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N4.69BN SLUSH FUND: Obanikoro ready to refund N785m




The detained former Minister of State for Defence, Senator Musiliu Obanikoro, has offered to refund N785million out of the N4.685 billion traced to a company linked with him from the Office of the National Security Adviser.

It would be recalled that Obanikoro had detailed how he gave N3.880 billion to Governor Ayodele Fayose and Senator Iyiola Omisore for 2014 governorship elections in Ekiti and Osun states, leaving a balance of N785 million.

According to the embattled former minister, the balance of N785 million was for anti-Boko Haram campaign in Lagos and the Southwest.

An EFCC source disclosed that Obanikoro is targeting raising an initial N100 million as a first step at securing bail.

The source 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.

Read also: Fani-Kayode: We’ve been told they want him dead, aides alleges

“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 also gave the breakdown of how the the N785 million was expended as follows:

1. procurement of souvenirs for the promotion of anti-Boko Haram insurgency in Lagos

2. N200 million for surveillance activities;

3. N200 million and other remaining funds were for operations managed by Taiwo Kareem.

According to the source, Obanikoro said, “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 ensure 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 emphasised the need for local input to complement the activities of security agencies. This is how Sylvan McNamara was introduced.”

By Timothy Enietan-Matthews….

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  1. yanju omotodun

    October 22, 2016 at 2:02 pm

    You see why Buhari should continue in his fight against corruption. If obanikoro had not been arrested , that 785m he plans returning would have enter voicemail. Efcc should arrest more looters so we can have money to tackle this recession.


    October 22, 2016 at 2:08 pm

    All corrupt people God will judge. Am sure by the time they torture obanikoro harder, he will vomit more than 785m . then efcc collect the share he gave to fayose and others he mentioned. Thank you Buhari for retrieving our money back from looters.

    • Amaka Okoro

      October 23, 2016 at 6:16 am

      Why are you thanking buhari what has he done if not to support his fellow corrupt people the efcc keep it up with there good job not buhari

      • Amarachi Okoye

        October 23, 2016 at 6:55 am

        Buhari is trying i believed he was the wone that make the efcc to arrest obanikoro because he knows that obanikoro has a skeleton in is carboard so less appricate buhari for his good work

  3. Margret Dickson

    October 22, 2016 at 2:10 pm

    Obanikoro appears to have kept proper records of how the money linked to him was spent, he must have predicted EFCC’s questioning. I think he’s a wise man who wants no trouble for himself and his generations to come.

  4. Animashaun Ayodeji

    October 22, 2016 at 2:12 pm

    The best way Obanikoro can redeem his image is by confessing and refunding the money, which he has done. If our politicians can be like ‘Koro, the fight against corruption will be fast and there won’t be any reason to jail anyone or tarnish anyone’s image.

  5. Johnson Amadi

    October 22, 2016 at 2:13 pm

    Obanikoro’s shocking revelations and his admittance to refund the remaining money are not only questionable, but also good for a perfect Nollywood movie! This man is only trying to play Nigerians by making himself look innocent through his unimaginable cooperation

  6. Joy Madu

    October 23, 2016 at 7:04 am

    There is more to this that obanikoro has not told us this wone that obanikoro confess the stolen money they use for election. That means the allegation place on him is not a false allegation but the truth of all

  7. chichi emerue

    October 23, 2016 at 7:20 am

    Our leader’s should please mind how they spend our money because we need money for many things that is not in order. Obanikoro should bring more of the money out i believe his hiding some of the money that is meant for project

  8. Nonso Ezeugo

    October 23, 2016 at 7:35 am

    What a corrupted country we are look at how our leader’s is spending money the way they like why they are works to do to renovate this country to a better place

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