The Economic and Financial Crimes Commission (EFCC) has arrested one the Executive Chairman and Director of Finance of Edo State Universal basic Education Board (SUBEB).
Daily Trust gathered on Wednesday that Stephen Aloa and Adams Osabuohien the Executive chairman and director of finance respectively were arrested by the Ibadan Zonal Office of the Commission.
According to EFCC sources they were arrested in connection with an alleged case of abuse of office, diversion and misappropriation of funds to the tune of one billion and five hundred million naira (N1.5bn)
It added that Edo SUBEB officials still being interrogated by the operatives of the Commission were arrested on Tuesday 22nd of November, 2016.
Alao and his accomplices allegedly inflated contracts, approved bogus weekly Duty Tour Allowances (DTA) for nonexistent conferences, used fictitious companies to defraud the board and sold Government properties without remitting same to Government account.
The source said others fingered in the alleged fraud are still being investigated to ascertain their level of culpabilities.