THE Economic and Financial Crimes Commission (EFCC) has traced
some of the looted N2 billion for Small and Medium Enterprise
Development (SMED) in Kwara State to the account of a former First
Lady in the state.
The First Lady, who has so far refunded N3 million, has refused
to report to the anti-graft agency for interrogation.
She told EFCC that she was indisposed but silent on the nature
of her illness. She also has not presented any medical report.
The commission might stop her from traveling abroad under any
guise.
Also, a royal father, who was given N78 million out of the N2
billion, might be arrested for refusing to refund the slush
funds.
It was learnt that one of the market women used a share of her
illicit allocation to organise the disruption of Tradermoni outing
in Ilorin by Vice President Yemi Osinbajo.
The ex-First Lady had illegally collected cash from the N2
billion which she diverted to her foundation.
But detectives discovered that instead of using the cash for
SMED, she converted it to promote herself.
The objective of the foundation is to “initiate and implement
strategies to deal with Cultural, Socio-economic, Health and
Wellbeing issues militating against the development of Children,
Youth and Women.”
A reliable source, who spoke in confidence, said: “Our
detectives are on the trace of the ex-First Lady. We accorded her
much respect but she has been avoiding interrogation.
“Without honouring our invitation, she later sent the director
of her foundation to refund N3 million to EFCC. But we need her to
come for interaction on the looted funds traced to her. She is
claiming to be sick but no evidence of any medical report.
“If she does not appear before EFCC detectives, we are going to
watch-list her and prevent her from traveling abroad.”
Responding to a question, the source added: “Some of the
suspects already quizzed have implicated the ex-First Lady. There
is also evidence of allocation of funds from the N2 billion for
SMED to her account.
“Selected and influential market men and women across the 16
local government areas of the state received N5 million each as
loans, but did not payback.
“One of the market women used a share of her illicit allocation
to organise the disruption ofTradermoni outing by Vice President
Yemi Osinbajo.
“About 50 percent of the controversial loans were shared by
highly placed individuals and selected businessmen and women at the
expense of other beneficiaries.”
As at press time, there were indications that a First Class
royal father, who collected N78 million out of the SME bazaar,
might be arrested for refusing to refund the cash.
The source said: “There were no justifiable reasons for the
allocation of the N78 million to the ruler. The money was also not
used for farming which he got it for.
“The traditional ruler has been running around for soft landing.
But the issue at stake is about public funds. We may arrest him any
moment from now.”
The EFCC has so far arrested the Director-General, Kwara State
Bureau of SMED, Segun Soewu, over alleged N2billion fraud.
Some of those arrested were: Ogudu Samuel of Brightway
Micro-finance; A.K. Imam of Magajin Garin MFB; Adeleke M.S. of
Sincere Micro-Finnace Bank(MFB); Yusuf Muideen of Balogun Fulani
MFB; Issa Abdulrasheed of KCMB Mfb, and Oyebode Asimiyu of Apels
MFB.
Others include Lawal Ayo of Omu-Aran MFB; Tope Eniola of Iludun
MFB; Lawal Folashade of Stockcarp MFB; Yusuf Tajudeen of First
Heritage MFB; and Olawoye E.O. of Offa MFB.
The EFCC began the probe of the N2 billion following
intelligence reports alleging fraudulent misappropriation and
mismanagement of the cash to assist market men and women across the
16 Local Government Areas of the state.
All the MFBs failed to follow due process and the SME cash was
also distributed to highly-placed politicians, and prominent people
in the 16 local government areas in the state.
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