EFCC Arrests Microfinance Bank MD Over Offa Poly Staff's Diverted N36m Arrears

The Managing Director of Sincere Microfinance Bank is currently in EFCC detention in Ilorin over the alleged diversion of promotion arrears belonging to staff of Federal Polytechnic Offa. The money, over N36 million combined for 2017 and 2018, was paid by the Office of the Accountant General in June 2024, but staff say the Rector, Engr. Kamoru Oluwatoyin Kadiri, wrote to the banks directing them to divert it into a particular account.

One source told SaharaReporters, "The Rector wrote to the microfinance banks, directing them to divert the funds into a particular account, and the money was subsequently spent." The Rector has denied this, but ASUP Chairman Yemi Alabi says payments to staff finally started last Friday after the EFCC intervened. Alabi called it "the sincerity/victory of our struggles."

So here is the question: if the Rector truly did not divert the funds, why did it take an EFCC investigation and an arrest before staff saw a single naira of what was legitimately theirs since 2024? And why is only the bank MD in custody while the person who allegedly gave the instruction walks free? This is exactly why Nigerians have no faith in institutional accountability.