ICPC to arraign NASU Chairman over N30m Fraud

The ICPC has filed charges at the High Court of  Lagos State, Ikeja against the chairman of the Non-Academic Staff Union of Educational and Associated Institutions (NASU) , Adeniran Ogunsanya College of Education Oto-Ijanikin, Lagos  Mr Bababunmi Ogunade and Mr Adeyinka Faloye, a  contractor with the College, accusing them of using the name of the union to fraudulently obtain  loans totalling over 30 million naira.

According to the  5 count charge the  two persons have conspired among themselves to use the name of the Non-Academic Staff Union of Educational and Associated Institutions  of the College to  apply  for and receive a loan facility from Afribank Nigeria PLC  totalling N13.2m and another N17.1m without authorization from the union.

ICPC  Operatives discovered during investigation that Mr Bababunmi Ogunade used his position to influence NASU to open an account with the Ikorodu branch of  Afribank PLC and eventually secured a loan of N13.2m in addition to another loan of N17.1m. He did this with the active participation  and counseling of the second accused  Mr Adeyinka Faloye who was the Supplier preferred by the Union chairman ,instead of the one approved by the Union.

It was also discovered that Mr Ogunade  misrepresented facts to the College authorities who were misled into guaranteeing repayment of the loan through deductions from source of the members salaries. Documents obtained by investigators further revealed that the loan was purportedly  secured to supply household  items to members of the union.

The two accused persons will be arraigned before Jusctice Abiru on 23rd February 2012.