Saraki released on bail

 Former governor of Kwara State, Bukola Saraki, who earlier today turned himself in after being declared wanted by the Economic and Financial Crimes Commission (EFCC), has been released on administrative bail.
EFCC sources told SaharaReporters that the former governor has plenty of answers to give regarding how he handled funds belonging to a former family-owned bank, Societe Generale Bank of Nigeria (SGBN).
 He is also to face interrogation on the way he allegedly laundered billions of Naira belonging to another bank, the former InterContinental Bank of Nigeria Plc (now Access Bank).
A former Managing Director of InterContinental Bank, Mahmoud Lai Alabi, who was a protégé of Senator Saraki, reportedly assisted the former governor in laundering several billions of Naira using some 30 companies. The monies, which were given out as loans, were later written off as bad debts.
The companies include: Sintex Ltd, Skyview Properties Ltd, Asam Oil, Quality Packing Ltd, Bastone Ltd, Madison Properties Ltd, Airline catering Services and 25 others.
EFCC investigators looking into Mr. Saraki's fraud also noted that he laundered several billions of Naira that were deducted from local government allocations to Kwara State over eight years.  The operatives expressed frustration that the new governor of Kwara State and the management of Access Bank PLC are conniving with the Senator to destroy documents that could hasten proper investigation and arraignment.
Similarly, a discovery that the Kwara State government has been paying N100 million monthly to the former governor as "pension" is being frustrated by the First City Merchant bank (FCMB), where the fraud was detected.