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Alleged N4.7bn fraud: Oyo Director testifies against Ladoja

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Court summons Oyo official in Ladoja’s trial

A Director in the Oyo State Civil Service, Mr. Yinka Fatoki, on Tuesday testified for the prosecution in the ongoing trial of N4.7bn money laundering charge against a former governor of Oyo State, Rasheed Ladoja.

The Economic and Financial Crimes Commission is prosecuting Ladoja and a former Commissioner for Finance, Waheed Akanbi.

Ladoja and Akanbi had, on December 14, 2016, pleaded not guilty to an eight-count charge bordering on money laundering before Justice Mohammed Idris of a Federal High Court, Lagos, and were granted bails.

The EFCC prosecutor, Mr. Oluwafemi Olabisi, was present in court; while Mr. Bolaji Onilenla and Mr. Adeyinka Olumide-Fusika represented Ladoja and Akanbi respectively.

At the resumed trial on Tuesday, the prosecution witness, Fatoki, told the court he was the Executive Secretary of the Bureau of Investment and Public Private Partnership in Oyo State.

Olabisi: Where were you in 2007?

Witness: As at 2007, I was an acting Director of Investment Promotion in the Ministry of Commerce, Oyo State; and as at that time, the desk officer in charge of state government investment holdings of public quoted securities.

Olabisi: Do you know Fountain Securities Ltd ?

Witness: Fountain Securities Ltd was the appointed portfolio manager for the sale of the Oyo State Government shares in 2007.

We gave a mandate for them to sell the shares, there was no pricing on the mandate, but that they should sell in line with best practices and within a time frame.

When Fountain Securities reported that the shares were sold at a discounted rate, Oyo State Government enlisted GTI Capital Ltd to investigate.

A petition was written by the state executive council to EFCC upon receipt of the investigation report, I was also named in the petition.

During cross-examination, counsel to the first defendant, Mr. Bolaji Onilenla, asked the witness if he was aware of any meeting with the stock brokers to finalise the sale of the shares.

The witness told the court that he had no such knowledge of any meeting.

Onilenla: Are you aware that the state government had an investigation into the sale of the shares?

Witness: The report GTI Capital Ltd sent to the state government after their investigation confirmed that the sales of the shares were done in line with market rules and practices.

In his cross-examination, Olumide-Fusika asked: Did you receive any payment from Fountain Securities?

Witness: I received payment from Fountain Securities Ltd, but it was not payment for the sale of the shares but for the dividends collected on them.

Fatoki further told the court that he gave the money to the commissioner who further disbursed it.

Olumide-Fusika: How was the payment made?

Witness: Payment was made in tranches and not in lump sum.

At the close of cross-examination, Olabisi told the court that the prosecutions’ next witness resides in Ibadan, and that he would need a few days to produce him.

He urged the court to vacate Wednesday’s earlier set-down date and grant the prosecution a further date to produce other witnesses.

Justice Mohammed Idris adjourned the case until April 12 and 13 for continuation of trial.

The defendants are alleged to have conspired, siphoned and laundered N4.7bn from the coffers of Oyo State.

EFCC is also accusing the defendants of converting N1.9bn belonging to the state to personal use, using the account of a company — Heritage Apartments Ltd — to commit the crime.

It claimed that they retained the money sometime in 2007 in spite of their knowledge that it was proceeds from a criminal activity.

Ladoja was accused of removing 600,000 pounds sterling from the state coffers in 2007, which he allegedly sent to Bimpe Ladoja, his daughter, who was in London at the time.

In addition, the ex-governor was also accused of converting N42m belonging to the state to his personal use and subsequently used same to purchase an armoured Land Cruiser jeep.

Ladoja also allegedly converted N728m and another N77m at different times in 2007 to his personal use and transferred the money to Bistrum Investments to purchase a property in Ibadan on his behalf.

The offences contravened sections 14, 16, 17 (a) and 18 (1) of the Money Laundering (Prohibition) Act, 2004. (NAN)

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Presidency Backs World PR Forum, Onanuga Urges Better Nigeria Image

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The Presidency has thrown its weight behind the 2026 World Public Relations Forum scheduled to hold in Abuja from November 15 to 21.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, gave the assurance on Wednesday when the planning committee of the forum visited him at the State House, Abuja.

The delegation was led by the President of the Nigerian Institute of Public Relations, Dr Ike Neliaku.
The forum, which has the theme,

“Deepening Responsible Communications,” is expected to attract about 3,000 delegates from 126 countries.
Onanuga said the hosting of the global event was a major opportunity for Nigeria to showcase its culture and present the country’s story to the international community.

He, however, expressed concern about the negative picture of Nigeria often presented by some Nigerians, especially on social media.

According to him, the forum should be used to correct misconceptions about the country and give foreign visitors a better understanding of Nigeria.

“You see, as a Nigerian, I always feel very odd when you read online the kind of things our people put out in the public space. They say negative things about this country,” Onanuga said.

He added, “This is a great opportunity for us to correct those things of concern to people. For me, I’ve seen the conference as something that will be good for our country, and it should be supported.”

Earlier, Neliaku said the delegation visited Onanuga to seek the support of the Presidency for the successful hosting of the forum.

He said Nigeria was the first African country to secure the hosting rights, adding that the event would provide an opportunity to showcase the country’s rich cultural heritage.

Neliaku noted that Mexico, India and Germany had hosted the forum at different times.

He disclosed that participants at the Abuja event would sign an agreement to be known as the “Abuja Declaration.”

The NIPR president also announced that the President of Zambia, Hakainde Hichilema, would deliver the keynote address at the forum.

He added that President Bola Tinubu would receive a Lifetime Award of Excellence in Reforms during the event.

The Chairman of the Planning Committee, Dr Suleiman Haruna, said preparations were already in top gear.
Haruna said the committee was working with media organisations and security agencies to ensure a successful hosting of the delegates.

Also speaking, a member of the committee and Director-General of Strategic Communications to the Nasarawa State Government, Yakubu Lamai, disclosed that the state government was building a Public Relations University.

He said the project was part of efforts to strengthen the public relations profession and boost confidence in Nigeria among international participants.

A veteran broadcaster and member of the delegation, Moji Makanjuola, said the forum would be inclusive, with women and persons with disabilities adequately represented.

Makanjuola appealed to the Presidency to support the event, stressing that Nigeria must be ready to receive participants from around the world.

“We have to be ready as Nigerians to receive the world; it is a Nigerian thing, it is not for the Ministry,” she said.

The World Public Relations Forum is expected to bring together public relations practitioners, communication experts, policymakers and other stakeholders from across the world to discuss responsible communication and the future of the profession.

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FG adds 208MW to national grid, upgrades Ijora, Apapa substations

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The Federal Government has commissioned upgraded transmission substations at Ijora and Apapa Road in Lagos, adding a combined 208 megawatts of bulk transmission capacity to the national grid.

The projects, inaugurated by the Minister of Power, Joseph Tegbe, are expected to boost electricity supply to major industrial, commercial and residential areas across Lagos.

At the Ijora 132/33kV transmission substation, two new 100MVA transformers have raised the installed capacity from 90MVA to 230MVA, providing an additional 112MW of bulk transmission capacity.

The upgrade is expected to improve power supply to Ijora, Costain, Oyingbo, Customs and adjoining communities within the franchise area of the Eko Electricity Distribution Company.

At the Apapa Road transmission substation, two new 60MVA transformers and modern Gas Insulated Switchgear were installed and energised, increasing the facility’s capacity from 60MVA to 180MVA and adding another 96MW to the transmission network.

The Apapa project is considered particularly important because the area hosts major ports, maritime businesses, logistics companies, warehouses and manufacturing industries. The additional capacity is expected to increase the bulk electricity available to EKEDC for distribution to Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and surrounding communities.

Speaking at the commissioning, Tegbe said the projects were part of the Federal Government’s efforts to tackle structural challenges in the nation’s electricity sector.

He said expanding transmission capacity was essential to ensuring that electricity generated was effectively delivered to areas where demand was highest.

According to him, rapid population growth, industrial expansion and increased commercial activities had put considerable pressure on existing power infrastructure, resulting in suppressed load and constrained electricity supply.

Tegbe said reliable electricity remained central to Nigeria’s economic transformation, adding that the administration’s ambition of building a $1tn economy could not be achieved without adequate and dependable power supply.

The Managing Director and Chief Executive Officer of the Transmission Company of Nigeria, Sule Ahmed Abdulaziz, described the projects as a significant investment in strengthening the country’s transmission network. He said the Apapa project was supported by the Japan International Cooperation Agency, while the Ijora intervention received support from the World Bank in partnership with TCN.

Abdulaziz called for similar interventions to rehabilitate and upgrade other critical sections of the national transmission network. He said continued investment in the network was necessary to ensure that improvements in power generation translated into better supply for homes and businesses.

The Federal Government said the additional 208MW would improve grid stability and strengthen electricity supply to some of Lagos’ most important commercial and industrial corridors, with the projects expected to support businesses and communities that depend heavily on reliable power.

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Nasarawa, firm sign $2m lithium deal

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Nasarawa State Governor, Abdullahi Sule, on Friday presided over the signing of a $2m supplementary lithium agreement between the state government and Diamond New Energy.

The agreement, signed at the Nasarawa State Governor’s Lodge in Abuja, followed Sule’s recent visit to China and is aimed at securing raw materials for the company’s lithium processing operations in the state.

Speaking at the ceremony, Sule said the agreement would protect the interests of both the state and the company while ensuring that the factory remained operational and workers retained their jobs.

He said, “By keeping your factory operational, we ensure that you continue to get raw material. That is the essence of this agreement.”

The governor added that the state’s decision to secure the necessary licence was also intended to protect its interests in the mining operations.

“We are going to keep your factory functional, and we also have an interest as licence owners in whatever you are doing in your company. More importantly, the people you have employed will remain employed,” Sule said.

The governor urged Diamond New Energy to maintain a peaceful relationship with its host communities and contribute to their development, stressing that the cooperation of the communities was important to the success of the investment.

He further disclosed that payments due to the state under the agreement would be made directly to Nasarawa Mining Company Limited in foreign currency, with the terms subject to periodic review.

Earlier, the Commissioner for Environment and Natural Resources, Margaret Elayo, commended the investors for their commitment to Nasarawa State.

Elayo expressed optimism that the partnership would encourage more investors to consider the state as a destination for mineral development and other investments.

The Managing Director and Chief Executive Officer of the Nasarawa State Investment Development Agency, Ibrahim Abdullahi, said the latest agreement was an extension of the exclusive mining cooperation agreement signed between the state government and the company in 2024.

According to him, the earlier agreement contributed to the completion of what he described as the largest lithium processing refinery in West Africa.

He said the supplementary agreement would further strengthen investor confidence and allow the continued supply of lithium materials from the state government’s mining block to the refinery.

Abdullahi said the arrangement would also create more employment opportunities for youths and women in the state.

“This supplementary agreement gives credence to these issues. It further gives confidence to the investor to do even more within Nasarawa State,” he said.

He added that the agreement would provide an immediate financial benefit to the state, with Nasarawa expected to receive $2m upon signing, while further revenues would accrue according to the terms of the agreement.

A representative of Diamond New Energy, David Siong, said the company remained committed to deepening its operations in Nasarawa State through local processing of mineral resources, job creation and economic development.

Siong said the company believed in the further development and deep processing of Nasarawa’s mineral resources, adding that it looked forward to continued support from the state government.

Also at the ceremony, the Attorney-General and Commissioner for Justice, Isaac Danladi, presented copies of the deed of assignment between Nasarawa Mining Company Limited and Ganfeng Lithium Industry Limited.

Danladi explained that the deed transferred the mining rights and interests of Nasarawa Mining Company within 3.5 mining cadastral units located at Endo, Nasarawa Local Government Area, to Ganfeng Lithium Industry Limited.

He said the transfer followed a review of the terms by the parties involved.

The signing ceremony was witnessed by officials of the state Ministry of Justice, Ministry of Environment and Natural Resources, NASIDA, Diamond New Energy and Ganfeng Lithium Industry Limited.

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