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N1.5BN FRAUD | EFCC Arrests Edo SUBEB Chairman

by on November 24, 2016
 
The Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office, has arrested the Executive Chairman of Edo State Universal Basic Education Board (SUBEB), Mr Stephen Alao and the Director of Finance, Mr Adams Osabuohien, in connec­tion with an alleged case of abuse of office, diver­sion and misappropriation of funds to the tune of one billion and five hundred million naira (N1.5bn).
According to a state­ment by the EFCC, the duo who are still being interrogated by the op­eratives of the Commis­sion were arrested on Tuesday 22nd of No­vember, 2016.
Alao and his accom­plices allegedly inflated contracts, approved bo­gus weekly Duty Tour Allowances (DTA) for non-existent conferenc­es, used fictitious com­panies to defraud the board and sold govern­ment properties without remitting same to gov­ernment account.
According to the pe­tition submitted to the Commission, it was al­leged that the Chairman, the Director and others still being investigated were involved in cor­ruption, fraud, criminal breach of trust, unlawful enrichment and conver­sion of billions of naira of the Board”.
The Executive Chair­man allegedly inflated contracts, approved bo­gus weekly Duty Tour Allowances (DTA) for non existence confer­ences, used fictitious companies to defraud the board and sold gov­ernment properties without remitting same to government account.
Others fingered in the alleged fraud are still being investigated to asserting their levels of culpability.

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