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Tuesday, July 30, 2019

Drama As EFCC Arrests Kwara Director, 6 MFB MDs Over N2 Billion SME Fraud

About six Managing Directors of various Microfinance Banks and a Kogi state director have been nabbed for fraud.
EFCC
 
According to a report by Vanguard, the Economic and Financial Crimes Commission, EFCC, Ilorin Zonal Office has arrested Mr. Segun Soewu, Director General, Kwara State Bureau of Small and Medium Enterprise Development, over an alleged N2 billion fraud.
 
The commission said, in a statement in Abuja, yesterday, that it also arrested six Managing Directors of various Microfinance Banks.
 
They were: 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.
 
It said it also investigated 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 anti-graft agency said it 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.
 
The EFCC said, “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 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.
 
“Soewu and one of the managing directors of the bank who were grilled by the operatives of the Commission for several hours 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.”
 
The commission said its investigations revealed, “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.”

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