Stella Dimoko Obanikoro Allegedly Offers to Refund N785m Election Stolen Fund


Advertisement - Mobile In-Article

Saturday, October 22, 2016

Obanikoro Allegedly Offers to Refund N785m Election Stolen Fund

Embattled former Minister of State for Defence, Senator Musiliu Obanikoro may soon be let out of custody by the Economic and Financial Crimes Commission (EFCC) following indications that he has agreed to make refunds of the money he allegedly collected from the Office of National Security Adviser (ONSA).

The anti-graft agency accused the ex-minister of receiving N785 million from ONSA while in office.
His friends and associates are understood to be rallying around him to raise funds as a first step to secure his bail.

Obanikoro is understood to be targeting  N100 million as the first installment of the refund.
From ONSA, about N4.685 billon was transferred to Sylva McNamara Limited, a company allegedly linked to the ex-Minister.

Obanikoro told EFCC interrogators that N3.880 billion of the N4.685 billion was allocated to Governor Ayodele Fayose of Ekiti State and  Senator Iyiola Omisore.
He also said he handed over $5.377 million (about N60 million then) cash to Fayose at Spotless Hotel, Ado-Ekiti in the presence of the former Secretary of the Peoples Democratic Party in the state, Dr. Tope Aluko, and other party stalwarts.

He said the balance of N785 million was expended on alleged anti-Boko Haram campaign in Lagos and the South-West.

A source, who spoke in confidence, 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.”
Obanikoro had said:  “The balance of N785 million 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 ensuring 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 emphasized the need for local input to complement the activities of security agencies. This is how Sylvan McNamara was introduced.”
The EFCC had discovered that Sylvan Mcnamara Limited, allegedly owned by Obanikoro and his sons,   was used to launder the N4.745 billion.

The company, which was incorporated in November 2011 had the following as its directors: a close aide of the ex-minister, Ikenna Ezekwe (700,000 shares) of 51 Simpson Street, Ebute-Metta; Idowu Oshodi (299,000 shares) of 8, Prince Tayo Adesanya Street, Park View Estate, Ikoyi; and Elizabeth Adebiyi (1,000 shares) of 3, Adedoyin Street, Ijeshatedo, Surulere.

Ikenna Ezekwe’s account has been de-frozen by the EFCC since the slush funds were not traced to him.

Ezekwe has also been removed as the director of the slush company.
A document said: “To set the stage for the use of the company for money laundering, the board of directors on May 7, 2012  passed a resolution that the company should open an account and appointed Mr. Gbolahan Obanikoro, Ikenna Ezekwe, Ms. Theresa Matuluko (Secretary) and Mr. Babajide Obanikoro as the signatories to the account.

“The board added that the signing combination be that any of the signatories can sign alone.”

EFCC claimed that when it was time to illegally draw the N4.745 billion from ONSA as the war chest for Ekiti Governorship poll, ex-minister Obanikoro made the account of Sylvan Mcnamara Limited available and coordinated the disbursement.

Contacted, Obanikoro’s spokesperson, Jonathan Eze, said he was not aware of the development.
Another source close to him, however, said: “it is true.”

Sahara Reporters

*Obanikoro that said he didnt take any monies?until it is confirmed that monies have been returned by him,na siddon look i dey.*side eyes at sahara reporters*


  1. Replies
    1. Ohohohohoh see drama. And some people will call it witch hunt. He values his peace of mind, so he's been advised to release the funds. Na wa

  2. Good thing he has agree to return it. Keeping my fingers cross

  3. Just look at the huge amounts of money flying upandan. Which way, Nigeria? No hope for the masses. Read somewhere that a man in Kebbi collapsed as his salary was slashed from 18k to 5k and these ones are busy sharing millions like it's sachet water.

    It's well.

  4. These poliTRICKcians speak from both sides of their mouth.
    If u believe anything they always say... Then I have an island to sell in the pacific too!!!

    *ghanaman signing out*

  5. All these are imaginative lies, from incompetent EFCC and Chinakwe's dog.
    BTW......Buhari once said, "Abacha never stole". Watch how children of hate will gang up against their own.

  6. We are so rich in this Country but some selfish and greedy people will never allow it show

  7. Na waa this people are rogue

  8. Na waa ooo this people are rogues

  9. But this same Obanikoro was threatening fire and brimstone initially. God will show us mercy in this country and make everyone who has stolen from us vomit all that they have stolen.

  10. Oh my Lord ! Where is Ogbeni Ayodoko Fayose of this Ayodele ? Jesu mi o !
    Maybe we should mortgage this our obodo Nigeria to a viable neighboring country to manage her for us for certain years because I'm so tired for all kind of these rogues who are political jobbers who termed themselves politicians.People are so myopic to have gotten the nerves to denigrate this present government..Walahi ! I will suggest firing squad for any politician find culpable.Haba ! Look at the majority of our folks wallowing in an abject poverty and some dummies are sharing like they are out of their senses and they will be denying initially and later they will be singing like Sunny Ade ! O sun mi o !

  11. Shameless n useless, leaders, na God go punish una one by one


Disclaimer: Comments And Opinions On Any Part Of This Website Are Opinions Of The Writers Or Anonymous Persons And They Do Not Represent The Opinions Of

Pictures and culled stories posted on this site will be given due credit and is not the fault of if website culled from misrepresents source of story.

If you have a complaint or a story,Please Contact Via
Mobile Phone +4915210329280