How Ladoja Got Part of Money From Sales of Oyo Shares in 2007

An operative of the Economic and Financial Crimes Commission (EFCC), Friday narrated to the Federal High Court in Lagos how a former Oyo State Governor, Chief 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 the 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 N1.8bn 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 N4.7bn 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 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.
Justice Mohammed Idris adjourned until May 9 for continuation of trial.

Author: News Editor

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