EFCC Lists Names of Kwara Director, 6 Bank MDs Arrested over alleged N2bn SME fraud

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.

Also arrested are Ogudu Samuel of Brightway Micro Finance; A.Okay. Imam of Magajingari of Micro Finance; Adeleke M.S. of Sincere Micro Finance Bank; Yusuf Muideen of Balogun Fulani Micro Finance Bank; Issa Abdulrasheed of KCMB Micro Finance Bank, and Oyebode Asimiyu of Apels Micro Finance financial institution.

Others, who’re additionally being investigated embrace, Lawal Ayo of Omu-Aran Micro Finance Bank; Tope Eniola of Iludun Micro Finance Bank; Lawal Folashade of Stockcarp Micro Finance Bank; Yusuf Tajudeen of First Heritage Micro Finance Bank, and Olawoye E.O. of Offa Micro Finance financial institution.

Tony Orilade, EFCC spokesman, in a statement despatched to DAILY POST on Monday, stated the anti-graft company had earlier acquired intelligence studies alleging fraudulent misappropriation and mismanagement of about N2billion given by the Kwara State Government to help market women and men throughout the 16 Local Government Areas of the state.

“Investigations further revealed that at the point of granting the loans, Soewu and the 16 Micro Finance Bank Chiefs failed to follow due process”, it added.

“It was also revealed that the two billion naira 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.”

EFCC disclosed that Soewu and one of the managing administrators of the financial institution who had been grilled by the operatives of the Commission for a number of hours stated: “A outstanding and First Class conventional ruler within the state acquired over N78million money from the loans, which was designed to help petty merchants however by no means returned a dime.

“The traditional ruler through his company, Yafy International Ventures Limited secured the loans without following the due process.”

They disclosed additional that “selected and influential market men and women across the 16 Local Government Areas of the state received the sum of N5million each as loans, but did not pay back the money.”

The Commission additionally gathered that about 50 % of the somewhat controversial loans had been shared by extremely positioned people and chosen businessmen and ladies on the expense of different beneficiaries, which defeated the goals and targets of Small and Medium Enterprise Development.

READ ALSO : Nigerian Man in court over alleged rape of 20-year-old woman

Findings by the operatives of the Commission additionally indicated that the extremely positioned people who benefited from the mortgage between 2012 to 2018 didn’t pay again the massive loans they secured.

The arrested suspects are nonetheless within the custody of the Commission, and are cooperating with the EFCC

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