Alleged N29bn Fraud: Nyako, EFCC consider out-of-court settlement

A former Governor of Adamawa State, Muritala Nyako, has opted for an out-of-court settlement with the EFCC in a N29 billion fraud suit.

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Mr Nyako, a retired rear admiral, was arraigned by the Economic and Financial Crimes Commission (EFCC) in 2015.

When the matter was called on Friday, the prosecuting counsel, Rotimi Jacobs, told the court that both parties were currently in discussions to ensure an amicable settlement of the case.

According to Mr Jacobs, by the next adjourned date, we should be able to resolve all the details of the settlement so that my lordship can dispose of this matter.

“If we get a week’s adjournment, we will be able to resolve this,” Mr Jacobs said.

Mr Nyako’s counsel, Michael Aondoaka, also confirmed to the court that discussions had reached an advanced stage for an out-of-court settlement.

“I am positive that this matter will be resolved amicably,” Mr Aondoaka said.
Following the consent of other counsel, Justice Peter Lifu adjourned the matter until 18 July for a report of settlement.

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The News Agency of Nigeria (NAN) reports that Mr Aondoakaa had clarified when the idea of the out-of-court settlement first came up that it was not exactly a plea bargain but that it was more about “settling the matter amicably,” particularly considering the age of the former governor.

According to him, a plea bargain creates the impression of guilt. Mr Nyako is 81 years old; he is the age mate of the likes of ex-Head of State Badamosi Babangida, and he cannot continue to be made to face this again.

NAN also reports that Mr Nyako, his son, and other co-defendants are being tried by the EFCC on 37 counts of money laundering to the tune of N29 billion.

Others being prosecuted are two companies, Sebore Farms and Extension Ltd and Pagado Fortunes Ltd, as well as Zulkifik Abba, Abubakar Aliyu, Blue Opal Ltd, Tower Assets Management Ltd, and Crust Energy Ltd.

ALSO READ: Nnamdi Kanu regrets outburst, apologises to judge Nyako, prosecutor

The EFCC alleged that the defendants diverted funds from the Adamawa treasury between January 2011 and December 2014.

They allegedly used companies as conduit pipes to illegally divert the funds running into billions, which they converted into private accounts and moved to Abuja, where they used it to build private estates.

NAN also reports that the trial has been on for 10 years as it began on 8 July 2015 before Justice Evoh Chukwu.

The trial, however, started afresh on 12 September 2016 before Justice Okon Abang, following the demise of Justice Chukwu on 8 June 2016, after the prosecution had already called five witnesses.

The trial had to start afresh again before Justice Peter Lifu, following the elevation of Justice Abang to the Court of Appeal, after the prosecution had called 21 witnesses.

(NAN)