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Alleged N4.7bn fraud: Oyo Director testifies against Ladoja
Published
8 years agoon
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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Politics
2027: APC Perfects Consensus Strategy for Oyo
Published
4 hours agoon
May 12, 2026By
Mega Icon
Ahead of the 2027 general elections, the national leadership of the All Progressives Congress (APC) on Tuesday held a high-level strategic meeting with the Oyo State chapter of the party as part of efforts to reposition the APC for victory and prevent internal crisis ahead of the polls.
The development was first scooped by OYOINSIGHT.COM which quoted multiple party sources familiar with the closed-door deliberations.
Sources disclosed that the meeting, held in Abuja, focused largely on a consensus arrangement being considered by stakeholders of the party in Oyo State, in line with political templates reportedly being adopted in Lagos and Ogun states ahead of the next electoral cycle.
Party insiders said the move was aimed at strengthening unity within the fold of the opposition party in the state, minimising rancour during the primaries and presenting a formidable front against rival parties in 2027.
It was further gathered that some members of the state executive committee may have been subtly informed about preferred consensus candidates being considered for elective positions across the state.
Though details of the deliberations were still sketchy as of press time, sources hinted that the national leadership stressed the need for cohesion, discipline and strategic alignment among stakeholders to improve the party’s electoral fortunes in Oyo.
Those at the meeting included the Oyo APC Chairman, Moses Alake Adeyemo; the state secretary, Fatai Adesina Adeniyi; the Publicity Secretary, Olawale Sadare; the Organising Secretary, Aderemi Adepoju; and the Legal Adviser, Sunday Aborisade.
Others were the Women Leader, Adekemi Opatunde; the Youth Leader, Olalekan Oladejo; Joshua Oyebamiji; Tunde Oloyede; Sunday Babalola; Joseph Omoniyi; and Mojeed Adebayo.
As of the time of filing this report, the party had yet to issue an official statement on the outcome of the meeting.
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Politics
2027: Oyo APC Set for Credible Direct Primaries, Says Alake Adeyemo
Published
1 day agoon
May 11, 2026By
Mega IconThe Chairman of the All Progressives Congress (APC) in Oyo State, Chief Moses Alake Adeyemo, on Monday assured aspirants and party members that the party would conduct transparent, peaceful and credible direct primaries ahead of the 2027 general elections.
Adeyemo declared that no aspirant would be victimised or denied a level playing field, stressing that the party leadership remained committed to internal democracy and progressive ideals.
The former deputy governor spoke while receiving members of the APC Screening and Appeal Committees deployed from the party’s National Secretariat in Abuja at the APC Secretariat in Oke-Ado, Ibadan.
He disclosed that although the party initially explored consensus arrangements across elective positions, prevailing realities indicated that direct primaries would be conducted in some areas, including the governorship contest.
Adeyemo said the party had already put necessary structures in place to ensure a hitch-free exercise capable of strengthening unity within the APC.
He said: “We set machineries in motion for us to achieve the aim of consensus across board but reports available to me indicate that we would have to go by the second option which is direct primary in certain cases including the governorship ticket.
“To this end, we shall work towards organising free, fair and credible exercise in all the affected areas even as we cannot rule out the possibility of some aspirants having a rethink and supporting the consensus arrangement as necessary.
“Where we have more than an aspirant, Abuja would send people to conduct primaries and we at the state level would provide the required support to make everything work out in the interest of our great party.”
The APC chairman explained that all registered party members would participate fully in the exercise at their respective wards on dates to be announced by the National Secretariat.
According to him, affirmation would be adopted in areas where consensus candidates emerge, while voting would be conducted wherever direct primaries become necessary.
“For consensus, members will lend their voices for affirmation while voting will be done in the cases of direct primary,” he added.
Speaking earlier, Chairman of the Screening Committee and former Speaker of the Ondo State House of Assembly, Rt. Hon. Taofiq AbdusSalam, assured party faithful that the committee would carry out a thorough, transparent and unbiased screening process.
He said only eligible aspirants would be cleared to participate in the primaries and eventually fly the APC flag in the forthcoming elections.
Other members of the Screening Committee are Kamal Sanusi (Secretary), Smart Oluwole, Tunde Kolade and Olabamiji Agunloye.
Members of the Screening Appeal Committee are Jibola Oduwole (Chairman), Abimbola Jack (Secretary) and Jelil Jimoh.
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Politics
NDC zones 2027 presidency to South, reserves 2031 for North
Published
3 days agoon
May 9, 2026By
Mega IconThe Nigeria Democratic Congress on Saturday zoned its 2027 presidential ticket to Southern Nigeria, declaring that the party’s candidate would serve a single four-year term if elected.
The decision was reached during the party’s national convention held in Abuja amid growing momentum within the opposition platform following a wave of high-profile defections from other political parties.
Announcing the development on its official social media handle, the party stated, “NDC presidential ticket is zoned to the South!!”
The party also resolved that its 2031 presidential ticket would be ceded to Northern Nigeria as part of efforts to maintain regional balance and internal equity.
The convention comes as key opposition figures, including former Labour Party presidential candidate, Peter Obi, and former New Nigeria People’s Party presidential candidate, Rabiu Kwankwaso, joined party leaders and delegates at the Abuja gathering.
Saturday’s convention is expected to ratify several recent decisions taken by the party’s National Executive Committee, including zoning arrangements, amendments to the party constitution, and the election of new national executives.
According to the convention agenda obtained by journalists, discussions centred on zoning, ratification of the amended constitution, and leadership restructuring ahead of the 2027 general elections.
The NDC has in recent weeks witnessed a surge in defections from rival opposition parties, particularly the African Democratic Congress and the Peoples Democratic Party.
On Tuesday, no fewer than 17 members of the House of Representatives defected from the ADC to the NDC.
Their defections were formally announced during plenary at the House of Representatives.
The lawmakers include Yusuf Datti, Uchenna Okonkwo, Adamu Wakili, Thaddeus Attah, George Ozodinobi, Lilian Orogbu, Oluwaseyi Sowunmi, Peter Aniekwe, Mukhtar Zakari, George Oluwande and Munachim Umezuruike.
Others are Emeka Idu, Jesse Onuakalusi, Ifeanyi Uzokwe, Afam Ogene, Murphy Omoruyi and Abdulhakeem Ado.
The defections came barely two days after Obi and Kwankwaso formally joined the NDC from the ADC.
The duo were presented with the party’s membership cards last Sunday shortly after a closed-door meeting with party leaders.
A former Governor of Bayelsa State and NDC national leader, Seriake Dickson, officially welcomed the opposition figures into the party.
Obi had attributed his exit from the ADC to worsening internal crises, external interference and what he described as increasing hostility within party structures.
The former Anambra State governor said Nigeria’s political environment had become increasingly toxic, marked by intimidation, insecurity and sustained scrutiny of opposition figures.
He also lamented that institutions meant to protect citizens were now often deployed against them, while individuals committed to genuine public service faced mounting pressure both publicly and privately.
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