Monday, June 13, 2011

Former Nigerian Deputy Speaker Nafada Arrested Over N40 Billion Loan Scam

Usman Bayero Nafada 

By SaharaReporters, New York
Agents of the Economic and Financial crimes Commission (EFCC) today arrested  the former deputy speaker of the house of representatives, Usman Nafada.
The deputy speaker will probably be arraigned with the  former speaker, Dimeji Bankole, on Monday over illegal procurement and misappropriation of about N40 billion loan.
The EFCC docked Bankole last week on a  16-count charge for misappropriating N9 billion capital project fund through contract inflation.

A legal source at the EFCC told SaharaReporters that the two former officials will be arraigned on fresh charges before a federal high court on Monday.
Meanwhile, officials of the United bank of Africa (UBA) have made appearances at the EFCC in view of the $1 billion money laundering involving former speaker Bankole and some of his aides. An investigator within the EFCC told SaharaReporters that after initial resistance, the MD of UBA has began cooperating with the EFCC to explain the movement of vast amounts of money through proxy domiciliary accounts at the UBA.
EFCC spokesman Femi Babafemi today confirmed that Nafada is being detained by the EFCC in Abuja.

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