N25bn fraud: Ex-EFCC boss, Bawa’s alleged ‘secret deal’ with embattled Tunde Ayeni revealed – Report

Fresh details have emerged on why Abdulrasheed Bawa, the suspended chairman of the Economic and Financial Crimes Commission, was arrested by the Department of State Services (DSS).

According to a report by SaharaReporters, the EFCC through Bawa allegedly facilitated freedom for the former chairman of the defunct Skye Bank Plc (now Polaris Bank Limited), Tunde Ayeni, after allegedly entering into a secret arrangement termed a plea bargain.

In July 2022, the EFCC surprisingly withdrew the N25.4 billion corruption case it filed against Ayeni and the Managing Director of the defunct bank, Timothy Oguntayo, after entering into a secret settlement with the businessmen that reportedly involved the forfeiture of N15 billion in cash and assets.

The anti-corruption body under the leadership of Ibrahim Magu, on March 7, 2019 arraigned Ayeni, Oguntayo and two other companies before Justice Ijeoma Ojukwu of a Federal High Court, Abuja on 10 charges bordering on money laundering to the tune of N25.4 billion.

One of the counts reads: “That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc, between the 1st of January, 2014 and 31st December, 2014 at Abuja within the jurisdiction of this honourable court did commit an offence, to wit: converting the aggregate sum of N17,415,080,000 taken in cash from defunct Skye Bank Plc Suspense Account and delivered to you by the staff of the defunct Skye Bank Plc, which money you reasonably ought to have known forms part of the proceeds of an unlawful act, to wit: fraud and thereby committed an offence contrary to and punishable under Section 15(2)(b) and (3) of the Money Laundering (Prohibition) Act, 2011 (as amended).”

However, under the leadership of Bawa, Ayeni was able to walk free even after defaulting on the agreement in the plea bargain that he would pay a fine of N11 billion and return the funds he was accused of stealing.

Sources told SaharaReporters on Friday that Bawa facilitated the smooth transition of Ayeni from an alleged criminal to a free man because he (Ayeni) fronted for the suspended EFCC chairman.

“Tunde Ayeni entered a plea bargain with the EFCC and according to the agreement, he was to pay a fine of N11 billion and return the money.

“But he did not pay the fine of N11 billion nor return the money as agreed in the plea bargain.

“Still his charges were withdrawn in the Federal High Court in Abuja. He is a free man now because he is a front for the suspended EFCC chairman,” one of the sources said.

President Bola Tinubu last week Wednesday suspended Bawa from office indefinitely.

According to a release from the presidency, Bawa’s suspension is “to allow for proper investigation into his conduct while in office. This follows weighty allegation of abuse of office leveled against him.

“Mr Bawa has been directed to immediately hand over the affairs of his office to the Director, Operations in the commission, who will oversee the affairs of the Office of the Chairman pending the conclusion of investigation.”

Bawa’s suspension came days after Tinubu suspended the Central Bank Governor, Mr Godwin Emefiele, from office.