Crime
THE Economic and Financial Crimes Commission, EFCC, Ilorin Zonal Office has arrested Segun Soewu, director-general, Kwara State Bureau of Small and Medium Enterprise Development, over an alleged N2billion fraud.
Other people arrested by the EFCC are Ogudu Samuel of Brightway Microfinance; A.K. Imam of Magajingari of Microfinance; Adeleke M.S. of Sincere Microfinance Bank; Yusuf Muideen of Balogun Fulani Microfinance Bank; Issa Abdulrasheed of KCMB Microfinance Bank, and Oyebode Asimiyu of Apels Microfinance Bank were also arrested.
The EFCC is also investigating cases involving Lawal Ayo of Omu-Aran Microfinance Bank; Tope Eniola of Iludun Microfinance Bank; Lawal Folashade of Stockcarp Microfinance Bank; Yusuf Tajudeen of First Heritage Microfinance Bank, and Olawoye E.O. of Offa Microfinance Bank.
Tony Orilade, acting spokesperson of EFCC, who announced the arrest in Abuja, also said that the EFCC had earlier received intelligence reports alleging fraudulent misappropriation and mismanagement of about N2 billion given by the Kwara State government to assist market men and women across the 16 Local Government Areas of the state.
He stated that investigations further revealed that at the point of granting the loans, Soewu and the 16 Microfinance Bank chiefs failed to follow due process.
According to him, the N2 billion loan facility which was designed for lending to the general public to support their businesses and augment their working capital was distributed to highly placed politicians, traditional rulers and prominent people within the 16 LGAs.
He alleged that Soewu and one of the managing directors of the banks who were grilled by the operatives of the EFCC for several hours said: “A prominent and first-class traditional ruler in the state received over N78 million cash from the loans, which was designed to assist petty traders but never returned a dime.”
He added that: “The traditional ruler through his company, Yafy International Ventures Limited secured the loans without following the due process.”
BE
– July 30, 2019 @ 12:10 GMT /
Tags: EFCC arrests 6 Micro-Finance Bank Executives
