat Oloriegbe     Presidential Election     Seun Bolaji     Ilorin Metro Park     Makama     Ayobami Akanbi     Suleiman Abubakar     Bureau Of Lands     Lasiele Alabi Yahaya     Abdulmumin Yinka Ajia     Hausa     Muhammad Fawaz Abubakar     Mohammed Abduraheem     Kabir Shagaya     Moro     Dan Masanin     Olatunji Bamgbola     Ahmad Fatima Bisola     AbdulRasaq Abdulmajeed Alaro     MalHub     Split Diamond Interchange     Bayo Ajia     Timothy Akangbe     General Hospital, Ilorin     Emir Of Kano     Bayo Ojo     Dagbalodo     Olufolake Abdulrazaq     Bayo Onimago     Bayo Mohammed Onimode     New Model Police Station     Umar Yakubu Jaja     Muhammadu Gobir     Sebastine Obasi     Lanre Badmas     Adisa Logun     Bello Oyebanji     Abdulmajeed Abdullahi     Ibrahim Akaje     Oke-opin     Isiaka Alikinla     School Of Nursing     Zulu Gambari     Afetu Of Alabe     Bond     Babata     Tosin Saraki     Aliyu Sabi     Charles Ibitoye     Muslimah Entrepreneurship Forum     Peter Amogbonjaye    

Cloud Tag: What's trending

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

Ramat Oganija     Ishola Abdullahi     Hijab     Rotimi Atere     Ilorin West/Asa Federal Constituency     Olayinka Jelili Yusuf     Muhammad Mustapha Suleiman     Abdulganiyu AbdulAzeez     Bisi Kristien     Marufat Oladosu     Umar Yakubu Jaja     Abdulkadir Remi Hawawu     Folaranmi Aro     Baakini     Ahmed Idris Mohammed     Shettima     Taofeek Sanusi     Abdulrosheed Okiki     CCT     Abdulganiyu Salahudeen     Kwara North     Irepodun     Olugbense     Muyiwa Oladipo Kanu     Abdulkadir Bolakale Sakariyah     Khadijat Ayoola Yusuf     IQRA College     Susan Modupe Oluwole     Wahab Issa     Jimoh Lambe Abdulkareem     Sambo Murtala     Abdulmumini Sanni Jawondo     Shehu Alimi Foundation For Peace And Development     First Lady     Baba Adini Of Kwara State     Joseph Daudu     UNIFEMGA     Femi Oladiji     Local Government     Coalition Of Kwara North Groups     Kamaldeen Kehinde     Post-utme     Ibrahim Taiwo     Odo-Owa     Kolawole Bashirat     Nigeria Computer Society     Chief Imam Of Offa     Just Law Forum     Muhammad Akande Olarewaju Odunade     Shonga     Nnazua     Omotosho     Monthly Sanitation Exercise     Ganmo Power Sub-Station     Umar Saro     Prince Sunday Fagbemi     Olatunde Jare     Unilorin     Bukola Saraki     Oke-Ogun     Olatunji Moronfoye     Wahab Abayawo     Ahmad Olayiwola Kamaldeen     Chief Imam Of Ilorin     Borgu     Abdulrazaq Solihudeen     REO CAKES     Rebecca Bake     Obuh     Olusola Saraki     Okin Biscuits     John Olobayo     Ahmad Olanrewaju Belgore     State Bureau Of Internal Revenue     Kwara State Council Of Chiefs     Tunde Saad     Haruna Olawale Sulaiman