ALLEGED N4.7BN FRAUD: EFCC RE-ARRAIGNS LADOJA

The Economic and Financial Crimes Commission on Wednesday re-arraigned a former Governor of Oyo State, Chief Rashidi Ladoja, alongside Waheed Akanbi, for an alleged fraud of N4.7bn. The duo were re-arraigned on eight counts marked FHC/L/336c/08 before Justice Mohammed Idris of a Federal High Court in Lagos. Ladoja appeared in court in a green Agbada of Ankara fabric, a brown cap and black shoes while Waheed was dressed in a black suit. The eight counts pressed against them by the EFCC bordered on money laundering and unlawful conversion of funds belonging to Oyo State to their own.

In one of the counts, Ladoja and Akanbi were accused of converting a sum of N1,932,940,032.48 belonging to Oyo State to their personal own, using a Guaranty Trust Bank account of a company, Heritage Apartments Limited. The EFCC claimed that they retained the money sometime in 2007, despite their knowledge that it was proceeds of a criminal conduct. In another instance, Ladoja was accused of removing a sum of £600,000 from the state coffers in 2007 and sent it to one Bimpe Ladoja, who was at the time in London. The ex-Governor was also accused of converting a sum of N42m belonging to the state to his own and subsequently used it to purchase an armoured Land Cruiser jeep.

He was also accused of converting a sum of N728,600,000 and another N77,850,000 at separate times in 2007 to his own. The EFCC claimed that Ladoja transferred the N77, 850,000 to one Bistrum Investments, which he nominated to help him purchase a property named Quarter 361, Ibadan, Oyo State.The EFCC told the court that Ladoja and Waheed acted contrary to sections 17(a) and18 (1) of the Money Laundering (Prohibition) Act, 2004 and were liable to be punished under sections 14(1), 16(a) (b) and 18(2) of the same Act.