By Onyewuchi Ojinnaka
Former Oyo State governor, Rashidi Ladoja was on Monday re-arraigned by the Economic and Financial Crimes Commission (EFCC) on offences bordering on alleged diversion of the state’s funds.
The re-arraignment was sequel to a further amendment to the charge by the commission.
In the amended charge, Ladoja was alleged to have converted N4.7billion from the state treasury to his personal use. He allegedly ‘compelled’ a broker to sell the State’s shares.
He was re-arraigned along with his former Commissioner for Finance, Waheed Akanbi on 11 counts of money laundering and unlawful conversion of public funds.
The Anti-graft agency further alleged that the former governor did not remit the sum of N1.9billion 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 a ‘no-case’ submissions.
Moving the no-case submissions, Ladoja’s counsel, Bolaji Onilenla submitted that EFCC has not established a prima facie case against his client.
An EFCC investigator/witness, Abubakar Madaki, had testified that the shares, worth N6.6billion, were sold without the state executive council’s resolution.
According to Madaki, 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.
However, Ladoja’s counsel Onilenla faulted Madaki’s evidence, arguing that the evidence he gave should have been given by the bank.
He argued that documents tendered by the prosecution through Madaki ought to have been certified and tendered by the banks, stressing that there were no complaints by the state that the shares were sold illegally.
“We urge the court to hold that there was no prima-facie case against the first defendant and we ask the court to discharge and acquit him accordingly,” Onilenla submitted.
Counsel for Akanbi, Adeyinka Olumide-Fusika (SAN), submitted that what the prosecution witnesses said in their evidences were not sufficient to ask the defendants to enter a defence.
“We urge the court to uphold the no-case submission of the second defendant,” the Silk lawyer said.
While responding, prosecuting counsel Olabisi Oluwafemi urged the court to order the defendants to open their defence.
He said the evidence given by the prosecution witnesses raises several questions for which the defendants should be called upon to answer.
EFCC accused the defendants of converting the sum of 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 pointed out that Ladoja removed £600,000 from the state coffers in 2007 and sent it to Bimpe Ladoja in London.
First defendant also allegedly bought an armoured Land Cruiser jeep with N42million for himself using public funds.
Furthermore, 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.
According to EFCC, 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 to all the counts.
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 Ladoja resumed office on December 12, 2006. He, however, lost a re-election bid.
The trial judge, Justice Mohammed Idris adjourned the case until November 12 for continuation of trial.
