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Tag: Ladoja’s trial

  • BREAKING: Court acquits Ladoja of N4.7b fraud case

    Justice Mohammed Idris on Friday acquitted former Oyo State Governor Chief Rashidi Ladoja over alleged N4.7billion fraud.

    The judge delivered judgment in the trial.

    He faulted the prosecution’s case, saying it was full of contradictions.

    He said the case was badly prosecuted.

    The judge said EFCC’s case lacked credible evidence and that the prosecution’s case was full of contradictions.

    Justice Idris held that the prosecution failed to prove a single ingredient in the 11-count charge.

    “The court found the defendants not guilty,” the judge held in 11 counts.

    He started reading the judgment at about 10am at the Federal High Court in Lagos.

    He began by announcing that the judgment was up to 250 pages, but that he would skip some aspects.

    “I examined 914 tendered documents forensically,” he said.

    “If have to read the entire judgment, we’ll leave here by 6pm. So I’ll skip some.”

    The 11-year-old case was filed in 2008.

    Justice Idris is the third judge to handle the case after Justices I. M. Sanni and A. R. Mohammed.

    Twelve witnesses were called in the course of the trial, six each by the prosecution and defence.

    The Economic and Financial Crimes Commission (EFCC) re-arraigned Ladoja last November 5 following an amendment to the charge.

    The case went up to the Supreme Court due to interlocutory appeals filed by Ladoja.

    Ladoja was re-arraigned along 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.

    EFCC alleged that the former governor allegedly did not remit N1.9billion realised from the sale of the shares.

    The prosecution and the defence adopted their final written addresses and made closing arguments on January 21.

    Justice Idris, who was elevated to the Court of Appeal, concluded the trial through a fiat.

    EFCC accused the defendants 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 from the state coffers in 2007 and sent it to Bimpe Ladoja in London.

    Ladoja also allegedly bought an armoured Land Cruiser jeep with N42million for himself using public funds.

    EFCC said he converted N728,600,000 and another N77,850,000 at different 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, Oyo State capital.

    The alleged offence, EFCC said, 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.

    Ladoja was governor from May 29, 2003 to January 12, 2006 when he was impeached. On November 1, 2006, the Appeal Court Ibadan, declared the impeachment null and illegal.

    The Supreme Court upheld the decision on November 11, 2009, and Ladajo resumed office on December 12, 2006. He, however, lost a re-election bid.

  • Ladoja’s trial: N180m not remitted to govt, says witness

    The Federal High Court in Lagos yesterday heard that the Oyo State Government sent a petition to the Economic and Financial Crimes Commission (EFCC) after it uncovered an alleged fraud in the sale of the state’s shares in seven banks by the Rashidi Ladoja administration.

    Testifying in Ladoja’s trial for alleged money laundering, the Executive Secretary, Oyo State Bureau of Investment and Public, Private Partnership, Mr Yinka Fatoki, said state officials allegedly got “gifts” running into millions of naira from the portfolio manager.

    The witness recalled that in 2007, while he was an Acting Director of Investment Promotion in the Ministry of Commerce, and while serving as the Desk Officer for Oyo’s holdings in public quoted equities, the state executive council reached a decision to sell off the state’s shares.

    “In 2007, there was a decision by the state to sell some of the shareholdings in about seven banks, including First City Monument Bank, UBA, Skye Bank, Stanbic IBTC, Standard Chattered Bank and Guarantee Trust Bank. Fountain Securities Ltd was appointed the Portfolio Manager,” he said.

    He said the Ministry of Commerce was mandated to generate the letters of instruction to liquidate the shares, which was carried out.

    He said after the sale of the shares, Fountain Securities remitted the funds in three installments to the state.

    Fatoki said the shares were sold at a discount, with the proceeds amounting to N4.3billion, adding that not all the shares were sold.

    The witness said the Christopher Alao-Akala administration ordered an investigation on the transaction, and a stockbroker, GTI Securities, was appointed to review Fountain Securities’ report on the transactions.

    Fatoki said N180million, which was part of the proceeds of the shares sales, was not remitted to the state.

    “GTI submitted its report to the state government. The report was reviewed and the state decided to cause a petition to be forwarded to the EFCC. I was named in the petition as one of the suspects,” the witness said.

    Under cross examination by Ladoja’s lawyer Mr Bolaji Onilenla, the witness said he was not part of those who authorised the sale of the shares.

    He said Fountain Securities had been the state’s portfolio manager since 2001.

    “They were initially contracted by the Lam Adesina administration for a three-year period, which was rolled over by the Ladoja administration,” he said.

    He said Fountain Securities gave cash gifts to government officials. On one occasion, he said the portfolio manager brought four cheques of N5million each.

    “The commissioner reached out to the political functionaries while I dealt with civil servants. The gifts were unrelated to the sale of Oyo State’s shares,” he said.

    EFCC re-arraigned Ladoja for allegedly converting N4.7billion from the state treasury to his personal use, eight years after he was first arraigned.

    Ladoja was charged along with his former Commissioner for Finance Waheed Akanbi on eight counts of money laundering and unlawful conversion of public funds.

    EFCC accused them 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 from the state coffers in 2007 and sent it to Bimpe Ladoja in London.

    Ladoja also allegedly bought an armoured Land Cruiser jeep with N42million for himself using public funds.

    EFCC said he converted N728,600,000 and another N77,850,000 at different 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, Oyo State capital.

    The alleged offence, EFCC said, 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.

    Ladoja was governor from May 29, 2003 to January 12, 2006 when he was impeached. On November 1, 2006, the Appeal Court Ibadan, declared the impeachment null and illegal.

    The Supreme Court upheld the decision on November 11, 2009, and Ladajo resumed office on December 12, 2006. He, however, lost a re-election bid.

    Justice Mohammed Idris adjourned until April 12 and 13 for continuation of trial.

  • N4.7b corruption charge: Ladoja’s trial resumes today

    The absence of a prosecution witness yesterday stalled the trial of former Oyo State Governor Rashidi Ladoja, for alleged N4.7 billion money laundering charge at a Federal High Court in Lagos.

    The Economic and Financial Crimes Commission (EFCC) is prosecuting Ladoja alongside a former Commissioner for Finance, Waheed Akanbi.

    Both men were arraigned on December 14, 2016, before Justice Mohammed Idris on an eight-count charge bordering on N4.7 billion money laundering.

    They pleaded not guilty to the charges and were granted bails.

    But at the resumed hearing of the matter yesterday, the EFCC Prosecutor, Mr Oluwafemi Olabisi, apologised that he could not proceed because of the absence of his witness, a director in the employ of Oyo State government.

    Olabisi said the witness was attending a meeting with the World Bank in Lagos but pleaded to be in court today.

    He urged the court to adjourn the matter till today  and tomorrow as the dates were set down for the continuation of the trial.

    Mr Bolaji Onilenla and Mr Adeyinka Olumide-Fusika, counsel to the first and second defendants, did not object to the request for an adjournment.

    But the lawyer urged the prosecuting counsel to ensure that his witnesses were in court on the agreed dates.

    Justice Mohammed Idris adjourned the matter till March 20 and March 21 for continuation of trial.

    The defendants are said to have conspired, siphoned and laundered N4.7 billion from the coffers of Oyo State.

    The EFCC is also accusing the defendants of converting N1.9 billion belonging to the state to personal use, through the account of a company — Heritage Apartments Limited — to commit the crime.

     

  • Ladoja’s trial adjourned till March 17

    Ladoja’s trial adjourned till March 17

    The Federal High Court in Lagos yesterday adjourned the trial of former Oyo State Governor Rasheed Ladoja till March 19.

    Justice Mohammed Idris adjourned the trial after the court called its fourth witness.

    The Economic and Financial Crimes Commission (EFCC) re-arraigned Ladoja for allegedly converting N4.7 billion from the state treasury to his personal use.

    He was charged along with Waheed Akanbi on eight counts of money laundering and unlawful conversion of public funds.

    They pleaded not guilty.

    Ladoja was governor from May 29, 2003 to January 12, 2006, when he was impeached.

    On November 1, 2006, the Appeal Court in Ibadan declared the impeachment illegal.

    The Supreme Court upheld the decision on November 11, 2009, and Ladajo resumed office on December 12, 2006.

    But he lost a re-election bid.

    A witness and Managing Director of Fountain Securities, Mr Obakola Daisi, was led in evidence by prosecuting counsel, Mr Oluwafemi Olabisi.

    Daisi said he was the official stockbroker for Oyo State government’s portfolio of shares sold in 2007.

    Bidders for the portfolio, he said, included City Securities, Spring Capital, Deep Trust and McLeans Securities, adding that McLeans was the preferred bidder.

    The prosecutor asked the witness if the second defendant was part of the bidding meeting, and he replied “yes”.

    The witness said an Executive Assistant to the former governor, Adewale Atanda, requested that drafts should be raised in the name of Fountain Securities.

    Atanda had testified that Ladoja allegedly bought cars for lawmakers to prevent his impeachment, adding that the former governor gave a directive that the state’s shares be sold.

    He said N634 million, which was part of the commission and profit realised by stockbrokers handling the shares’ sale, were used as slush funds to prevent Ladoja’s impeachment.

    The witness said the N634 million was delivered to him by the stockbrokers.

    According to him, he removed N180 million from the sum, which he earlier borrowed and spent on Ladoja’s instructions during the heat of the impeachment saga.

    Part of the N180 million, Atanda said, was the N80 million he obtained from Wema Bank Plc, which Ladoja allegedly used to purchase 22 vehicles for Oyo State lawmakers to prevent his impeachment.

    Justice Idris also fixed March 20 and 21 for continuation of the trial.

  • Court summons Oyo official in Ladoja’s trial

    Court summons Oyo official in Ladoja’s trial

    THE Federal High Court in Lagos yesterday directed Oyo State Government to send one of its officials to tender a document in the trial of former Governor Rashidi Ladoja.

    The Economic and Financial Crimes Commission (EFCC) re-arraigned Ladoja for allegedly converting N4.7billion from the state’s treasury to his personal use.

    He was charged along with Waheed Akanbi on eight counts of money laundering and unlawful conversion of public funds.

    Justice Mohammed Idris adjourned at the instance of Akanbi’s lawyer, Mr. Adeyinka Olumide-Fusika (SAN), who requested that an official of Oyo State should be summoned by the court to tender some documents as exhibits.

    According to him, a document supplied to the court by the Oyo State Government, was crucial to his client’s defence.

    He urged the court to summon the official to appear in court for the purpose of properly tendering the document as an exhibit.

    Ladoja’s lawyer, Mr. Bolaji Onilenla, did not oppose the application for adjournment.

    Ladoja was governor from May 29, 2003 to January 12, 2006 when he was impeached.

    On November 1, 2006, the Appeal Court Ibadan, declared the impeachment null and illegal.

    The Supreme Court upheld the decision on November 11, 2009, and Ladajo resumed office on December 12, 2006.

    He, however, lost a re-election bid.

    Justice Idris adjourned the case till Monday when the official is expected to appear.

  • Court adjourns Ladoja’s trial

    The Federal High Court in Lagos has adjourned the trial of former Oyo State Governor Rashidi Ladoja till July 4.

    The Economic and Financial Crimes Commission (EFCC) re-arraigned him and former Finance Commissioner Waheed Akanbi for allegedly converting N4.7billion from the state treasury.

    Akanbi’s lawyer, Adeyinka Olumide-Fusika, during cross-examination of the second prosecution witness, Adewale Atanda, sought to tender an extra-judicial statement made by the witness.

    Prosecution lawyer Oluwafemi Olabisi opposed the document’s admissibility on the grounds that it was not properly certified.

    He argued that it was only the authority in whose possession the original was that had the power to certify it.

    Justice Idris upheld the prosecution lawyer’s submission and rejected the statement.

    He directed the prosecution to assist Olumide-Fusika in ensuring that the witness statement and every other document that needed certifications were properly certified.

    Akanbi reiterated his earlier testimony that he gave £600,000 to Bimpe, Ladoja’s daughter, on the former governor’s instruction.

    He had earlier testified that the former governor gave directive that Oyo State’s shares be sold.

    He said N634million, which was part of the commission and profit realised by stockbrokers handling the shares’ sale, were used as slush funds to prevent Ladoja’s impeachment.

    Atanda was Ladoja’s special executive assistant.