The Economic and Financial Crimes
Commission (EFCC) on Monday re-arraigned former Oyo State Governor, Rashidi Ladoja
over alleged N4.7 billion fraud.
The re-arraignment followed an
amendment of the charge by the EFCC.
Ladoja was charged for allegedly
converting N4.7 billion from the state treasury to his personal use.
He was re-arraigned along with
his former Commissioner for Finance Waheed Akanbi, on 11 counts charge of Money
Laundering and unlawful conversion of public funds.
They, however, pleaded not guilty
to the charges.
In the amended charge, EFCC added
that Ladoja allegedly “compelled” a broker to sell the state’s shares.
The prosecution alleged that the
former governor did not remit N1.9 billion realised from the sale of the
shares.
The commission told the court
that the money allegedly went to Ladoja, his family and friends and was not
refunded.
EFCC had closed its case before
the amendment, but rather than open their defence, the accused opted to file
no-case submissions.
Moving the no-case submissions on
Monday, Ladoja’s lawyer, Mr Bolaji Onilenla, said EFCC did not establish a
prima facie case against his client.
During trial, a prosecution’s
witness, Mr Abubakar Madaki, an EFCC Investigator, had testified that the
shares, worth N6.6billion, were sold without the state executive council’s
resolution.
According to the investigator,
Ladoja engaged Fountain Securities as a portfolio manager to sell the shares at
a discounted rate, adding that the shares were acquired by McLace Securities.
However, Ladoja’s counsel had
faulted Madaki’s evidence, arguing that there were no complaints by the state
that the shares were sold illegally.
“We urge the court to hold that
there was no prima-facie case against the first defendant and we urge the court
to discharge and acquit him accordingly,” Onilenla said.
Counsel for Akanbi, Mr Adeyinka
Olumide-Fusika (SAN), said what the prosecution witnesses tesified in their
evidences were not sufficient to ask the accused to enter a defence.
“We urge the court to uphold the
no-case submission of the second defendant,” he said.
But the prosecutor, Mr Olabisi
Oluwafemi, urged the court to order the accused to open their defence.
He said the evidence given by the
prosecution witnesses had raised several questions for which the accused persons
should be called upon to answer.
Justice Mohammed Idris adjourned
until Nov. 12 for continuation of hearing.
In the charge, the accused were
alleged to have conspired to siphon and launder N4.7 billion from the coffers
of Oyo State Government.
The EFCC also accused them of
converting N1.9 billion belonging to the state for their personal use through
the account of a company known as Heritage Apartments Ltd.
The anti-graft agency claimed
that the accused retained the money sometime in 2007 in spite of the knowledge
that it was proceeds from a criminal activity.
Ladoja was accused of removing
600,000 pounds from the state coffers in 2007 and sent to his daughter, Bimpe,
in London.
In addition, the ex-governor was
accused of converting N42 million belonging to the state for his personal use
and subsequently used same to purchase an armoured Land Cruiser.
The EFCC added that Ladoja
converted N728 million and N77 million at different times in 2007 for his
personal use and transferred same to Bistrum Investments for the purchase of a
property in Ibadan.
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