ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Wednesday, May 25, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Rashidi Ladoja

Rasheed Ladoja

N4.7 billion laundering: Defence concludes cross-examination of another witness in Ladoja’s trial

byAgency Report
February 14, 2018
2 min read

The Defence on Wednesday continued its cross-examination of witnesses before a Federal High Court, Lagos, in the ongoing trial of a former governor of Oyo State, Rasheed Ladoja, charged with N4.7 million money laundering.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Ladoja alongside a former Oyo State Commissioner for Finance, Waheed Akanbi.

The duo was arraigned on December 14, 2016 before Justice Mohammed Idris on eight counts bordering on of N4.7 billion money laundering.

Both pleaded not guilty to the charges and were granted bails.

When the trial resumed on Wednesday, the third prosecution witness, Gregory Otsu, a stockbroker, who had since been led in evidence and was still under oath, was cross-examined by counsel to the second defendant, Adeyinka Olumide-Fusika.

Mr. Olumide-Fusika asked the witness: “How much did you pay for the shares from Oyo State Government?”

The witness: “The first cheque was for N1.1billion but I cannot remember the total amount.

Counsel: “The instruction you received to make payment to Heritage Apartments, was it before or after the sale of the shares?”

The witness: “After the sale of the shares, we received an instruction from Fountain Securities that they had paid our statutory fees to Heritage Apartments on our behalf and we refunded same to them.”

On how payment was received, the witness told the court that “some were received by Fountain Securities and others by us.”

The counsel then asked for leave of court to show the witness an exhibit which is a statement of account entry of Heritage Apartments dated April. 4, 2007 for the sum of N180 million.

He then asked the witness if as at the time of payment, he had bought the shares. The witness answered in the affirmative.

The counsel further demanded: “As at April. 10, and April. 11, 2007 before you made the N1.1billion payment, the contract notes show that the 43 million units of shares you claimed to have paid for, had been sold on the Nigerian Stock Exchange floor (NSE)”

“I wouldn’t know”, the witness replied.

Counsel: “Do you recall in your EFCC statement that you confirmed that as at April. 10, 2007, Fountain Securities had started selling the UBA shares? ”

Witness: “I cannot remember.”

When Mr. Olumide-Fusika asked the witness if he refunded any money to the EFCC, the witness confirmed that he refunded money to the commission which they said was for the discount of the shares Oyo State Government sold to them.

After cross -examination, the witness was discharged and Justice Idris adjourned until February 15 for continuation of trial.

The duo is alleged to have conspired to siphon and launder N4.7 billion from the coffers of Oyo State.

The EFCC also accused them of converting a sum of N1.9 billion belonging to the state to personal use, using the account of a company, Heritage Apartments Ltd.

It claimed that they retained the money sometime in 2007, despite their knowledge that it was proceeds of a criminal activity.

Mr. Ladoja was accused of removing a sum of 600,000 pounds from the state coffers in 2007, and sent same to Bimpe Ladoja, his daughter, who was in London at the time.

The ex-governor was also accused of converting a sum of N42 million belonging to the state to his use, and subsequently used same to purchase an armoured Land Cruiser jeep.

In addition, he allegedly converted N728 million and another N77 million at different times in 2007 to his use.

The EFCC claimed that Ladoja transferred the sum to one Bistrum Investments which he nominated to help him purchase a property in Ibadan.

The offences contravened the provisions of Sections 14, 16, 17 (a) and 18 (1) of the Money Laundering (Prohibition) Act, 2004.

(NAN)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

WATCH: Governor Yahaya Bello's Roadmap to Hope 2023

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Why women cheat: what every Nigerian man should know







PT Mag Campaign AD

Previous Post

Another JAMB official ‘steals’ N23 million, gives strange defence

Next Post

Gunmen kill two students of Federal University, Lafia

Agency Report

Agency Report

More News

The Lagos plane being transported

No plane crash in Lagos – FAAN

May 25, 2022
APC and PDP

ANALYSIS: Lagos 2023: APC, PDP set for guber primaries but age-old issues remain

May 25, 2022
Justice symbol used to illustrate the story.

Court remands suspected internet fraudster who allegedly killed police officer

May 25, 2022
PDP LOGO

PDP elects another candidate in second primaries in Badagry

May 24, 2022
Governor Dapo Abiodun, Adekunle Akinlade, Modele Sharafa-Yusuf, Ladi Adebutu, Segun Sowunmi and Jimi Lawal

Ogun 2023: Intrigues as APC, PDP governorship aspirants battle for tickets

May 24, 2022
Nigeria-Police

Kidnappers free cleric, son

May 24, 2022
Next Post
Federal University of Lafia (FULafia)

Gunmen kill two students of Federal University, Lafia

APC Senator

APC senators attack Saraki, reject change in election timetable

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,847,098 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.