Obanikoro To Return N785million Slush Fund


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The embattled former Minister of State for Defence, Senator Musiliu Obanikoro who some days ago returned to the country may soon be released from the anti-graft agency Economic and Financial Crimes Commission, EFCC’s custody.

The release indication is however connected with the fact that the former minister has agreed to refund the money he allegedly benefited from the Office of National Security Adviser, ONSA.

Recall that the EFCC had accused the ex-minister of collecting the sum of N785 million from ONSA which he had denied.

According to reports, Obanikoro is expected to raise the sum of N100million as the first installment of the refund as family an friends are reportedly running around to secure his bail from the clasp of the EFCC.

Obanikoro during his interrogation also implicated the Ekiti state Governor, Ayodele Fayose and Osun state politician, Iyiola Omisore alleging that they benefited N3.880 billion of the N4.685 billion that was allocated.

A source within the EFCC who spoke to news agency, The Nation said: “The ex-minister has been cooperating with detectives and he appears willing to refund some cash out of the N785 million traced to Sylvan McNamara.

“I think his associates and friends have rallied around him, having discovered that the bulk of the cash from ONSA went to Fayose and Omisore.

“I think he might initially refund N100 million to get bail reprieve in order to prevail on others who benefited from the N785 million to repay the slush funds.

“The refund is one of the issues delaying the granting of bail to the ex-minister.”

The source further revealed that Obanikoro during the interrogation had explained that “the balance of N785 milion were used to prosecute the following: 1. procurement of souvenirs for the promotion of anti-Boko Haram insurgency in Lagos; 2. N200million for surveillance activities; 3. N200 million and other remaining funds were for operations managed by Taiwo Kareem.

“Taiwo Kareem impressed the former NSA with his management of pre and post-election funds. To God be the glory, the two elections were carried out without any loss of life

“When bomb blast occurred in Lagos on the 25th of June 2014, the NSA was disturbed and told me of his commitment to ensure that such doesn’t reoccur.

“He expressed the grave consequence that the reoccurrence will have not only on Lagos but the economy of the entire country.

“He emphasised the need for local input to complement the activities of security agencies. This is how Sylvan McNamara was introduced.”

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