By Onyewuchi Ojinnaka
The Economic and Financial Crimes Commission (EFCC) on Tuesday, called its second prosecuton witness, Mr. Murtala Abubakar, in the ongoing trial of Senator Peter Nwoboshi, charged with money laundering.
Nwoboshi, a Senator representing Delta North Senatorial District, was charged by the EFCC, along with two companies – Golden Touch Construction Projects Ltd and Suiming Electricals, for alleged N322million money laundering.
The commission had re-arraigned the accused, before a new judge, Justice Chukwujekwu Aneke, on October 5, following the elevatom of the previous trial judge, Justice Mohammed Idris, to the Court of Appeal.
He had pleaded not guilty on his arraignment before Idris, and also, pleaded not guilty to the charges on his re-arraignment before Justice Aneke.
Following his re-arraignment, the case started de novo (afresh).
On Tuesday, the witness who works with the Nigeria Export-Import Bank (NEXIM) as Head of Enterprise Risk Management, told the court that Nwoboshi has paid about N2 billion in respect of the loan his company borrowed from the Bank, for the establishment of a manufacturing industry in Nigeria.
He said that the loan itself was about N1.2 billion, but with accrued interest, the first accused has paid back about N2 billion, leaving a total outstanding of N24 million.
Led in evidence by the prosecutor, Mr O.A. R Ogunde (SAN), the witness told the court that his schedule of duties includes: identification, measurement and management of risk on behalf of the bank.
When asked to tell the court the nature of the bank, the witness said that the bank was a government owned bank, adding that it is jointly owned by the Federal Ministry of Finance and Central Bank of Nigeria (CBN).
He added that the bank was set up to provide finance, risk bearing and advisory services to non-oil exporters in line with government policy.
“However, we also finance companies that are into import substitution, that is, replacing imports with local production” he said.
Under cross- examination by defence counsel, Mr. G.A Mowah, the witness said that the tenure of the loan is five years, adding that it will expire in 2019.
In answer to another question, the witness admitted that all the conditions and guidelines for loan were met by the accused before money was directly disbursed to third accused.
The witness added that the money was disbursed to the third accused, after the approval of the board.
When asked if there was a deed of guarranttee between the bank and the third accused ( Suiming Electricals), the witness replied ‘yes’.
The witness also confirmed that there was Certificate of Occupancy of the third accused which was deposited with the bank as part of security for the loan.
He also admitted that the loan was disbursed in line with policy of the bank and federal government, to encourage local manufacturing and to discourage importation.
Justice Aneke adjourned the case until January 30 and 31, 2019, for continuation of trial by 12 noon.
The prosecution alleged that Nwaoboshi and Golden Touch Construction Projects, purchased a 12-storey building property, known as Guinea House, on Marine Road in Apapa, Lagos for N805million between May and June 2014.
The anti-graft agency claimed that N322million out of the N805million was part of proceeds of “an unlawful act of fraud.
The EFCC alleged that the N322million was transferred to the property’s vendor, on the order of Suiming Electricals, which was accused of aiding the accused to commit money laundering on or about May 14, 2014.
The alleged offences contravenes the provisions of sections 15(2)(d) and 18(a) of the Money Laundering (Prohibition) Act 2011.