2b Naira SMEs Fraud: EFCC detains DG Kwara Bureau of Small & Medium Enterprise Development, 6 Micro Finance banks’ MDs

The Economic and Financial Crimes Commission  ( EFCC) Ilorin Zonal Office  has arrested the the Director General  of Kwara State  Bureau of of Small and  Medium  Enterprise Development,  Mr Segun Soewu and six others over alleged  fraud of two billion  naira.

Soewu is being detained  alongside  six managing  directors  and Chief  Executive Officers of Micro  Finance  Banks operating within the State.

The Bank Chief  Executive  Officers vwho are presently being interogated by the operatives  of the EFCC  include, Mr Ogudu Samuel of Brightway  Micro Finance,  Mr A.K Imam of Magajingari of Micro Finance,  Mr Adeleke M.S of Sincere  Micro Finance  bank, Mr Yusuf Kayode Muideen of Balogun Fulani Micro Finance bank  and Mr Issa Abdulrasheed of KCMB Micro Finance bank, Oyebode Asimiyu of Apels Micro Finance bank.

Others who are under investigation of  the Commission  are, Lawal J 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  body had earlier  received  intelligence  reports over alleged fraud  case and mis-management of over two billion naira given by the Kwara  State Government  to assist market  men and women  across  the  sixteen  Local  Government Areas of the State.

It was discovered  during  investigations  that at the point of granting  the loans, the Director  General  of Kwara State  Bureau of  Small  and  Medium Enterprise Development  and Sixteen  Micro Finance  Bank Chief  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 argument their working capital was distributed to highly  placed Politicians,  Traditional  Rulers and Prominent  People  within the sixteen  local  government  Areas  of the  State.

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 seventy eight million naira cash from the loans which  was designed  to assist petty traders but never refund a dime ”

“The Traditional Ruler  through his Company, Yafy International  Ventures  Limited secured  the money the loans without  following  the  due  process ”

They disclosed  further  that ” selected and influentials market men and women across  the sixteen Local Government Areas of the State received  the sum of five million naira  each as loans but did not  pay back the money”

The Commission  also gathered that about  fifty percent  of  the said  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  said between  2012 to 2018 failed to pay back the huge  loans  they secured.

The  arrested  suspects are still in the Custody  of the Commission  while  efforts  are ongoing  to  arrest  the highly  placed individuals  who received  the  said controversial  loans.

The anti graft body  is also set to invite all  the beneficiaries including  a fist class Traditional  Ruler and prominent  individuals  who received  the money which  did not follow the due process.

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