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N2bn Fraud: Six Banks MDs, DG Arrested By EFCC




The Economic and Financial Crimes Commission has arrested and detained the Director-General of the Kwara State Bureau of Small and Medium Enterprise Development, Segun Soewu, over alleged N2 billion fraud.

A statement issued by EFCC’s Head of Media and Publicity in the state, Gbenga Adewoye, in Ilorin on Monday, said Soewu was arrested alongside Managing Directors of six microfinance banks.

The statement listed the six Managing Directors as Ogudu Samuel of Brightway Microfinance Bank; A. K. Imam, Magajingari Microfinance Bank; and M. S. Adeleke of Sincere Microfinance Bank.

Others are Yusuf Muideen of Balogun Fulani Microfinance Bank; Issa Abdulrasheed, KCMB Microfinance Bank; and Oyebode Asimiyu, Apels Microfinance Bank.

According to Adewoye, all the seven suspects are presently being interrogated by the operatives of the EFCC.

The anti-graft body also gave the names of those under investigation to include Lawal Ayo of Omu-Aran Microfinance Bank, Tope Eniola of Iludun Microfinance Bank and Lawal Folashade of Stockcarp Microfinance Bank.

Others, according to the EFCC, are Yusuf Tajudeen of First Heritage Microfinance Bank and E.O. Olawoye of Offa Microfinance Bank.

Adewoye said the anti-graft body had earlier received intelligence reports over alleged fraud and mismanagement of over N2 billion given by the state government to assist market men and women across the 16 local government areas.

Ge said: “It was discovered during investigations that at the point of granting the loans, the director-general of SMED and the managing directors of 16 microfinance banks failed to follow due process.

“It was also revealed that the N2 billion was meant for lending to interested members of the public to support their businesses and augment their working capital.

“The money was, however, said to have been distributed to highly placed politicians, traditional rulers and prominent individuals across the state.

“Soewu and one of the managing directors of the banks, during interrogation by the operatives of the commission, confessed that ‘a prominent and first-class traditional ruler’ in the state received over N78 million cash from the loans.

“The money, which was designed to assist petty traders, were taken and not refunded.”

The EFCC spokesman also said a certain traditional ruler, through his company, Yafy International Ventures Limited, secured from the loan without following due process.

Adewoye said the anti-graft agency also discovered that some selected and influential market men and women across the 16 council areas of the state received N5 million each as loans without paying back.

According to him, about 50 percent of the said controversial loans were shared by some highly placed individuals and selected businessmen and women at the expense of other beneficiaries.

“They defeated the aims and objectives of giving out the loans, which was for the improvement of small and medium enterprises,” he said.

Adewoye said further that findings by the EFCC operatives indicated that the highly placed individuals, who benefited from the loans between 2012 and 2018, failed to pay them back.

He said the arrested suspects were still in custody, while efforts were ongoing to arrest those highly placed individuals, including the first-class traditional ruler, who received the said loans without following due process.


BREAKING: Supreme Court Rejects APC’s Request To Review Bayelsa Judgment, Upholds Judgment Sacking David Lyon




The supreme court has struck out the application of the All Progressive Congress (APC) seeking a reversal of the judgment which sacked David Lyon as the winner of the Bayelsa governorship election.

The apex court held that the application constitutes a gross abuse of the judicial process.

On February 13, the supreme court affirmed the verdict of a federal high court which disqualified Biobarakuma Degi-Eremienyo, Lyon’s running mate, for allegedly submitting forged credentials to the Independent National Electoral Commission (INEC).

As a result, the court also voided the victory of Lyon on the grounds that both men contested the election on a joint ticket.

A seven-member panel of the court, led by Justice Sylvester Ngwuta, dismissed the two applications filed and argued for the applicants by Afe Babalola (SAN) and Wole Onanipekun (SAN), and held that the applications were without merit and amounted to an abuse of court process.

Justice Amina Augie, who read the lead ruling, said the application was an attempt to make the court violate its rules and the. provision of the Constitution which makes it the final court of the land.

Justice Augie said the applications if granted has the capacity of belittling the dignity and status of the court and open a floodgate for such requests in the future.

She expressed regret that senior lawyers in the country could be involved in the filing of such applications.

Justice Augie awarded N10milion cost for each of the 1st, 2nd and 3rd respondents (the PDP, its governorship and deputy governorship in the last election) – Sen. Duoye Diri and. Lawrence Ewhrudjakpo – to be paid personally by the applicant’s lawyers.

Afe Babalola (SAN) represented the 1st and 2nd applicants (Biobarakuma Degi-Eremienyo), while Wole Olanipekun (SAN) represented the APC.

More to follow…

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Lagos Government To Remove Bus Garage, Mechanic Workshops, Kiosks, Others Around Public Schools




The Lagos State Government has disclosed that it would begin pulling down shanties, kiosks, and removal of bus garages, as well as other illegal market structures erected near the state public schools, a move said to take effect after seven days ultimatum issued to owners of those structures, by the government.

As said, the clearing, according to the ultimatum sighted by PorscheClassy News, would affect owners and occupants of illegal structures, shanties, mechanic workshops, kiosks and commercial bus garages surrounding public schools in Mile 2, along Badagry expressway.

The Lagos State Environmental and Special Offences Unit (Taskforce), in a statement issued on Wednesday through its Public Affairs Unit Head, Adebayo Taofiq, confirmed that a seven-day ‘Removal Notice’ had been issued to owners of illegal structures and workshops located around public schools, and that, it was a decision which was made by the state government to ensure safety of students.

Taofiq explained that the task force chairman, CSP Olayinka Egbeyemi, had discussed ultimatum issuance with a gathering of illegal owners and occupants, as well as traders, mechanics and sectional heads of National Union of Road Transport Workers (NURTW), and warned them to immediately vacate stipulated areas within vicinity of the schools within time allocated.

He affirmed that the removal order became imperative following an outcry by residents, particularly managements of Imoye High School and Amuwo Odofin Junior Secondary School, that criminal elements had turned the region into hideouts for carrying out their nefarious activities thereby making the environment unconducive for learning.

“These children are the future of our nation, it is thus, left to us, what we make of them,”

“In light of this, it has become necessary to facilitate conducive learning environments around our schools. It is disheartening to allow illegal business operators to turn schools surroundings to a market place while the vicinity becomes a dumpsite of refuse”.

Furthermore, Taofiq added that investigation conducted had revealed that the illegal structures and shanties served as home to criminal elements who rob unsuspecting members of public, making off with valuables along highways on Lagos- Badagry expressway, and added that the occupants had received no government permit or operating license from the state government.

He reiterated that, immediately after the expiration of the evacuation order notice on Monday, 3rd of March, 2020, Task Force operatives would embark on a clean-up exercise in the area, as well as a clampdown on all criminal elements.

The Task Force, however, cautioned traders and occupants not to make a financial contribution or bribe anyone in order to prevent or stop the removal order, stressing that the State Governor, Babajide Sanwo-Olu had approved monetary compensation for those who deserved it.

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Lagos Pastor, Wife Remanded In Prison For Stealing N63.5m Belonging To Dead Woman




An Ikeja Special Offences Court, Tuesday, remanded a pastor and his wife in custody of Nigeria Correctional Services (NCS) facility for allegedly stealing N63.5 million belonging to certain late Mrs. Odemuyiwa Janet Adeola.

The defendants, the senior pastor of Temple International Church, Lagos, Harry Uyanwanne and wife, Oluwakemi were arraigned alongside their church.

They are facing a seven-count charge of conspiracy to commit felony, stealing and obtaining money by false pretense contrary to section 278, 278 (1) (b), 285, 285(1) of the criminal law of Lagos state of Nigeria, No 11, 2011 and section 1 (2) and (3) Advance Fee Fraud and other Related Offenses Act before Justice Mojisola Dada.

Economic Financial Crime Commission (EFCC) prosecutor Mr. S.O Daji, told the court that the couple sold the property of one late Mrs. Odemuyiwa Janet Adeola at plot 32, block 9, Magodo Residential Scheme 1, Ikeja local government to one Mr. Kingsley Atere for N42, 000,000

He further stated that the defendants dishonestly converted the sum of N10 million being proceeded of the property of late Mrs. Odemuyiwa Janet Adeola to their own use.

According to the charge sheet, “Harry Uyanwanne, Oluwakemi Odemuyiwa (aka Kristein Uyanwanna) and Temple International Church on or about March 18, 2016, converted to your own use the sum of N10, 000,000 property of late Mrs. Odemuyiwa Janet Adeola.”

The charge further stated:” Harry Uyanwanne and Oluwakemi Odemuyiwa (aka Kristein Uyanwanne) on or about the 14th day of March 2016 in Lagos, by false pretense and with intent to defraud sold the property known as plot 32, Block 9, Magodo Residential Scheme 1, Ikeja local Government to one Mr. Kingsley Atere for the sum of N42million on the false representation that you were authorized to sell the property by the Bonafide owner, late Mrs. Odemuyiwa Janet Adeola which representation you know was false”.

The couple pleaded not guilty.

The prosecutor, Daji urged the court to remand them in view of the not guilty plea of defendants.

He also asked the court for a trial date.

Justice Dada remanded the defendants in the medium correctional facility.

She adjourned the matter until May 5, 6 and 7, 2020.

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