How we laundered N1.2 billion for Fayose, Obanikoro – Zenith Bank official

Ekiti State governor, Ayodele Fayose
Ekiti State governor, Ayodele Fayose

Alade Sunday, a compliance officer with Zenith Bank, Akure, Ondo State, on Monday narrated how his bank helped the duo of former Minister of State for Defence, Musiliu Obanikoro, and Governor Ayodele Fayose of Ekiti State move N1.2 billion.

Mr. Sunday, the prosecution’s principal witness, spoke during the trial of Abiodun Agbele, an aide to Mr. Fayose.

He told the court that as compliance officer, he was worried about the large sum of money being transported, but did not report it to any appropriate authority.

Mr. Agbele is facing trial for his role in the alleged diversion of N1.2 billion from the office of the former National Security Adviser, Sambo Dasuki.

He was arraigned alongside Mr. Obanikoro, who was then outside the country, and two others, Tunde Oshinowo and Olalekan Ogunseye, both of whom are at large.

A company, Sylvan Mcnamara Limited, was also accused in the 11-count charge.

Mr. Obanikoro who submitted himself to the EFCC upon his return to Nigeria has agreed to return a bulk of the money he got from the deal, sources told PREMIUM TIMES.

Photo: thenewsnigeria.com.ng
Photo: thenewsnigeria.com.ng

Mr. Fayose is not being prosecuted because of the immunity he enjoys as governor by virtue of Section 308 of the Nigerian constitution. An account belonging to him, which reportedly had over N1 billion in it, was however frozen by the anti-graft agency, EFCC.

The N1.2 billion is believed to have been largely used to fund Mr. Fayose’s election as Ekiti governor. The controversial politician has since denied the charged and alleged persecution by Nigeria’s ruling All Progressives Congress.

The money is part of the N4.7 billion allegedly transferred from an account at the Central Bank belonging to the Office of the National Security Adviser. The then National Security Adviser, Sambo Dasuki, is also being prosecuted separately on various charges of corruption and illegal possession of firearms.

While being cross examined by Mike Ozekhome, counsel to Mr. Agbele, Mr. Alade affirmed that when the aircraft carrying the cash alighted at the Akure airport, it was Mr. Agbele who took custody of the money and transferred it to the Zenith Bank officials, including instructions on how they were to be transported to the Akure branch of the bank.

The witness, who said he had not met Mr. Obanikoro before the airlift of the cash, said the former minister arrived Akure with Mr. Agbele on the plane that brought the money.

When asked on whose instruction the monies were transferred, he said “the instruction was given by Abiodun Agbele. The transaction was processed on behalf of Agbele, the cash was mostly in N1000 bills while the rest were in N500, and were deposited into the accounts of Spotless Investment, De Privateer limited and Ayodele Fayose’s account.”

Mr. Alade had earlier testified to the court that his zonal manager, Abiodun Oshodi, informed him that a customer would be bringing in some money. But when he was asked to read from his witness statement which stated that he was informed by one Lawrence Akande from the Ibadan branch of the bank, he got agitated and insisted on the fact that he was informed by his zonal manager.


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  • Kamalu

    Let’s begin to imagine how Ayodele Fayose will beat Security agencies to evade justice in 2018 after the expiry of his tenure as Governor. Will he try the Alams strategy? Will he transform into a spirit and disappear? Will the Agbekoyas and evil spirits of Ekiti avail him invincible powers? Or will he be scooped out from a hole like what happened to Saddam Hussein of Iraq fame? Questions, Questions, only time will tell!

    • e_orpheus

      I think the bigger question is what the Ekiti House of Assembly is waiting for rather than move for his impeachment. This is not hearsay, but corroborated testimony from multiple first hand witnesses. He ought not to remain in that seat.

      • Kamalu

        The Assembly men are probably under Fayose’s spell and do not forget he is an “area father” who is capable of anything.

      • Ade Omowest

        The Ekiti House of Assembly Members are “Area Boys and Girls” installed by Fayose with the help of Dr. Dumbo Fortunato. They will not do the needful because they are compromised and totally naive with no integrity.

    • Harry Haruna

      This kind question na wa o

  • smart G

    Nigerians are sick and tired of these stale stories.
    Please save our economy and reunite Nigerians.

    • Sean

      Nigerians can never be united with idiots and uneducated f00ls looting out treasury?These monies must be recovered in full

      • Tunsj

        Recovered in full indeed.

    • raji

      It’s the money they stole that brought us to where we are today and it’s the same money this criminal are using to separate us

    • Shahokaya

      You are entitled to your opinion, so long as you are aware that it doesn’t make sense to anyone else.

  • sammyctu ode

    Sickening stories and very nauseating that a bank like zenith could assist criminals like fayose and obanikoro launder billions. When are these banks going to pay for their evil sins. PMB don’t you want to make money for our treasury? Please impose heavy fines double the amounts they laundered for these criminals. It’s totally unacceptable for our banks to continue to engage in criminal activities.

    • AlBsure23
  • This is a shameless probe and media lynching of political opposition orchestrated by buhari and his fraudulent party. Nigerians are waiting to know how Buhari and APC financed their campaign.

    • Tunsj

      Really? Don’t be absurd. So why did Obanikoko returned some of the stolen money to the EFCC? I wonder what planet you come from.

      • DON

        Please can you provide evidence that Sen Obanikoro any money?
        Don’t forget that the same EFCC sources told us sometimes ago that Metuh agreed to return400 millions.

    • paul irumundomon

      Saudi, Iran and their Quran produced the money.

  • Okey Okoye

    Immunity is very big issue . I can’t understand crime is been committed and they claim immunity. This is serious issues facing the nation.

  • Charles River

    Countdown to Fayose Kuje holiday = 1460 days…

  • Galantman

    Fayose! How market? The kicks of a dying horse cannot prevent its death, but this times it’s a life sentence for,good

  • paul irumundomon

    Is there any Nigerian, who cares how the opposition stole money. 180 million people, everyone on one side of a fence. There are criminals in apc, until there is one size fit all investigation, we all will remain in darkness, and buhari will ultimately fall.

  • Du Covenant

    As a compliance officer, he failed in his primary responsibility to his employer and should be dealt with as an equal partner in crime while Zenith Bank should pay a heavy fine for employing such a person so that next time they will hire someone who will take necessary actions when such criminal actions are taking place in the organization. Corporate compliance is serious business in sane societies and ignorance is no excuse.

    • famaks

      So the transaction was not tracked at Zenith HQ, the server room never pick up branch transaction, the system head had ni inbuilt alarm for transaction exceeding all limits of cash transaction

      I am tempted to say you wrote to protect the bank CEO, if anyone goes to jail he must.

      A branch officer is just a fall guy. That will not stop money laundry for criminal by top bankers

      • Du Covenant

        I agree with all you pointed out. The heavy fine I mentioned is certainly an indictment of the entire bank, it’s management and corporate culture in general.

  • Fadama

    Trust the Ekiti buffoon to come up with some laughable defense lines.

    • Black Revolutionary

      Editor Premium Times,

      Goodluck Jonathan and his regime’s genocidal thefts

      There’s no war against corruption going on under Muhamadu Buhari. A future revolutionary government
      led by educated men without Buhari’s type of moral ambivalence will start the proper war against theft
      and bring every treasury thief to justice, leving no thief behind. A war against corruption under which
      Raji Fashola is sheltered and Sanusi Lamido is protected by President Buhari is a very sick joke.
      In a proper war against corruption there’ll be no entertaining nuggets of jail today bail tomorrow.

      There will simply be no treasury thief left standing. They’ll all be laid to rest in perfect peace.
      What happened under Goodluck Jonathan is the historical equivalent of genocidal theft.
      Anyone supposing he’ll get away with it after running circles around Buhari, is not wise.
      Muhamadu Buhari is more of an entertainer than a champion of war against thieves.
      There’s no practical way to resolve treasury theft without spilling blood in Nigeria.
      Thieves and victims can never live together in peace inside the same house.

  • DON

    ” But when he was asked to read from his witness statement which stated that he was informed by one Lawrence Akande from Ibadan branch of the bank, he got agitated and insisted on the fact that he was informed by his zonal manager.”
    Either Mr Alade lied in the witness statement or to the court.

  • zacchaeus Akinleye

    The Ekiti State lawmakers are a disgrace to democracy and a co-conspirator in this grand theft. Arise O Compatriots!