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.

Nigerian Correctional Service     Ishaq Abdulkarim     Shettima     Shuaibu Yaman Abdullahi     ER-KANG Mining     Garba Dogo     Jide Oyinloye     Communication Network Support Services     Abdulhakeem Adelaja Amao     Summit University     Kawu     Kwara Metro Park     Ibrahim Issa Jetti     HICA     Abubakar Baba     Rasheed Jimoh     Yekini Adio     MAI Akande     Federal College Of Education (Special), Afon     Hijab     George Innih     Kale Bayero     Yaman     Memunat Monsuma     Khairat Gwadabe     Sam Onile     Onilorin     Musa Aibinu     Aminat Omodara     A.E. Afolabi     Tunde Akanbi     Nigerian Medical Association     Saka Saadu     Jebba     Government Girls’ Day Secondary School Pakata     Omoniyi     Oloje     Joseph Alex Offorjama     IESA     Adamu B. Yaqubu     Abdullahi Adisa Akodudu     Olayinka Jelili Yusuf     Ibrahim Labaika     Bello John Olanrewaju     Oluwarotimi Boluwatife Adenike     Toyin Abdullahi     Umaru Saro     Alabe     Kola Adesina     Magaji Erubu     LABTOP     Oyelere Oyinloye     Ebun-Olu Adegboruwa     Ajia-Bako     Suleiman Rotimi Iliasu     Kwara State Television     Aliyu Salihu     Abdulrazaq Solihudeen     Bolaji Abdullahi     Towobola Abdulrahman Toyin     Unilorin FM     Gafaru Olayiwola Olorisade     Tunde Saad     Babajide Ajayi     Rapheal Ashaolu     Abdulwahab Oba     Adamu Attah     Titus Suberu-Ajibola     Share     Niyi Osundare     Volunteers Of Ilorin Community And The Emirate     Falokun-Oja     Inside Kwara     2023 Elections     Abdulsalam Firdaous Amosa     Abdullahi Saadudeen Alikinla     Samari    

Cloud Tag: What's trending

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

Abdulsalam Firdaous Amosa     Onilu     Oba Abdulrahim     RTEAN     Abdulraheem Yusuf     IDPU     Otoge     Alanamu     Kisra     Mohammed Saidu     Ayinke Saka     Moshood Kashimawo Abiola     Monthly Sanitation     Kola Bukoye     Galadiman Ngeri     Tayo Awodiji     Rihanat Ajia     Mashood Dauda     Kola Ologbondiyan     Shuaibu Yaman Abdullahi     Olusola Saraki     Oyin-Zubair     IESA     Salaudeen Oyewale     Stephen Fasakin     Sai Kayi     Kunbi Titiloye     Omotosho     Saba Jibril     Lanre Jimoh     General Hospital     Adolescent Girls Initiative For Learning And Empowerment     Smart School     David Adesina     Kayode Alabi     Sheu Ndanusa Usman     Towobola Abdulrahman Toyin     Salman Suleiman     AbdulQowiy Olododo     Ezekiel Yissa Benjamin     Razaq Ayobami Akanbi     Abdulrahman Abdulrazaq     Alfa Belgore     International Vocational Centre     Kassim Babamale     Abatemi Usman     Law School Scholarship     Orire     Binta Abubakar-Mora     V.O. Abioye     Abdulganiyu AbdulAzeez     Femtech     Surajudeen Akanbi     Mohammed Yisa     Oyun     Taofeek Sanusi     Dankaka     Tsaragi     Plat Technologies     Sango-UITH Road     National Party Of Nigeria     Maimunat Oniyangi     Saba Mamman Daniel     Sayomi     Wahab Femi Agbaje     Admiralty Villa     Ilesha-Baruba-Gwanara     Doyin Group     Abdulrazaq Akorede     Abdulrasheed Lafia     BECE     Onilorin Of Ilorin     Innocent Okoye     Ladi Hassan     Garba Idris Ajia     Apata Ajele Secondary School     Amule Elementary School