The Economic and Financial Crimes Commission has hauled in the Managing Director of Stallion Group, Harprrie Singh, alleging he made an unquestionable payment of N1.3billion to former Minister of State for Finance, Bashir Yuguda.
Stallion Group, a Nigerian conglomerate owned by the Vaswani brothers, is among the major companies being questioned by the EFCC presently as part of arms deal scandal for their attempt enrich themselves while overseeing the Nigerian security. The MD was arrested for the ongoing investigation into the messy arms procurement scandal in the office of a former National Security Adviser, Colonel Sambo Dasuki (rtd).
Reports say Stallion got involved when investigators while examining the transactions carried out by the former NSA with Jabbama Company, a bureau de change operator, stumbled upon information indicating that Stallion Group also paid N1.375billion to the company, although N100million of the money was later paid back, leaving a balance of N1.275billion.
Investigation also disclosed that Jabbama Company changed the money into United States Dollars ($114,750,000) and handed it to Mr. Yuguda, former minister of state for finance, who is already being arraigned for multiple charges of fraud and money laundering.
When interrogated about the money he received from Stallion Group, Yuguda stated that the money was for political purposes and that he collected it at the request of Dasuki.
When brought in for questioning, Stallion group MD said that the N1.275 billion he gave Yuguda was at the instigation f both Dasuki and Yuguda to support their party’s election campaign.
Mr. Singh also 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.
On the contrary, detectives at the EFCC reveal that they are yet to come in terms with why a corporate organisation would, rather than donating to any political cause through the relevant political parties, make donation through the NSA. They are also trying to find out if the money was a lure or bribe for a contract bestowed to the company by the NSA.