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Alleged N4.7bn fraud: Oyo Director testifies against Ladoja
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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US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.
Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.
She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.
“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.
In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.
They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.
The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.
“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.
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