A former Deputy Governor of Osun State, Senator Iyiola Omisore, has now paid back N350million of the N1.7billion public funds which the Economic and Financial Crimes Commission ( EFCC) traced to him.

Omisore first paid N300million and another N50million to the EFCC yesterday.

A top-level source in the EFCC confirmed the development, saying: ”We hope he will pay up the balance as soon as possible.”

“We are determined to retrieve all slush funds for the nation’s use,” the source added.

About N4.685billon was transferred by the Office of National Security Adviser (ONSA) to Sylva McNamara Limited, a company linked to a former Minister of State for Defence, Mr. Musiliu Obanikoro.

Of the sum, about N3.880billion was allegedly given to Governor Ayodele Fayose and Senator Omisore through cash and bank transfers by Obanikoro.

Omisore’s share was said to be about N1.7billion.

The former Deputy Governor gave the list of companies which benefited from the N1.7billion that was released by the NSA to him.

According to a report by the EFCC, some of the funds were remitted as follows: Fimex Gilt Limited (N160m)-8/8/2014in UBA; Metropolitan Consortium (N350m)—9/7/14 in First Bank; Sawanara (N300m)—1/8/14 in First Bank and Metropolitan Consortium (N350m)-1/8/14 in First Bank.

Meanwhile, there were indications yesterday that the Acting Chairman of the EFCC, Mr. Ibrahim Magu, has approved the release of a former Minister of State for Defence, Sen. Musiliu Obanikoro, and Dr. Reuben Abati who was a former Special Adviser on Media and Publicity to ex-President Goodluck Jonathan from custody.

While Obanikoro refunded N100.4million to the EFCC with an undertaking for the return of about N480million, Abati was granted bail to go and source for the N50million allocated to him by the Office of National Security Adviser( ONSA).

A top source said: “Having substantially met his bail conditions, the EFCC has released Obanikoro from custody. Apart from refunding N100million, he also pledged to pay back about N480million.

“Regarding Abati, the EFCC released him on bail to source for the N50million credited to him by ONSA.”

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