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29th February 2020
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N2bn SME fraud: Kwara director, 6 micro finance bank MDs arrested

N2bn SME fraud: Kwara director, 6 micro finance bank MDs arrested
N2bn SME fraud: Kwara director, 6 micro finance bank MDs arrested

The operatives of the Economic and Financial Crimes Commission, (EFCC), in ilorin Kwara State, has arrested one Segun Soewu, Director General, Kwara State Bureau of Small and Medium Enterprise, over an alleged N2billion SME fraud.

Also arrested are 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.

EFCC in their statement released a few hours ago on their investigation on the N2billion SME fraud, 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 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”.

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