The EFCC on Thursday began investigating an alleged N150 million fraud involving a former Executive Secretary, Lagos State Scholarship Board, Stephen Oshinowo.
A director of accounts, Shobaloju Akinwunmi, and Kasali Amoo were also named in the scandal.
According to a statement signed by the EFCC spokesperson, Wilson Uwujaren, on Thursday, the suspects are being investigated for alleged stealing, money laundering and abuse of office.
The EFCC also said investigations had revealed that the suspects fraudulently converted the said amount to their personal use through two companies, Julikam International Limited and Orsimolu Trading Solutions.
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They also reportedly used pseudo names that benefited from the scheme.
The suspects had been invited for interrogation by the commission earlier this month.
They reported to the commission on Tuesday for interrogation.
The second and third suspects, Messrs Akinwunmi and Amoo, have been granted administrative bail.
The first suspect, Mr Oshinowo, remains in the EFCC custody pending the conclusion of investigation.
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