EFCC Closes N4.7bn Fraud Case Against Ladoja & Akanbi

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The Economic and Financial Crimes Commission (EFCC), on Tuesday, 11th of September, closed its case against the former Governor of Oyo State, Rasheed Ladoja and a former Commissioner for Finance, Waheed Akanbi charged with N4.7billion fraud before a Federal High Court in Lagos.

The accused were brought before Justice Mohammed Idris on Dec.14, 2016, but pleaded not guilty to the eight-count charge preferred against them by the EFCC and were later granted them bails.

Counsel to both accused further informed the court that they intended to make a no-case submission to the prosecution’s case and prayed the court for an adjournment.

Justice Mohammed Idris adjourned the case until Sept 27 for adoption of written addresses.

The accused were charged with conspiring to siphon and launder N4.7 billion from the coffers of Oyo State Government. The EFCC also accused them of converting N1.9 billion belonging to the state for their personal use through the account of a company known as Heritage Apartments Ltd. The anti-graft agency claimed that the accused retained the money sometime in 2007 in spite of their knowledge that it was proceeds from a criminal activity.

Ladoja was accused of removing 600,000 pounds from the state coffers in 2007 which he was said to have sent to his daughter, Bimpe, in London. In addition, the ex-governor was accused of converting N42 million belonging to the state for his personal use and subsequently used same to purchase an armoured Land Cruiser.

The EFCC added that Ladoja converted N728 million and N77 million at different times in 2007 for his personal use and transferred same to Bistrum Investments for the purchase of 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, according to the EFCC.

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