SAN FRANCISCO, November 23, (THEWILL) – The Economic and Financial Crimes Commission (EFCC) Ibadan Division, has arrested Mr. Stephen Alao and Mr. Adams Osabuohien, Executive Chairman and Director of Finance respectively, of the Edo State Universal Basic Education Board (SUBEB), 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).
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 nonexistent conferences, used fictitious companies to defraud the board and sold government properties without remitting same to government account.
Others linked in the alleged fraud are still being investigated to ascertain their level of culpabilities.
