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.

Damilola Yusuf     Abdulmalik Bashir Mopelola Risikatullahi     Mohammed Lawal Bagega     Marafan Shonga     International Aviation College     Habeeb Saidu     Joseph Yemi Ajayi     Sheikh Ariyibi     Amusa Bello     Saheed Akinwumi     Edret Sabi Abel     Yusuf Ibitokun Sherifat     Olayinka Jelili Yusuf     Saliu Oluwole     Joseph Daudu     Peter Obi     Folorunsho Erubu     Salihu Yahaya     Oko-Erin     Temi Kolawole     Ibrahim Kayode Adeyemi     Saad Omo Iya     Deji Ajani     Abdulkareem Alabi     LABTOP     Baba Idris     Isiaka Rafiu Mope     Obuh     Mohammed Kamaludeen     Budo-Egba     Olokoba Sulyman     Binta Abubakar Mora     Musa Ayinla Yeketi     Ile Arugbo     Elekoyangan     Irepodun     General Hospital, Ilorin     Abdulrasheed Akogun     Logun     Convocation Ceremonies     Magaji Erubu     Oba Abdulrahim     Hassan Taiye Salam     UITH     Oba Abdulraheem     Bello Abubakar     Waheed Ibrahim     FERMA     Olaosebikan     New Naira Notes     Saraki     Azeez Salawu     Erubu     Afin Descendants Union Of Odo-Owa     Col. Ibrahim Taiwo     Farouk Salim     Oluwatoyin Lukman     Abdulmumini Sanni Jawondo     New Nigeria People’s Party     Ilorin Talaka Parapo (ITP)     Amasa     First Lady     Olaitan Buraimoh     Aliyu Kora Sabi     Alfa Modibbo Belgore     James Kolo     Kale Bayero     Harafat E. Mukadam     IEDPU     Akanji     Ilorin Durbar     Standard Organization Of Nigeria     Abdulrasheed Na\'Allah     Ibrahim Abikan     Hamidat Sulyman-Yusuf     Amuda Bembe     International Vocational Centre    

Cloud Tag: What's trending

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

Michael Imoudu National Institute For Labour Studies     Babatunde Idiagbon     Shoprite     11th Galadima     Lateef Fagbemi     Saadu Gbogbo Iwe     NIPR     Rafiu Olasile     Salihu Ajibola Ajia     07039448763     Victor Gbenga Yusuf     SSUCOEN     Ramat Oganija     Abdulquawiy Olododo     Afetu Of Alabe     Funmi Salau     Tosho Yaqub     General Hospital, Offa     Kwara Primary Health Care Development Agency     EFCC     Durosinlohun Atiku     Asiwaju Bola Tinubu     Oba Abdulrahim     Alapado     Plat Technologies Limited     Students Union Government     Fatimat Saliu     Suraj Tunji Oyewale     Katibi Ibraheem Adeola     Simon Sayomi     Senior Ibrahim Suleiman     Toun Okewale-Sonaiya     NAWOJ     Www.Kwarareports.com     Sulyman Tejidini     Oro Grammar School     Waziri Yakubu Gobir     Ilorin Amusement Park     Kulende     T And K FOODS     Tayo Awodiji     National Party Of Nigeria     Aliyu Muhammed     Abdullahi Atanda     Ramadhan     Sarafadeen Kayode Akorede     AbdulFatai Adeniyi Dan-Kazeem     Rachael Obisesan     Samari     Buhari     Sheikh Hamzat Yusuf Ariyibi     Quran     NaAllah     General Tunde Idiagbon International Airport Ilorin     James Kolo     MAI Akande     Clara Nwachukwu     Mohammed Abdulahi     Ramadan     GANZY     Sulyman Atolagbe Alege     Oluronke Adeyemi     Isiaka Abdulrazak     Bayo Ajia     Muhammad-Mustapha Suleiman     Kamoru Kadiri     Wole Oke     Donatus Ejidike     Oyawoye     Yusuf Badmus     State Bureau Of Internal Revenue     Smart School     Elerin Of Adanla Irese     Ella Supreme Tissue Paper     Demola Banu     Amasa     Yahya Mohammed