Abubakar Isa Funtua, son of the late Isa Funtua, is currently detained by the Economic and Financial Crimes Commission (EFCC) on allegations of embezzling over N28 billion from Keystone Bank. According to reports, Abubakar was apprehended at his residence in Abuja early Friday and is likely to spend the Sallah holiday in detention awaiting trial.
Jackson Ude, a prominent former presidential spokesman and publisher, revealed on Twitter that Abubakar, along with his Ugandan associate Asega Aliga, was involved in extensive fraudulent activities involving Keystone Bank. The duo allegedly acquired the bank through phony loans and embezzled significant amounts, further exacerbating the bank’s financial troubles.
Ude's tweet also suggested that Toyin Subairu, Senior Special Assistant to President Bola Tinubu on Domestic Affairs and Special Duties, has been using his influence to stall the prosecution of Abubakar and Aliga. Subairu is accused of leveraging his position to protect the culprits, which has raised serious concerns about the integrity of the judicial process.
The investigation into this case has highlighted the severe misuse of funds and the potential involvement of high-ranking officials in obstructing justice. Reports suggest that the acquisition of Keystone Bank was orchestrated without proper payment, using funds that were laundered through various schemes involving other financial institutions. This has led to calls for a thorough investigation and recovery of the stolen assets to restore public trust in the banking sector and the judiciary.
Abubakar Isa Funtua's detention marks a significant step in the fight against corruption in Nigeria. However, the alleged involvement of influential figures in shielding perpetrators underscores the challenges the EFCC faces in ensuring accountability. The Nigerian public eagerly awaits further developments as the investigation continues and demands justice for the massive financial misconduct that has adversely affected the nation’s economy.
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