Eight years after he was first arraigned, former Oyo State Governor Rashidi Ladoja was yesterday re-arraigned at the Federal High Court in Lagos for allegedly converting N4.7billion from the state treasury to his personal use.
The Economic and Financial Crimes Commission (EFCC) charged him along with Waheed Akanbi before Justice Mohammed Idris on eight-count of money laundering and unlawful conversion of public funds.
Ladoja was first arraigned before Justice A.R. Mohammed in 2008, but he objected to the charge.
He obtained a stay of proceedings after filing an interlocutory appeal, which was dismissed by the Supreme Court.
The EFCC accused Ladoja and Akanbi of converting N1,932,940,032.48 belonging to Oyo to their personal use through the Guaranty Trust Bank account of a company, Heritage Apartments Limited, despite knowing that it was proceed of crime.
The prosecution said Ladoja removed £600,000 (about N240,219,945) from the state coffers in 2007 and sent it to Bimpe Ladoja in London.
Ladoja also allegedly bought an armoured N42million Toyota Land Cruiser for himself using public funds.
EFCC said he converted N728,600,000 and another N77,850,000 at various times in 2007 and allegedly transferred N77, 850,000 to Bistrum Investments, which he nominated to help him purchase a property named Quarter 361 in Ibadan, the state capital.
Ladoja and Akanbi pleaded not guilty.
EFCC’s lawyer Oluwafemi Olabisi prayed for a date for trial, but defence counsel Bolaji Onilenla and Adeyinka Olumide-Fusika applied for their clients’ bail.
The prosecution opposed it, arguing that the defendants frustrated the trial for almost a decade.
Justice Idris, however, overruled EFCC, saying the defendants could not be denied bail as there was no evidence they violated the bail terms granted them eight years ago.
According to the judge, the defendants merely exercised their constitutional rights by challenging the charge up to the Supreme Court.
Justice Idris held: “It is not out of place for this court to revalidate the order of Justice A.R. Mohammed.”
He adjourned till February 14, 15 and 16 next year for trial.