According to reports, the Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office has arrested the Executive chairman and Director of Finance of the Edo State Universal Basic Education Board (SUBEB), Mr. Stephen Alao and Mr. Adams Osabuohien respectively, 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 an EFCC source, the duo who are still being interrogated by the operatives of the Commission were arrested on Tuesday, November, 22, 2016.
The source noted that 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.
Also, others fingered in the alleged fraud are still being investigated to ascertain their level of culpabilities.
Meanwhile, the EFCC, will, tomorrow, Friday, November, 25, arraign three principal officers of the Federal University of Agriculture, Abeokuta for fraud.
The are the Pro-Chancellor, Senator Adeseye Ogunewe; the Vice Chancellor Professor Olusola Oyewole and the Bursar, Mr. Moses Olusola Ilesanmi.
They will be docked on an 18-count charge bordering on stealing, abuse of office and obtaining by false pretence.
The trio have been subject of investigation in an alleged case of abuse of office and misappropriation of funds.