EFCC Arraigns SMEDA
EFCC Arraigns SMEDA Deputy Director for N700m
Fraud
The Economic and Financial Crimes Commission, EFCC, on Monday,
November 26, 2018, arraigned one Babatunde Osho, before Justice
Nnamdi Dimgba of the Federal High Court, sitting in Maitama, Abuja,
on a 41-count charge, bordering on forgery, fraudulent acquisition
of properties and money laundering to the tune of N700 million.
Osho was arraigned alongside Midset Agro Services Limited, Just
Fair Investment Limited, and Tufik Associates, companies he is
signatories to.
The defendant’s journey to the dock, started when the Commission
received an intelligence report that Osho, a Deputy Director,
Account and Finance, in Small and Medium Enterprises Development
Agency, SMEDA, allegedly diverted the said money, meant for
constituency projects and awarded same to his personal
companies.
Further investigations into the matter revealed that no
contracts were executed.
Also, during interrogation, he was asked why the money was
diverted into his account and Osho, who equally owns a Primary and
Secondary School, Royal Field Academy in Ogun State, made available
forged documents to mislead the Commission into believing that the
contract was actually awarded to his companies.
One of the counts reads: “That you Babatunde Osho and Just Fair
Investment Limited between April 2017 and May 2018 in Abuja within
the jurisdiction of this honourable court, used the total sum of
N120,700,000 (One Hundred And Twenty Million, Seven Hundred
Thousand Naira) when you ought to have known that the said
N120,700,000 paid into the FCMB Account No. 4342993012 represents
proceeds of unlawful activity of Babatunde Osho to wit: Forgery and
Fraudulent Acquisition of Property and thereby committed an offence
contrary to Section 15 (2) (d) of the Money Laundering Prohibition
Act 2011 as amended by Act No. 1 of 2012 and punishable under
Section 15 (3) of the same Act”.
He pleaded not guilty to all the counts.
In view of his plea, the prosecution counsel, E. E. Iheanacho,
prayed the court for a trial date and for the defendant to be
remanded in prison custody.
The defence counsel, Abah John Augustine, informed the court of
their bail application, which was heard and the court granted him
bail.
The defendant was granted bail in the sum of N100million with
two sureties in like sum. The court further ruled that the sureties
shall be residents in Abuja and one shall have a landed property
within the Federal Capital Territory. One of the sureties shall be
a civil servant not below the rank of a Deputy Director; the
sureties shall show evidence of tax payment.
The court also ruled that the defendant shall deposit his
international passport with the registrar of the court and shall
not travel outside the country without the permission of the court,
obtained through a motion on notice.
The defendant was remanded in Kuje prison, pending the
fulfilment of his bail conditions.
The matter was thereafter adjourned to February 1, 2019, for
commencement of trial.
Tony Orilade
Ag. Head, Media & Publicity
26th November, 2018