Alleged $65m money laundering case: Court adjourns trial of former Federal Mortgage Bank MD/CEO, others till May 7

By Andrew Orolua

Justice James Omotosho of the Federal High Court, Abuja has adjourned the trial of the former Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Kumo Ya’u and two others alongside their companies till May 7, 2025.

Mr. Ya’u , Bola Ogunsola, Tarry Rufus,
Good Health Power Nigeria Limited and T-Brend Fortunes Limited are facing trial
for alleged diversion of $65,000,000 meant for the development of 962 units of residential housing units in Kubwa District in Abuja.

They are being prosecuted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) .

When the case was called on Wednesday, the prosecution counsel, Mr. Osuobeni Akponimisingha told the court that, the prosecution was ready to proceed with the trial as it has lined up five witnesses to testify in the matter.

However, Benjamin Ogar, who represented Ya’u told the court that, the first defendant was not ready to go on with the case, adding that, the lead counsel, Tawo Tawo, SAN wrote to the court seeking an adjournment as he was bereaved and would not disposed to be in court for the matter.

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He said, the lead counsel, who preferred to handle the proceedings personally lost a nephew, who was like a son to him and as such, cannot be in court for the Wednesday’s proceedings in the matter.

The prosecution counsel confirmed receiving a call from the senior lawyer for the first defendant on Tuesday informing him of the demise of his nephew and that a letter seeking for an adjournment will be filed, which he said, he has not been served with and however said, he will not object to the request for adjournment since it has to do with death.

The trial Judge, in his response cautioned the first defendant’s counsel against causing undue delay of the proceedings through request for adjournment, adding that, the case was adjourned at the last sitting at the instance of the counsel to the first defendant.

Justice Omotosho advised junior lawyers to always be prepared and be familiar with the case they are following their seniors to do in Court.

“All the junior counsel coming to this court must be prepared and have knowledge of the case they are accompanying their seniors lawyers to come and do in court”, he said and adjourned the matter till May 7, 9 and 12, 2025.

ICPC in a charge marked, FHC/ABJ/CR/333/24, alleged that , the defendants contravened the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.

The ICPC, in the five-count charge accused Ya’u of making payment to Good Earth Power Nigeria Limited of the sum of N3,785,000,000.00 out of the total contract sum of $65,000,000, for the development of 962 Units of Residential Housing in Kubwa, Abuja named, “Goodluck Jonathan Legacy City” contrary to accepted practice.

The charge stated that, Mr. Gimba Kumo Yau and Bola Ogunsola, in their roles as Chief Executive Officer and Executive Director of the bank in August 2012, had secured a loan of N14 billion from Ecobank Nigeria Plc on behalf of the bank.

ICPC further alleged that Mr. Yau, as the then CEO of FMBN awarded the $65 million contract despite knowing that the company lacked the capacity to carry out the contract and added that, the project remains incomplete, “as of today thereby amounting to economic adversity for the bank and in violation of Section 68(1) of the Public Enterprise Regulatory Commission Act, CAP P39, Laws of the Federation, 2004.”

The other defendants were accused of giving and receiving $3,550,000.00 of the contract sum in cash in contravention of the Money Laundering Act.

Tarry Rufus, Good Earth Power Nigeria Limited and T-Brend Fortunes Limited were accused of directly converting the sum of N991,399,255 into $3,550,000.00 and handing over the same to one Jason Rosamond (now at large) in cash, contrary to Section 18(2) (b) and punishable under Section 18 (a) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The defendants however pleaded not guilty to all the charges preferred against them.

Justice Omotosho had, after the plea of the defendants granted a N100 million bail to each of the defendants with two sureties in like sum.

He ruled that each of the sureties must be owners of property worth N100 million and that they must swear to an affidavit of means and show evidence of tax payment for the past three years.

“The sureties and defendants shall submit their recent passport photographs and certified bank statements. The Defendants shall submit their international passports to the registrar of this court,” the judge ruled.