6 Bank MDs, Kwara Director In EFCC Net Over N2bn SME Fraud

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


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


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


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.

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