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Musiliu Obanikoro Refunds N24Million To EFCC, Admits To Stealing N800M From N4.7B Arms Fund Latest News Updates

Musiliu Obanikoro Refunds N24Million To EFCC, Admits To Stealing N800M From N4.7B Arms Fund

obanikoro refunds 24 million

Oct 29, 2016 – Musiliu Obanikoro Refunds N24Million To EFCC, Admits To Stealing N800Million From N4.7Billion Arms Fund

Ex Minister of State for Defense, Musiliu Obanikoro, has failed to produce the N100 million he initially pledged he would pay as a condition to commence the payment of N800 million he admitted he embezzled from about N4.7 billion stolen from a budget designated for procurement of weaponry and other equipment for the Nigerian military to enhance its fight against Islamist militant group, Boko Haram.

Two top sources at the Economic and Financial Crimes Commission (EFCC) told SaharaReporters that the former minister, who was arrested two weeks ago on his return to Nigeria, appeared to be playing games with the officials of the commission after initially cooperating with investigators.

As of Friday, Mr. Obanikoro had only mustered N24 million naira, a sum far below the N100 million he had committed to pay to fulfill bail conditions, according to an agreement with the anti-corruption agency.

The EFCC sources said the former minister would likely be charged alongside two of his sons, Babajide and Gbolahan, who are currently on the run.

Mr. Obanikoro’s sons will be charged in absentia, and thereafter be declared wanted and an application made to the US government to extradite them for trial in Nigeria.

Mr. Obanikoro returned to Nigeria on October 16 and surrendered himself to the EFCC on October 17, apparently after intense behind-the-scene negotiations with senior members of President Muhammadu Buhari’s administration. An EFCC source said Mr. Obanikoro came to the EFCC with a bag containing a cocktail of drugs with the hope of getting the EFCC to release him on health grounds the same day, but he was shocked when officials at the anti-corruption agency insisted on detaining him until he deposited at least N100 million.

The former minister reportedly confessed that he took N800m for himself out of the funds he collected using his sons’ Sylvan McNamara Company. His sons’ firm was apparently used to launder funds that were then used to rig elections for Governor Ayodele Fayose, the candidate of the Peoples Democratic Party in the 2014 governorship election in Ekiti State. The remainder of the laundered funds reportedly went to former Senator Iyiola Omisore, the PDP’s governorship candidate in Osun State, also in 2014.

[Sahara Reporter]



  1. mulikat

    October 29, 2016 at 11:27 AM

    hwo can some 1 steal 800 million pay 24 million out of 4,7 Billion arms deals,God.

  2. Bello ola

    October 29, 2016 at 1:46 PM

    African mentality, money that is enough for thousands of people to survived, properties of country that benefit millions of nigeria, only one person will just take it away and put mind at rest that nobody will challenge them.
    Is very bad, may god change them.

  3. Fatokun Odunayo

    October 29, 2016 at 3:03 PM

    where is mr Dhaka?

  4. Jilo

    October 30, 2016 at 3:49 PM

    There is no doubt that the truth has finally revealed. One thing I don’t like about this financial mess trial is how these people always come with their unsubstantiated excuses that their health is at risk so therefore EFCC should release them based on health ground. This nonsense can only happen in Nigeria. If you have an health issue, the EFCC can provide you with medical assistance while in their custody.

    Have they forgotten that their action has sent many people in Nigerian hospital to their early grave when the stolen money that could have covered the treatment of many patients in the government hospital was stolen by them and their family members?.

    Since they have all the stolen money in their possession, they can use that to treat themselves with whatever ailment they have but one thing is sure, justice must be served. Obanikoro must refund that money and let the government use that for the impoverished Nigeria citizens. Paying fractional part of money is not acceptable. You cant take all Nigerians for fool by agreeing to pay #24 million out of #800 million naira and keep the rest. All these nonsense must stop.

    If EFCC want to prosecute these thieves, they have to step forward and act like law enforcers. We are not making a movie here. This is a serious offence that has to do with survival of all Nigerians.

  5. Zozo

    October 30, 2016 at 7:27 PM

    Even with all dis great revelations ppl still blame President. God help Nigerians

  6. sola olaniyi

    November 2, 2016 at 11:56 AM

    These money is enough to take Nigeria out of recession.

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