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Alleged N4.7bn fraud: EFCC closes against former governor

The Economic and Financial Crimes Commission (EFCC), on Tuesday closed its case against the former Governor of Oyo State, Rasheed Ladoja, who is being charged with alleged N4.7billion fraud before a Federal High Court in Lagos.

The EFCC closed its case against the defendants after his last witness, Abubakar Madaki, was crossed examined by the defence counsels Bolaji Onilenla and Adeyinka Olumide-Fusika.

Olumide-Fusika, during the cross-examination, questioned the witness if he was aware that all the mandates given to Fountain Securities on behalf of Oyo State for the sale of the shares were signed by the then commissioner for commerce, to which he responded that he was aware.

Upon the closure of the prosecution’s case, the defence counsel hinted that they would be filing applications for no-case submission on behalf of their clients and prayed the court for an adjournment.

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

Ladoja was charged alongside a former Commissioner for Finance in the state, Waheed Akanbi, with conspiring to siphon and launder N4.7 billion from the coffers of Oyo State Government.

Ladoja was also accused of removing 600,000 pounds from the state coffers in 2007 and 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 armored 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.

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