Obanikoro had earlier dared the anti-graft agency who declared him wanted on allegations that he used a company, Sylvan Mac Namara, owned by his sons, to siphon N4.68 billion from the Office of the National Security Adviser (ONSA), under retired Col. Sambo Dasuki.
Investigators allegedly discovered that from the amount, Obanikoro conveyed N1,219,490,000 to Akure, Ondo State, for the sole purpose of facilitating the election of Mr. Ayodele Fayose as governor of Ekiti State while he also ferried N1.3 billion to Senator Iyiola Omisore for his governorship bid in Osun State.
Obanikoro flew into the country on October 17, 2016, and went straight to the EFFC office where he has since been with investigators.
There, he admitted that the balance of the money from the ONSA was used to check Boko Haram incursion into Lagos and the South West.
Confronted with documentary evidence, Obanikoro reportedly agreed to refund the money allegedly used to campaign against the Boko Haram incursion to Lagos, from the North East.
A source, however, confirmed that the offer to return N100 million did not go down well with the anti-graft agency as it asked for down-payment of N600 million.
The source said acting Chairman of the commission, Ibrahim Magu reportedly demanded that the former minister should sign an undertaking to pay back N600 million within a stipulated time, a demand Obanikoro reportedly rejected, saying he had no means to raise the amount.
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