The Economic and Financial Crimes Commission, Lagos Zonal office, has commenced investigation into the allegation of over N150mfraud involving a former Executive Secretary, Lagos State Scholarship Board, Stephen Oshinowo; the Director, Accounts, Shobaloju Akinwunmi; and one Kasali Amoo.

The suspects, according to the EFCC, are being investigated for alleged stealing, money laundering and abuse of office to the tune of over N150m.

The spokesperson for the anti-graft agency, Wilson Uwujaren, said in a statement on Thursday that 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 to benefit from the scheme.

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

“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.”