EFCC arrests NAHCO boss - Re-arrests Borishade, Iyayi - Releases Rivers SSG

From Shola Adekola and Lanre Adewole - 09.10.2008

THE Economic and Financial Crimes Commission (EFCC) on Wednesday arrested the Managing Director of the Nigerian Aviation Handling Company (NAHCO), Sule Bates, for alleged fraud running into N210 million.

The NAHCO boss, according to investigations, was picked up by the EFCC operatives in Lagos on Wednesday over allegation that he used N150 million belonging to the handling company to buy shares for himself.

Besides this, he was also said to have unilaterally jacked up the N18 million approved for the renovation of NAHCO office in Port Harcourt, Rivers State, to N60 million.

Confirming this, the Public Relations Officer of EFCC, Femi Babafemi, who spoke with the Nigerian Tribune on the phone, said the NAHCO boss was already in EFCC custody in Lagos undergoing interrogation. NAHCO was listed on the stock exchange about two years ago.

All efforts to reach the spokesman for the handling company proved abortive as his phone could not be reached. In another development, former Aviation Minister, Chief Babalola Borishade, has been re-arrested by the operatives of EFCC.

Also arrested were former Managing Director of FAAN, Mr. Festus Iyayi and an Austrian. Femi Babafemi, spokesperson for the commission, confirmed the arrest and said that they would be arraigned in court today.

The former minister and other aviation chiefs had earlier been arrested in May this year. They were taken to a Chief Magistrates’ Court in Abuja where they all pleaded not guilty to the charges against them and were granted bail.

Meanwhile, the Secretary to the Rivers State Government, Mr. Magnus Abe, who was arrested two days ago by the EFCC, has been released.