There is more troubles for the former Minister for State for Finance,
Bashir Yaguda and National Security Adviser, Sambo Dasuki as there are
indications that the Economic and Financial Crimes Commission (EFCC) has
invited the Managing Director of Stallion Group, Harprrie Singh for
The Stallion MD was allegedly arrested for making N1.3bn ‘questionable
payment’ to Yuguda.
A source at the Commission disclosed that Stallion’s name became a
recurrent decimal when investigators looked through the books of
transactions carried out by the former NSA with Jabbama Company, a bureau
de change operator.
They investigators were said to have stumbled on evidence that Stallion
Group also paid N1.375bn to the company, although N100m of the money was
later returned, leaving a balance of N1.275bn
Investigation further revealed that Jabbama converted the money into United
States Dollars ($114,750,000) and handed it to Yuguda, who is already being
prosecuted on multiple charges of fraud and money laundering.
Yuguda was said to have explained to EFCC interrogators that the N1.175bn
received from the Stallion Group was at the instance of former NSA, Dasuki,
for political purposes.
In the statement he volunteered to interrogators, EFCC sources said, Singh
claimed his company had a $170million contract with the ONSA to supply some
vehicles and that, he had already supplied the first batch of 50 vehicles
since November 2014 for which he was yet to be paid.
Additionally, he confessed that the money he gave to Yuguda was at the
request of both Dasuki and Yuguda, to support their party.
Detectives at the EFCC say they are trying to understand why a corporate
organisation would, instead of making donation to any political cause
through the relevant political parties, route the fund through the NSA.
They are also trying to understand whether the money was an inducement for
a contract awarded to the company by the NSA.
The Nigerian conglomerate, Stallion Group, is owned by the Vaswani brothers
and one of the major companies currently being questioned by the EFCC as
part of the ongoing investigation into the messy arm procurement scandal in
the office of former NSA.