EFFC Commences Saraki Interrogation Over Money Laundering

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Former governor of Kwara State, Bukola Saraki, yesterday turned himself in after being declared wanted by the Economic and Financial Crimes Commission (EFCC), and was released on administrative bail hours later.

According to EFCC sources, the former governor has a lot to answer to ranging from how he handled funds belonging to a former family-owned bank, Societe Generale Bank of Nigeria (SGBN), to the way he allegedly laundered billions of Naira belonging to another bank, the former InterContinental Bank of Nigeria Plc (now Access Bank).

In laundering several billions of Naira using some 30 companies, Saraki was said to have been assisted by a former Managing Director of InterContinental Bank, Mahmoud Lai Alabi, who was his protégé. The monies, which were given out as loans, were said to have been later written off as bad debts.

The companies include: Sintex Ltd, Skyview Properties Ltd, Asam Oil, Quality Packing Ltd, Bastone Ltd, Madison Properties Ltd, Airline catering Services and 25 others.

EFCC investigators also noted that he laundered several billions of Naira that were deducted from local government allocations to Kwara State over eight years. The operatives expressed frustration that the new governor of Kwara State and the management of Access Bank PLC are conniving with the Senator to destroy documents that could hasten proper investigation and arraignment.

A similar discovery made was that the Kwara State government has been paying N100 million monthly to the former governor as “pension”, which is now being frustrated by the First City Merchant bank (FCMB), where the fraud was detected.

Senator Saraki is expected back at the EFCC office today for further interrogation.

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