N33bn Fraud Trial: How defendants bought properties, forex with ONSA funds – Witness

A prosecution witness in a N33.2 billion arms funds diversion trial at the FCT High Court in Abuja on Tuesday detailed how some of the beneficiaries of the funds used the proceeds to buy properties and foreign currencies, particularly dollars and euro, for their personal use.

In his testimony, Michael Adarikun, the first prosecution witness and detective of the Economic and Financial Crimes Commission (EFCC), traced the money trail from the Office of National Security Adviser (ONSA), then led by Sambo Dasuki, to two firms – Acacia Holdings and Reliance Referral Hospital Limited – which allegedly further disbursed the funds as instructed by their owners.

The EFCC is prosecuting former National Security Adviser (NSA), Mr Dasuki, a retired colonel, alongside Aminu Baba-Kusa, and Acacia Holdings and Reliance Referral Hospital Limited – two firms which are at the heart of the subject matter transactions of the trial.

Both Acacia Holdings and Reliance Referral Hospital are said to belong to Mr Baba-Kusa, who is a former official of the Nigerian National Petroleum Corporation (NNPC).

The defendants face a total of 32 counts of fraud involving the diversion of 33.2 billion arms funds entrusted to the NSA office.

EFCC re-arraigned the defendants in March 2025, following the reassignment of the decade-old case to the judge, Charles Agbaza.

The defendants denied all charges.

Mr Adarikun, who continued his testimony which started last year, told the trial court that on 17 April 2015, ONSA, led by Mr Dasuki, transferred N600 million to Acacia Holdings, a firm on trial.

He noted that the money was disbursed to different companies, including Medical Plastic Limited, where Mr Baba-Kusa’s wife is a majority shareholder.

Mr Dasuki duly signed the payments made to the two companies, the witness said.

In his earlier testimony when he took the stand on 11 November 2025, Adarikun told the court that EFCC’s analysis of Acacia Holdings’ account in UBA revealed a transfer of N200 million from ONSA into the said account.

EFCC’s money trail of N600 million from ONSA

Continuing his testimony on Tuesday, the witness stated that the EFCC found a meagre balance of only N27,094 in Acacia Holding’s account shortly before it received N600 million from the ONSA on 17 April 2015.

He said the anti-graft agency stumbled on the discovery while poring over the company’s UBA account statement.

The witness said the money was disbursed to other companies for various reasons.

For instance, the witness said, on 23 April 2015, Acacia Holdings transferred N60 million to Hidayatul Atfaal Islamic Academy (HAIA) on the orders of Mr Baba-Kusa for the payment of 3.62 hectares of land at Kiyami district, Abuja.

After EFCC interviewed the owner of HAIA, Mohammed Tashir, he stated it was a down payment for the land, “That land cost a total of N120 million, so he made a half payment,” Mr Adarikun said.

Similarly, Zabati BDC Limited received N25 million in three tranches. The owner, Abdulrahman, told the EFCC that the money was part payment for the property ‘Hospitality Property Nigeria.’

Ibrahim Saleh, who purchased properties for Mr Baba-Kusa, paid the remaining balance for the property, N15 million, said Mr Adarikun.

On 24 April 2015, there was a transfer of N100 million and N24 million with no clear description.

Then, on 27 April 2015, N8.7 million was transferred to Mr Saleh for “beacon processing of lands purchased by the second defendant at Kwali, Wasa district, Kiyami district, and within the Central Area in the FCT.”

On the same day, N50 million was disbursed in five tranches to Squad Developers Nigeria Limited. Its owner, Sunday Ugwu, told the anti-graft agency that it was also part payment for 118.132 hectares of land at Stadium Layout, Kwali, Abuja.

Mr Saleh paid the remaining balance of N25 million for the property, the witness said, also telling the court that on 30 April 2015, over N33 million was transferred to O.A Akinrinmade.

Transfers and conversion to foreign currencies

On 28 April 2015, over N55 million was transferred in six tranches to Pasman Investment Limited.

Its owner, Farouk Suleiman, told EFCC that Mr Baba-Kusa contacted him through a staff member of the defunct Heritage Bank to fast-track a $1 million transfer to a doctor, Suleiman Alhabib, working with Medical Plastics Services Limited in Saudi Arabia, said Mr Adarikun.

According to the witness, “all the transfers made to Pasman Investment Limited were mopped up to represent the naira equivalent of $630,000.”

On 15 May 2015, over N23 million was transferred to Namuduka Ventures. The owner, Murtala Bashir, told the EFCC that it was for conversion to dollars.

Acacia Holdings, Medical Plastic Limited, and Reliance Referral Hospital transferred a total of over N56million to Namuduka Ventures.

This was converted to “233,944 units and transferred to the second defendant’s Furnishing Touches (FT) account in the United Kingdom (UK), which is a cash card account.”

According to the witness, Mr Bashir told the agency that on 13 May 2015, Mr Baba-Kusa transferred N23 million, which was converted to €65,075 and sent to the same FT account.

Similarly, Namuduka Ventures received another N2,220,000 from Reliance Referral Hospital Limited, which was converted to €1,500 and sent to Mr Baba-Kusa’s Business Free Empty account in the UK.

Mr Baba-Kusa also ordered a transfer of $200,000 to Blue-Lake Management Consultancy Limited.

Transfer to Mr Baba-Kusa’s company

On 4 May 2015, N70 million was transferred to Mr Baba-Kusa’s company, Medical Plastic Limited, of which his wife, Hauwa Baba-Kusa, owns 1.8million majority shares, the witnes said.

Mr Adarikun said N80 million was also transferred to the company on 6 May 2015.

After hearing the witness’s narration, the trial judge, Mr Agbaza, adjourned further proceedings until Wednesday.

Background

Mr Dasuki has been on trial for a decade. His trials suffered multiple adjournments in their early years, largely due to the State Security Services (SSS) refusing to release Mr Dasuki on bail despite multiple court orders.

He served as NSA between 2012 and 2015, in the heat of Boko Haram attacks in Nigeria’s North-east, under the administration of then-President Goodluck Jonathan.

The N33.2 billion fraud trial is one in several cases the EFCC filed in the aftermath of the scandal of alleged diversion of funds meant for procurement of arms to firm up the Nigerian military’s offensive against Boko Haram terrorists between 2014 and 2015, durin the President Jonathan administration.

An audit panel, established by President Muhammadu Buhari following his 2015 election victory, found that approximately $2 billion for arms procurement was unaccounted for. These funds were managed by the NSA, led by Mr Dasuki.

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Aside from the N33.2 billion corruptio case, Mr Dasuki is standing trial alongside former Sokoto State Governor Attahiru Bafarawa, his son Sagir Bafarawa, former Minister of State for Finance Bashir Yuguda, and Dalhatu Investment Limited for N4.6 billion arms procurement fraud.

The charges accused them of diverting N4.6 billion from the NSA office’s account. The money was said to be meant for the procurement of arms to firm up the offensive against Boko Haram terrorists between 2014 and 2015.