The Economic and Financial Crimes Commission, EFCC, Ilorin Zonal Office
Has arrested Segun Soewu, Director General, Kwara State Bureau of Small
and Medium Enterprise Development, over an alleged N2billion 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 o fBalogun Fulani Micro Finance Bank; Issa
Abdulrasheed of KCMB Micro FinanceBank, and Oyebode Asimiyu of Apels
Micro Finance bank.
Otherswho are also being investigated include, Lawal Ayo of Omu-Aran
Micro FinanceBank; 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 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 16Micro 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
the16 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.”
They disclosed further that “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.”
The Commission also gathered that about 50 percent of the rather
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 loan between 2012 to
2018 failed to pay back the huge loans they secured.
The arrested suspects are still in the custody of the Commission, and
Are cooperating with the EFCC.
