The Economic and Financial Crimes Commission on Wednesday arrested the Managing Director of the Nigerian Aviation Handling Company Plc, Mr. Bates Sarki Sule, over an alleged mismanagement of N210m belonging to his organisation.
A source in the commission who informed our correspondent of the development in Abuja, said Sule was arrested on Wednesday morning at the headquarters of the commission in Lagos by EFCC operatives who had in the last one week, kept him under watch.
He was subsequently taken to the Lagos office of the commission where he was interrogated by investigators.

Sule was still being detained by the commission as at 8pm.

The NAHCO MD was arrested following allegations that he bought N150m worth of shares for himself with funds belonging to the organisation.

He was also accused of having unilaterally inflated an unnamed contract executed in the Port Harcourt office of his company from N18m to N60m.

Our source said seven other officials of NAHCO had earlier been interrogated over the matter last week.

When contacted, EFCC’s Head of Media and Publicity, Mr. Femi Babafemi, confirmed Sule’s arrest on Wednesday.

He said the NAHCO boss was picked up for interrogation over allegations that he mismanaged some funds.

“I can confirm that he is with us in our Lagos office. He is talking to our investigators,” Babafemi said.

NAHCO officials earlier picked up, quizzed and released the head of internal audit, and the heads of maintenance and cargo operations.

THE PUNCH learnt that the arrests had to do with a petition written against Sule.

Part of the allegation being raised by the petitioners was also said to have been that Sule was accused of mismanaging the Public Offer fund by placing it in a bank.
The fund was alleged to have been placed on call interest which was taken and shared.

It was also alleged that misappropriation was responsible for the company’s delay in paying certain emoluments to the company’s staff.

The petitioner also alleged that Sule connived with the head of internal audit to deduct excess revenue without the board’s approval.

Sule was also accused of having four million units of shares in NAHCO and commanding shares in other blue chips companies.

The Head, Corporate Communications, NAHCO, Mr. Demola Akinbola, could not be reached for comment on the incident.

But, an official of the Corporate Communications Department of NAHCO, Mrs. Fidelia Obumselu, told our correspondent that she was not aware of the arrest, claiming that she had earlier in the day gone to Eko Hotel with Sule where he presented a paper. - Punch


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