Scholarship Board Staff Embezzles N150m Students’ Fund

A former Executive Secretary of the Lagos State Scholarship Board, Stephen Oshinowo, is presently in the custody of the Economic and Financial Crimes Commission (EFCC) over allegations of N150m ( One Hundred and Fifty Million Naira)  fraud.

Oshinowo, alongside the Director, Accounts of the board, Shobaloju Akinwunmi as well as one Kasali Kamoru Amoo were on Thursday grilled by the EFCC for alleged stealing, money laundering and abuse of office to the tune of over N150m.

In a statement issued by the media and publicity unit of the anti-graft agency, the EFCC said investigations revealed that the suspects fraudulently converted the money to their personal use through two companies, Julikam International Limited and Orsimolu Trading Solutions, while also using some pseudo names that benefited from the scheme.

“The suspects had been invited for interrogation by the Commission earlier this month, following intelligence reports received about their alleged involvement in the fraud,” the statement read in part.

“They, however, reported to the Commission on Tuesday, November 26, 2019 for interrogation.

“While the second and third suspects, Akinwunmi and Amoo, have been granted an administrative bail, the first suspect, Oshinowo, remains in the EFCC custody pending the conclusion of investigation.”

The Lagos State Scholarship Board is a governmental body that oversee and manage matters relating to scholarship, education and bursary in the state.

It was established in February 1968 by the Lagos State Government

The body aims at providing “educational assistance to the needy for the development of Lagos State”