EFCC P&ID
EFCC Operatives

At least six Managing Directors  of Micro Finance Banks (MFBs) are currently in the Economic and Financial Crimes Commission (EFCC) custody over alleged N2billion fraud.

The EFCC operatives also arrested the Director-General of Kwara State Bureau of Small and Medium Enterprise Development, Segun Soewu, in Ilorin, the state capital.

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The arrested banks’ MDs are – Ogudu Samuel (Brightway Micro Finance), A.K. Imam  Magajingari (Micro Finance Bank), Adeleke M.S. (Sincere Micro Finance Bank), Yusuf Muideen Balogun (Fulani Micro Finance Bank), Issa Abdulrasheed (KCMB Micro Finance Bank) and Oyebode Asimiyu (Apels Micro Finance bank).

The Acting Head of Media and Publicity of the EFCC, Tony Orilade, said the anti-graft agency went after the suspects upon discovery that the N2 billion, which was meant to serve as soft loan facility to boost small scale businesses across Kwara State, was distributed to highly placed politicians, traditional rulers and other prominent people across the 16 local government areas of the state.

Orilade said 50% of the loan was shared to a selected group of businessmen and women, who failed to pay back, as was originally conceived.

The EFCC spokesman  added that the anti-graft agency was also probing five other persons over similar allegations.

According to him, those under the Commission’s radar are – Lawal Ayo (Omu-Aran Micro Finance Bank), Tope Eniola of Iludun (Micro Finance Bank), Lawal Folashade  (Stockcarp Micro Finance Bank), Yusuf Tajudeen (First Heritage Micro Finance Bank, and Olawoye E.O.  (Offa Micro Finance Bank).

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Deal book 300 x 250
Deal book 300 x 250

Prior to the development, the Acting Chairman of the EFCC, Ibrahim Magu, had lamented that fraudsters in Nigerian banks were aiding criminals to perpetrate financial crimes.

He said such fraudsters assisted politically-exposed persons to steal and launder public funds.

Magu added that there were “bad eggs” in the EFCC.

 

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