
The
re-arraignment followed an amendment of the charge by the EFCC.
Ladoja was
charged for allegedly converting N4.7 billion from the state treasury to his
personal use.
He was
re-arraigned along with his former Commissioner for Finance Waheed Akanbi, on
11 counts charge of Money Laundering and unlawful conversion of public funds.
They,
however, pleaded not guilty to the charges.
In the
amended charge, EFCC added that Ladoja allegedly “compelled” a broker to sell
the state’s shares.
The
prosecution alleged that the former governor did not remit N1.9 billion realised
from the sale of the shares.
The
commission told the court that the money allegedly went to Ladoja, his family
and friends and was not refunded.
EFCC had
closed its case before the amendment, but rather than open their defence, the
accused opted to file no-case submissions.
Moving the
no-case submissions on Monday, Ladoja’s lawyer, Mr Bolaji Onilenla, said EFCC
did not establish a prima facie case against his client.
During
trial, a prosecution’s witness, Mr Abubakar Madaki, an EFCC Investigator, had
testified that the shares, worth N6.6billion, were sold without the state executive
council’s resolution.
According to
the investigator, Ladoja engaged Fountain Securities as a portfolio manager to
sell the shares at a discounted rate, adding that the shares were acquired by
McLace Securities.
However,
Ladoja’s counsel had faulted Madaki’s evidence, arguing that there were no
complaints by the state that the shares were sold illegally.
“We urge the
court to hold that there was no prima-facie case against the first defendant
and we urge the court to discharge and acquit him accordingly,” Onilenla said.
Counsel for
Akanbi, Mr Adeyinka Olumide-Fusika (SAN), said what the prosecution witnesses
tesified in their evidences were not sufficient to ask the accused to enter a
defence.
“We urge the
court to uphold the no-case submission of the second defendant,” he said.
But the
prosecutor, Mr Olabisi Oluwafemi, urged the court to order the accused to open
their defence.
He said the
evidence given by the prosecution witnesses had raised several questions for
which the accused persons should be called upon to answer.
Justice
Mohammed Idris adjourned until Nov. 12 for continuation of hearing.
In the
charge, the accused were alleged to have conspired 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 the knowledge that it was proceeds from a criminal activity.
Ladoja was
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 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.
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