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Tag: Ladoja

  • Alleged N4.7b fraud: EFCC re-arraigns Ladoja

    The Economic and Financial Crimes Commission (EFCC) yesterday re-arraigned former Oyo State Governor Rashidi Ladoja for allegedly diverting the state’s funds.

    The re-arraignment followed an amendment to the charge by the commission.

    Ladoja was charged with converting N4.7 billion from the state treasury to his personal use.

    He was re-arraigned with his former Commissioner for Finance, Waheed Akanbi, on 11 counts of money laundering and unlawful conversion of public funds.

    In the amended charge, EFCC added that Ladoja allegedly “compelled” a broker to sell the state’s shares.

    The anti-graft body alleged that the former governor allegedly 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 defendants opted to file no-case submissions.

    Moving the no-case submissions yesterday, Ladoja’s lawyer Bolaji Onilenla said EFCC did not make out a prima facie case against his client.

    An EFCC investigator, Abubakar Madaki, had testified that the shares, valued at N6.6 billion, were sold without the State Executive Council’s (Exco’s) resolution.

    The investigator said 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.

    But Onilenla faulted Madaki’s evidence, arguing that the evidence he gave should have been given by the banks concerned.

     

  • Alleged N4.7bn fraud: EFCC closes case against Ladoja

    The Economic and Financial Crimes Commission (EFCC) yesterday closed its case against a former Oyo State Governor Rasheed Ladoja for alleged N4.7 billion fraud at a Federal High Court in Lagos.

    Ladoja is standing trial alongside a former Finance Commissioner Waheed Akanbi.

    The defendants were arraigned before Justice Mohammed Idris on December 14, 2016, on an eight-count charge.

    Each defendant pleaded not guilty.

    At the resumption of proceedings, an EFCC operative, Abubakar Madaki, was cross-examined by the defence team, while first and second defendants’ counsel Adeyinka Olumide-Fusika and Bolaji Onilenla said they intended to make a “no-case submission”.

    Justice Idris upheld their application for an adjournment and fixed September 27 for adoption of the final written addresses.

    The defendants were charged with conspiracy to siphon and launder N4.7 billion from the coffers of the Oyo State government.

    According to the EFCC, they converted N1.9 billion belonging to the state to their personal use through the account of a company, Heritage Apartments Limited.

    The anti-graft agency claimed that the defendants retained the money sometime in 2007, despite their knowledge that it was proceeds from a criminal activity.

    Ladoja was accused of removing 600,000 pounds from the state coffers in 2007 and sending same to his daughter, Bimpe, in London.

    Besides, the ex-governor was accused of converting N42 million belonging to the state to his personal use and subsequently used same to buy an armoured Land Cruiser.

    The EFCC added that Ladoja also converted N728 million and N77 million at different times in 2007 for his personal use and transferred same to Bistrum Investments to buy a property in Ibadan.

    The alleged offences contravene sections 14, 16, 17 (a) and 18 (1) of the Money Laundering (Prohibition) Act, 2004, according to the EFCC.

     

  • N4.7bn ‘fraud’: ‘Ladoja bought 26 cars for ex-loyal lawmakers from state account’

    A prosecution witness, Mr Abubakar Madaki, told a Federal High Court yesterday in Lagos that a former Oyo State Governor Rasheed Ladoja purchased 26 cars for 14 ex-legislators from the state coffers.

    Madaki, an Economic and Financial Crimes (EFCC) operative, gave evidence in the trial of Ladoja and his erstwhile Commissioner for Finance, Waheed Akanbi, for alleged N4.7 billion fraud.

    The defendants were arraigned before Justice Mohammed Idris on December 14, 2016, but they pleaded not guilty to the eight-count charge preferred against them by the EFCC.

    The judge had granted the two men bail.

    At yesterday’s resumed trial, Ladoja’s lawyer Bolaji Onilenla continued the cross-examination of the witness.

    Madaki alleged that Ladoja instructed the second prosecution witness (PW2), Mr Wale Atanda, to buy 26 cars valued at N80 million for 14 legislators who were loyal to him in the House of Assembly from the state government’s (OYSG) account.

    During the cross-examination, Onilenla asked the witness: “Take a look at Exhibit H25, the requested vehicle information for the cars, what is the date on it?”

    The witness said: “It is dated 2005.”

    Onilenla also asked the witness to confirm that the transaction on the cars was unrelated to the sales of Oyo State shares, to which he answered in the affirmative.

    The lawyer then asked the witness: “Are you aware that the vehicles were given to the legislators on lease?”

    The witness said: “There is no statement showing they paid for them, only Ladoja paid N5 million when the bank began to request for the money.”

    Onilenla asked: “Are you aware that the legislators entered into agreements with VT Leasing Limited to pay for the cars by instalments?”

    The witness said: “I am not aware of any agreement.”

    Onilenla sought to tender the agreement documents, all of which were photocopies except the agreement between VT Leasing Limited and Mr Olayemi Busari.

    The EFCC prosecutor, Mr Oluwafemi Olabisi, objected to the photocopies tendered, contending that they were not original copies.

    But the court admitted and marked them as Exhibit H32.

    Continuing his cross-examination, Onilenla said: “On the issue of the 600,000 pounds, did you investigate the bureau de change that was allegedly used?”

    The witness said: “The daughter of the first accused was the beneficiary. She admitted getting 100,000 pounds and not 600,000 pounds. So, there was no need.”

    Onilenla also asked the witness: “On the purchase of the armoured car, are you aware that Atanda bought the car for Ladoja on the supposition that he wanted it without asking him?”

    The witness said: “Yes, My Lord, I am aware.”

    Onilenla then asked: “Why then did you not investigate how an individual was able to purchase a car for the government without following due process?”

    The witness said: “We did not investigate that.”

    Onilenla told the court that he needed to produce more documents to enable him finish his cross-examination and prayed the court for an adjournment.

    Justice Mohammed Idris adjourned the case until September 7 for continuation of trial.

  • Ladoja dumps PDP for ADC

    A former governor of Oyo State, Chief Rashidi Ladoja, finally dumped the Peoples Democratic Party (PDP) yesterday and formally announced his defection to  the African Democratic Congress (ADC).

    The move came barely a year after he rejoined the PDP from the Accord Party following extensive talks between him and PDP leaders.

    But the former governor said the national leadership of PDP had been unfair to him despite his genuine intention to return to the party he jointly built and on whose ticket he governed the state between 2003-2007.

    Addressing supporters at  his Bodija, Ibadan residence, Ladoja recounted efforts by him  to stabilize the PDP in the state and in the country and said those sacrifices went unrecognized as he was sidelined by  the party leadership in drawing up lists of candidates for ward, local government and state congresses.

    Ladoja said he had accepted the responsibility of facilitating the defection of serving and former governors and lawmakers across the country into the ADC.

    He said: “The ADC and PDP have signed an agreement to present a joint presidential candidate. What we are seriously working on for now is that the presidential candidate should emerge from the ADC. This will compel me to move to different parts of the country quickly so that the ADC will hold the ace in other states after we have conducted the congresses in Oyo State.

    “As it is now, there is no ward in Oyo State that we don’t have presence. If possible, we should conduct our ward congress next Saturday. Registration will begin from now. If the ward congress is conducted on Saturday, the Saturday that will follow, we can also conduct local government congress, and the Saturday that will follow that one on August 18, we can conduct state congress.

    “We need to conduct the congresses on time, so that we would not contravene the guidelines set by the INEC. It is not that we are in a haste, but time is no longer on our side with barely eight months to the general elections.

    “By the grace of God, things will fall in proper places. I urge you all to cooperate with the leadership as we go through the process. Let us be more committed than we did in the past.”

  • Ladoja finally dumps PDP for ADC

    A former governor of Oyo State, Chief Rashidi Ladoja, waved a final bye to the Peoples Democratic Party (PDP) on Friday and formally announced his defection to the African Democratic Congress (ADC).

    The move came barely a year after he rejoined the PDP from the Accord Party following extensive talks between him and PDP leaders.

    But the former governor said the national leadership of PDP has been unfair to him despite his genuine intention to return to the party he jointly built and on whose ticket he governed the state between 2003-2007.

    Addressing supporters at his Bodija, Ibadan, residence, Ladoja recounted efforts by him to stabilize the PDP in the state and in the country, and said those sacrifices went unrecognized as he was sidelined by the party leadership in drawing up lists of candidates for ward, local government and state congresses.

    Ladoja said he has now accepted the responsibility of facilitating the defection of serving and former governors and lawmakers across the country into the ADC.

    He said:“the assignment that the delegation of ADC from Abuja gave me is that the governors that are planning to join ADC, that I should facilitate their defection to ADC. I may not always be around, but it is for the betterment of our party. This is because I am sure that the home front in the state is safe. Those at home are competent.

    “The ADC and PDP have signed an agreement to present a joint presidential candidate. What we are seriously working on for now is that the presidential candidate should emerge from ADC. “This will compel me to move to different parts of the country quickly so that ADC will hold the ace in other states, after we have conducted the congresses in Oyo State.

    “As it is now, there is no ward in Oyo State that we don’t have presence. If possible, we should conduct our ward congress next Saturday. Registration will begin from now. If the ward congress is conducted on Saturday, the Saturday that will follow, we can also conduct local government congress, and the Saturday that will follow that one on August 18, we can conduct state congress.

    “We need to conduct the congresses on time so that we would not contravene the guidelines set by INEC. It is not that we are in a haste, but time is no longer on our side with barely eight months to the general elections.

    “By the grace of God, things will fall in proper places. I urge you all to cooperate with the leadership as we go through the process. Let us be more committed than we did in the past.”

  • 2019: APC faction, Oyinlola, Mimiko meet Ladoja for merger talk – News

  • Ladoja failed to return ‘stolen’ funds, says EFCC

    The Federal High Court in Lagos yesterday heard that a former Oyo State Governor Rashidi Ladoja allegedly did not return his share of the funds he received from sale of the state’s shares.

    Ladoja is on trial for allegedly converting N4.7 billion from the state treasury to his personal use.

    But he denied the allegation.

    The Economic and Financial Crimes Commission (EFCC) charged him with Waheed Akanbi, his commissioner for Finance, for alleged graft.

    An EFCC investigator, Abubakar Madaki, who testified, averred that the former governor gave instructions in 2007 that the shares, worth N6.6 billion, be sold at discounted rates without the Executive Council’s (Exco’s) resolution.

    The witness said the money allegedly went to Ladoja, his family and friends.

    According to the investigator, Ladoja engaged Fountain Securities as a portfolio manager to sell the shares at a discounted rate.

    The shares were acquired by McLace Securities.

    “In the course of our investigation, about N500 million was recovered from McLace Security, Fountain Securities and other stockbrokers,” Madaki said.

    According to him, Ladoja promised to return his share of the money, but never did.

    “The EFCC recovered over N500 million and some vehicles. All the recoveries were remitted to the Oyo State government, except the money and vehicle that Ladoja got, which he claimed he would return, but never did,” Madaki said.

    The witness said money recovered “was the balance that was supposed to be paid to the state government but was shared”.

    Madaki said the Nigeria Stock Exchange (NSE) launched an investigation into how Oyo State shares were sold.

    The witness said EFCC also discovered that a residential apartment, called Quarter 361, was purchased by Ladoja’s former Executive Assistant Adewale Atanda on the former governor’s behalf with proceeds of shares from Heritage Apartments, the state’s broker.

    To verify that the property was acquired with the shares’ proceed, Madaki said EFCC requested the payment details and discovered that a cheque was written by Heritage Apartments.

    The witness said Atanda bought 14 cars for lawmakers as well as for Ladoja and his wife, using loan obtained from Wema Bank Plc.

    He added: “They used the shares’ proceeds to offset the loan they took from Wema Bank. The accused benefited from the vehicle. The wife also benefited.”

    The witness said investigations were extended to the Corporate Affairs Commission (CAC) to unravel the identity of another company, Bistrum Investment Limited, also used in the transfer of Oyo State funds.

    He said although the first accused denied knowledge of Bistrum, he admitted knowing one its directors, who he said was his cousin.

    Madaki said further investigations confirmed that Atanda’s account in Lagoon Homes, which also received part of proceeds from stock brokers, was issued a bank draft of N70 million.

    The EFCC accused Ladoja and Akanbi of converting Oyo State’s N1,932,940,032.48 to their personal use through the Guaranty Trust Bank account of a company, Heritage Apartments Limited.

    The prosecution said the former governor removed £600,000 (about N240,219,945) from the state’s coffers in 2007 and sent it to Bimpe Ladoja in London, United Kingdom (UK).

    Ladoja also allegedly bought an armoured Land Cruiser Sport Utility Vehicle (SUV) with N42 million for himself, using public funds.

    The EFCC investigator accused the former governor of converting N728,600,000 and another N77,850,000 in 2007.

    He was said to have also transferred N77,850,000 to Bistrum Investments, which he allegedly nominated to help him buy a property, Quarter 361, in Ibadan, Oyo State capital.

    The alleged offence contravenes sections 17(a) and18 (1) of the Money Laundering (Prohibition) Act, 2004, punishable under sections 14 (1), 16 (a) (b) and 18 (2).

    Ladoja and Akanbi pleaded not guilty.

    The trial continues today.

  • Presidency hits Obasanjo over Fayose, Ladoja, Obi

    Ex-president accused of undemocratic actions

    The Presidency yesterday attacked the Peoples Democratic Party (PDP) administration, especially under former President Olusegun Obasanjo, for “toppling” elected state governments, using the police and the secret service.

    In an article to commemorate the third anniversary of the Buhari Presidency last night, Senior Special Assistant to President Muhamadu Buhari on Media and Publicity Garba Shehu recalled how former Governors  Joshua Dariye (Plateau), Rashidi Ladoja (Oyo) and Peter Obi (Anambra)  were removed for reasons not noble.

    The statement added that under that dispensation, “it took an insider collaboration to thwart the unseating of Governor (Chris) Ngige (of Anambra State) by a powerful thug sponsored by the PDP administration.”

    Shehu added: “The parliament at the centre seized the law-making powers of the Rivers State House of Assembly as a way to save Governor Rotimi Amaechi, the then chairman of the Nigerian Governors Forum, from impeachment by the PDP presidency.”

    Recalling the way the governors were removed  without going through the due process, the statement said:  “A five-man legislature met at 6:00 am and ‘impeached’ Governor Dariye in Plateau; 18 members out of 32 removed Governor Ladoja of Oyo from office; in Anambra, APGA’s Governor Obi was equally impeached at 5:00 a.m. by members who did not meet the two-thirds required by the constitution. His offence was that he refused to inflate the state’s budget. The lawmakers had reportedly met with representatives of the President in Asaba, Delta State and then accompanied to Awka by heavy security provided by the police Mobile Unit.

    “The PDP President at that time had reportedly told Obi to forget re-election in 2007 if he did not join the PDP because he (the President) would not support a non-PDP member.

    In Ekiti, Governor Fayose in his first term faced allegations of financial corruption and murder. Following the failure to heed the instruction of the Presidency to impeach only Fayose and spare the deputy, Madam Olujimi, now a senator, the PDP President declared that there was a breakdown of law and order in the state and declared a state of emergency.

    “He appointed Brig-Gen. Adetunji Olurin (rtd) as the sole administrator of the state on October 19, 2006. In an earlier incident in Anambra, it took an insider collaboration to thwart the unseating of Governor Ngige by a powerful thug sponsored by the PDP administration.”

    The Presidency said: “Thank God for Buhari, none of these absurdities has happened under his watch but the PDP is indicating their boredom with his meticulous observance of the constitution by calling for a return to the old order.

    “If not for “dry eyes,” as said in our common parlance, what is it that would push this party to write a letter to the United Nations, laying false claims to constitutionality and alleging that democracy is presently under threat?

    “But then, we all understand that by its tone, this is an angry opposition unhappy about the loss of privileges they desperately want to hang on to, privileges now abolished by the prudent, austere Buhari Administration. “The former Minister of Finance, Dr Ngozi Okonjo-Iweala, shocked the world by the revelation in her new book, titled, Fighting Corruption is Dangerous: The Story Behind the Headlines, that they paid N17 billion bribe to the National Assembly to get them pass the 2015 budget.

    “President Buhari’s first budget in 2016 was the first year of passing the budget without the bribery of legislators. He came to power to clean up the mess and has so far managed a cleaner government than all of the past administrations.”

    The article said “the beneficiaries of the old order have since been complaining that they are being starved. Four more years of Buhari?”

    “If by chance or accident you have a USD 16 billion question hanging on your neck, money large enough to construct the Lagos-Port Harcourt standard gauge railway and the massive Mambila power plant put together without borrowing a kobo, then you see a capacity in the change administration to end the shenanigans and get to the root of what happened with the money in that exercise, what do you do? Most people will say start running, scream it: that this change we voted for has gone too far. Foxy generals don’t wait to be caught.”

    “It is the same thing with the narrative of suffering and hunger in the land, the blame which is unfairly being heaped on this administration. Understood in its proper meaning, it is just a way of saying that the country’s ghastly and complicated corruption industry, which provides inestimable amounts of disposable incomes to public servants and elected officials is being shut down. What government has done in the trade and investment sector, and in other processes of government are illustrative of this. Government has been streamlining systems as a result of which there is transparency and fewer rules.”

  • ‘Ladoja, family, friends blew N1.9b shares proceeds’

    The Federal High Court in Lagos yesterday heard that a former Oyo State Governor Rashidi Ladoja allegedly did not remit N1.9billion realised from the sale of the state’s shares.

    The Economic and Financial Crimes Commission (EFCC) told the court that the money allegedly went to Ladoja, his family and friends and was not refunded.

    An EFCC investigator, Abubakar Madaki, testifying in Ladoja’s trial, alleged that the former governor unilaterally gave instructions in 2007 that the shares be sold.

    He said 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.

    “In the course of our investigation, about N500million was recovered from McLace Security, Fountain Securities and other stockbrokers.

    “The balance could not be recovered because some of those who purchased the shares were not even stockbrokers as highlighted by the report of the Nigerian Stock Exchange.

    “Part of the proceeds was used to offset the four cars given to the first accused (Ladoja), which he confirmed. That too, the first accused has not refunded the value of the cars neither did his family members and associates refund what was given to them; all these were part of the proceeds.”

     

     

     

  • Ladoja, family, friends blew N1.9b shares proceeds, says EFCC

    The Federal High Court in Lagos yesterday heard that a former Oyo State Governor Rashidi Ladoja allegedly did not remit N1.9 billion realised from the sale of the state’s shares when he was in office.

    The Economic and Financial Crimes Commission (EFCC) told the court that the money allegedly went to Ladoja, his family and friends and was not refunded.

    An EFCC investigator, Abubakar Madaki, who testified in Ladoja’s trial, accused the former governor of unilaterally giving instructions in 2007 that the shares be sold at discounted rates.

    He said the shares, worth N6.6 billion, were sold at discounted rates without the State Executive Council’s (Exco’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.

    “In the course of our investigation, about N500 million was recovered from McLace Security, Fountain Securities and other stockbrokers.

    “The balance could not be recovered because some of those who purchased the shares were not even stockbrokers, as highlighted by the report of the Nigerian Stock Exchange (NSE).

    “Part of the proceeds was used to offset the (cost of) four cars given to the first accused (Ladoja), which he confirmed. Also, the first accused has not refunded the value of the cars, neither did his family members and associates refund what was given to them; all these were part of the proceeds.

    “I can name the cars for clarity. There is a jeep; there is a bus and there are two cars, out of the cars supplied to members of the House of Assembly loyal to the first accused when he was governor.

    “All these were paid for with the proceeds of the shares. The first accused confirmed this in his statement; he promised to make a refund then but as at today, he has not done so.”

    Ladoja is on trial for alleged N4.7 billion fraud involving state funds.

    EFCC charged him along with his Commissioner for Finance, Waheed Akanbi.

    Prosecuting lawyer Olufemi Olabisi said Madaki tendered the letter allegedly written by Ladoja to approve the shares’ sale, which was admitted in evidence.

    The defendants pleaded not guilty to the charge.

    Justice Mohammed Idris adjourned the matter till May 30 and 31.