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Home Business News

Six bank MDs in EFCC net over alleged N2billion fraud

Damilare Famuyiwa by Damilare Famuyiwa
July 30, 2019
in Business News, Company News, Spotlight
EFCC P&ID

EFCC Operatives

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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.

[READ MORE: Why CBN disallowed banks from investing in bonds]

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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).

(READ ALSO: CBN’s decision to force bank lending is crushing banking stocks)

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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Tags: A.K. ImamAdeleke M.S.Apels Micro Finance bankBalogun Fulani Micro Finance BankBrightway Micro FinanceEFCCfraudIssa AbdulrasheedKCMB Micro Finance BankMagajingari Micro Finance BankOgudu SamuelOyebode AsimiyuSegun SoewuSincere Micro Finance BankTony OriladeYusuf Muideen
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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