Ladoja benefited from sale of Oyo’s shares

6 min read 1,074 words 4 views

The Economic and Financial Crimes Commission (EFCC) yesterday
told the Federal High Court in Lagos that a former Oyo State
Governor, Rashidi Ladoja, allegedly benefited from the state’s
shares sold in 2007.

The commission’s investigator, Abubakar Madaki, testified in
Ladoja’s trial for alleged money laundering while being led in
evidence by prosecuting counsel, Oluyinka Olabisi.

He said: “The first accused person (Ladoja) admited that
himself, his wife and daughter benefitted from the proceeds
generated from the sale of the shares.

“$13,000 was transferred to his wife outside the country. He
also received a jeep purchased by one of his aides, Chief Adewale
Atanda. He, however, claimed that he has some money with Chief
Atanda”.

The witness said EFCC investigated the transaction following a
petition by the state in 2008.

According to him, the shares were sold at a discounted price as
against what was agreed to at the state executive council meeting
where decision to sell the shares was taken.

Madaki said N1.8 billion from the shares proceeds was allegedly
not remitted.

“We conducted a scientific research on the houses and premises
of the portfolio manager and Mcclace Securities and we recovered a
paper from Mcclace Securities showing the distribution of funds to
Oyo State.

“Heritage Apartments owned by Chief Atanda benefitted from the
proceeds of shares. He later brought a list containing names of
lawyers, family members of the first accused person, his political
aides, associates, children and wives that benefited from what went
to Heritage Apartments,” the witness said.

He added that part of the funds were moved to Oyo State and
Heritage Apartments for Ladoja’s benefit.

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 proceeds 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 May 9.