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N2bn Fraud: Six Banks MDs, DG Arrested By EFCC

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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.

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Federal Government Lifts Ban On Mineral Exploration In Zamfara

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After more than five years of security restriction, the Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state.

Making the announcement during a press briefing at the weekend, the Minister of Solid Minerals Development, Dr. Dele Alake stated that the nation has a lot to gain from reawakened economic activities in a highly mineralised state like Zamfara that is imbued with vast gold, Lithium, and copper belts. He noted that the previous ban, which was good intentioned, inadvertently created a vacuum exploited by illegal miners to fleece the nation of its resources. He emphasized that the state’s potential for contributing to national revenue is enormous.

It will be recalled that in 2019, the federal government imposed a total ban on mining activities in Zamfara State due to the escalating security concerns, particularly the links between banditry and illegal mining.

Since the beginning of the Tinubu administration, however, intelligence-driven, coordinated security operations have resulted in the neutralization of key bandit commanders, significantly reducing incidents of insecurity. A recent success was the capture of one of the most wanted bandit commanders, Halilu Sububu, in a covert operation in Zamfara.

“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity, and with the ban on exploration lifted, Zamfara’s mining sector can gradually begin contributing to the nation’s revenue pool,” Alake asserted.

The minister added that the lifting of the ban would also facilitate better regulation of mining activities in the state. This will enable more effective intelligence gathering to combat illegal mining and ensure the country benefits from the state’s rich mineral resources.

Commending members of the fourth estate of the realm for championing the propagation of reforms and initiatives of the ministry in 2024, Alake noted that the press have been key allies in efforts to sanitise the mining sector, and promote market reforms which have made the industry attractive to indigenous and foreign investors.

On the recent controversy surrounding the Memorandum of Understanding (MOU) with France, Alake reaffirmed the Federal Government’s position that the agreement does not imply Nigeria is relinquishing control over its mineral resources or entering into any military pact with France. He emphasized that Nigeria’s military remains fully capable of safeguarding the nation’s territorial integrity.

“The high point of the MOU is on training and capacity building for our mining professionals. We need all the assistance we can get in terms of capacity, technical, and financial support from abroad, and that wasn’t even the first we are signing. We’ve signed similar ones with Germany and Australia. Deliberate peddling of misinformation, despite facts to the contrary, is uncalled for, “the minister emphasised.

Dr. Alake also urged the media to continue to play its crucial role in educating the public about government policies in order to prevent ignorance, mischief, and the spread of misinformation.

Looking ahead to 2025, the minister hinted at upcoming policy initiatives aimed at revitalizing the mining sector. He revealed that the ministry plans to further consolidate reforms, enhance the enabling environment for investments, and continue efforts to reposition the sector for long-term, sustainable growth.

 

Segun Tomori, FSCA

Special Assistant on Media

to the Honourable Minister of Solid Minerals Development

 

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Emefiele Loses Warehouse Built On 1.925 Hectares To Federal Government

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The Economic and Financial Crimes Commission (EFCC) has secured the final forfeiture of a warehouse linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

According to The Guardian, top sources revealed that Justice Deinde Dipeolu of the Federal High Court in Lagos issued the forfeiture order on Thursday, December 19, 2024, with the property forfeited to the Federal Government of Nigeria.

The warehouse, built on a 1.925-hectare piece of land located at Km 8 along the Lagos-Ibadan Expressway in Magboro, contained 54 general-purpose steel containers.

The containers were filled with various types of sewing machines.

Earlier, on November 28, the judge had ordered the interim forfeiture of the assets after the Commission filed an application for their forfeiture.

Following the court’s directive for the EFCC to publish the order in two national newspapers, allowing any interested party to show cause why the assets should not be finally forfeited, the Commission later returned to court to request the final forfeiture of the assets.

According to the source, the court also ordered the forfeiture of the land on which the warehouse is situated to the government.

“At the resumed hearing of the matter on Thursday, EFCC Counsel, Rotimi Oyedepo, SAN, told the court that the EFCC had complied with the court’s directives to publish the assets in two national newspapers,” the source said.

“Citing Section 44(2)(B) of the constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, he prayed the court to grant the final forfeiture of the assets.

“Justice Dipeolu granted the order, making the forfeiture another milestone in the asset recovery drive of the EFCC.”

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10 Feared Dead, Several Others Injured At Catholic Church’s Palliative In Abuja

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A stampede at the Holy Trinity Catholic Church in Maitama District of Abuja on Saturday morning has resulted in several deaths and numerous injuries.

The tragic incident occurred during a palliative distribution event organized by the church to assist struggling residents.

It was reported that chaos erupted as thousands of residents rushed to receive relief items, leading to the deadly crush.

Over 3,000 people, including children, mostly from nearby areas such as Mpape and Gishiri Village, had gathered for the event before the unfortunate incident took place.

Mike Umoh, the National Director of Social Communications at the Catholic Secretariat of Nigeria, confirmed the incident.

“Yes, it’s true, but the details are sketchy,” he said in a brief statement.

On the same Saturday, a stampede in Okija, a community in Ihiala Local Government Area of Anambra State in Nigeria’s South-east, also left many people dead.

According to Premium Times, witnesses reported that the victims had gathered to participate in the distribution of bags of rice donated by a well-known entrepreneur, Ernest Obiejesi, commonly referred to as Obijackson.

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