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N4.7bn Alleged Fraud: EFCC Re-arraigns Ladoja Eight Years After

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  • EFCC Re-arraigns Ladoja Eight Years After

The Economic and Financial Crimes Commission on Wednesday re-arraigned a former Governor of Oyo State, Chief Rashidi Ladoja, alongside one Waheed Akanbi for an alleged fraud of N4.7bn.

The EFCC claimed that Ladoja and Akanbi committed the offence in 2007.

The charge, marked FHC/L/336c/08, was filed against them in 2008 and they were first arraigned before Justice A. R. Mohammed eight years ago.

Their re-arraignment before Justice Mohammed Idris of a Federal High Court in Lagos on Wednesday followed the dismissal of their appeal against the charges which went all the way to the Supreme Court over a period of seven years.

Seventy-two-year-old Ladoja appeared in court in a green agbada made of ankara fabric, a brown cap and black shoes while Akanbi was dressed in a black suit.

The eight counts pressed against them by the EFCC border on money laundering and unlawful conversion of funds belonging to the Oyo State Government 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 Government 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 a proceed of a criminal conduct.

In another instance, Ladoja was accused of removing the sum of ÂŁ600,000 from the state coffers in 2007 and sent it to Bimpe Ladoja, who was at the time in London.

The ex-governor was also accused of converting the 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 Akanbi 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.

The defendants, however, pleaded not guilty upon the charges being read to them.

The EFCC, lawyer, Mr. Oluwafemi Olabisi, consequently asked the court to fix a date for the commencement of trial.

But the defence counsel, Mr. Bolaji Onilenla and Mr. Adeyinka Olumide-Fusika, informed the court of their clients’ bail applications.

Onilenla, representing Ladoja, urged the court to allow his client to continue on the bail conditions granted him in 2008 by Justice Mohammed.

“The first defendant has kept full faith with the terms and conditions of the bail and there was no single incident of default,” Onilenla said, while assuring Justice Idris that his client would “behave himself” and make himself available for his trial.

In his bench ruling, Justice Idris held that the court could not deny the defendants bail on account of their exercising their constitutional right of appeal, which resulted in the delay of the case.

He adjourned till February 14, 15 and 16, 2017, for commencement and continuation of trial.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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