Omisore Surrenders To EFCC, Agrees To Return N1.3bn

The Economic and Financial Crimes Commission (EFCC) has released a former Senator and chieftain of the Peoples Democratic Party in Osun State, Iyiola Omisore, after he reportedly signed an agreement to refund the over N1.3billion he allegedly received from the office of the National Security Adviser.

Omisore, who was allowed to go home on Friday, after spending about 19 days in the custody of the EFCC, was apprehended in Abuja on July 3, for allegedly collecting the huge funds from a former National Security Adviser, Sambo Dasuki – as it was traced to the accounts of five companies allegedly belonging to him.

The money was said to be part of the N4.7bn allegedly disbursed by a former Minister of State for Defence, Senator Musiliu Obanikoro and his two sons, Gbolahan and Babajide.

It was learnt that, the former governor of Osun state, this week, succumbed to the uncompromising pressure from the commission.

Premium Timesgathered that he approached the EFCC and agreed to refund the money he was alleged to have fraudulently received.

On Friday, the EFCC granted him administrative bail after he struck a deal with the commission to refund the N1.3billion in instalments.

He paid the first instalment of N300million before he was allowed to go home, this newspaper learned.

Those familiar with the negotiation said before his release on Friday, Mr. Omisore issued a letter authorising his bank to release N170million to the EFCC, being the entire amount in his frozen account.

He also gave the anti-graft commission a draft of N130 million, bringing the first installment of the repayment plan to N300 million.