EFCC accuses Ladoja of failing to return stolen funds
- Former Oyo state governor Rashidi Ladoja has been accused by the EFCC, of failing to return his share of the funds received from the sale of the state’s shares
- The EFCC said it had recovered over N500 million and some vehicles, except that which Ladoja got, which he claimed he would return, but never did
- The former governor was also accused of converting N728,600,000 and another N77,850,000 in 2007 for his personal use
The Economic and Financial Crimes Commission (EFCC) informed the Federal High Court in Lagos on Wednesday, May 30, that a former Oyo state governor, Rashidi Ladoja, did not return his share of the funds received from the sale of the state’s shares, The Nation reports.
The former governor is standing trial for allegedly converting N4.7 billion from the state treasury to his personal use, an allegation which he has denied.
Legit.ng notes that Ladoja was charged alongside his then-commissioner for finance, Waheed Akanbi.
According to the the EFCC’s investigator, Abubakar Madaki, in 2007, Ladoja instructed that the shares, worth N6.6 billion, be sold at discounted rates without the Executive Council’s resolution. He stated that the money realized from the sales allegedly went to Ladoja, his family and friends.
Madaki said the former governor never returned his share of the proceeds, even though he promised to do so.
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The EFCC investigator stated: “The EFCC recovered over N500 million and some vehicles. All the recoveries were remitted to the Oyo state Government, except the money and vehicle that Ladoja got, which he claimed he would return, but never did.”
He added that the money recovered “was the balance that was supposed to be paid to the state government but was shared.”
The investigator also pointed out that the Nigeria Stock Exchange (NSE) had launched an investigation into how the state’s shares were sold.
He said a residential apartment called Quarter 361, which was purchased by Ladoja’s former executive assistant, Adewale Atanda, on the former governor’s behalf with proceeds of shares from Heritage Apartments, the state’s broker, had been discovered by the anti graft agency.
To verify that the property was indeed acquired with proceeds from the sale of the shares, Madaki said the EFCC requested the payment details and discovered that a cheque was written by Heritage Apartments.
He also disclosed that 14 cars had been purchased by Ladoja and his wife, as well as for lawmakers, by Atanda, with a loan obtained from a new generation bank. He said: “They used the shares’ proceeds to offset the loan they took from Wema Bank. The accused benefited from the vehicle. The wife also benefited."
The investigator said investigations were also extended to the Corporate Affairs Commission (CAC) to unravel the identity of another company, Bistrum Investment Limited, which was also used in the transfer of the state’s funds.
Ladoja and Akanbi were accused of converting N1,932,940,032.48 belonging to the state, for their personal use through the account of a company, Heritage Apartments Limited.
He alleged that in 20017, the former governor removed £600,000 (about N240,219,945) from the state’s coffers and sent it to Bimpe Ladoja in London, United Kingdom (UK).
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According to him, the former governor made use of public funds to purchase an armored Land Cruiser Sport Utility Vehicle (SUV) with N42 million. He accused Ladoja of converting N728,600,000 and another N77,850,000 in 2007.
The alleged offence contravene sections 17(a) and18 (1) of the Money Laundering (Prohibition) Act, 2004, punishable under sections 14 (1), 16 (a) (b) and 18 (2).
Ladoja pled not guilty to the charges and the trial is scheduled to continue on Thursday, May 31.
Meanwhile, Legit.ng previously reported that Adewale Atanda told a Federal High Court sitting in Lagos that Rashidi Ladoja bought 22 vehicles to win the loyalty of Oyo state House of Assembly members in 2005 so as to avoid being impeached.
Atanda also informed the court that out of the 22 cars bought by Ladoja, only 14 was given out to Ladoja’s loyalists in the state’s assembly, while the remaining eight were shared among the former governor’s family members.
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Source: Legit.ng
