The Economic and Financial Crimes Commission, (EFCC), Ilorin
Zonal Office, yesterday, said that it has arrested a Kwara director and six
microfinance bank managing directors over alleged N2billion SME fraud.
Suspects in EFCC custody are Segun Soewu, Director General,
Kwara State Bureau of Small and Medium Enterprise Development, Ogudu Samuel of
Brightway Micro Finance, A.K. 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 bank.
Others who are also being investigated include, 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 bank.
The EFCC spokesman, Tony Orilade said: “The anti-graft agency
had earlier received intelligence reports alleging fraudulent misappropriation
and mismanagement of about N2billion 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 16
Micro Finance Bank Chiefs failed to follow due process.
“It was also revealed that the N2bn 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 local government
areas.”
Orilade explained that Soewu and one of the managing
directors of the bank, who were grilled by the operatives of the Commission for
several hours reportedly said: “A prominent and first class traditional ruler
in the state received over N78million cash from the loans, which was designed
to assist petty traders but never returned a dime. The traditional ruler
through his company, Yafy International Ventures Limited secured the loans
without following the due process.”
They disclosed: “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 also gathered that about 50 percent of the
rather controversial loans were shared by highly placed individuals and
selected businessmen and women at the expense of other beneficiaries, which
defeated the aims and objectives of Small and Medium Enterprise Development.
“Findings by the operatives of the Commission also indicated
that the highly placed individuals, who benefited from the loan between 2012 and
2018, failed to pay back the huge loans they secured. The arrested suspects are
still in the custody of the Commission, and are cooperating with the EFCC,”
said Orilade.
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