Alleged N4billion Fraud: How Ex-Governor Used Unlicensed Companies For Fraud — witness
Obiano is facing prosecution by the EFCC on nine-count charges of embezzlement and money laundering to the tune of N4 billion.
The Economic and Financial Crimes Commission’s (EFCC) ninth witness has told Justice Inyang Ekwo of the Federal High Court, Abuja, that former Governor of Anambra State, Willie Obiano, used unlicensed companies to commit financial fraud during his tenure.
The witness made the revelation on Monday during Obiano’s continued trial of fraud during his administration.
Obiano is facing prosecution by the EFCC on nine-count charges of embezzlement and money laundering to the tune of N4 billion.
At Monday’s proceedings, the EFCC called Prosecution Witness 9 (PW9), Andrew Ali, a staff member of the Central Bank of Nigeria (CBN) and Head of the License Office.
Ali revealed that three companies out of the 23 company accounts connected with the alleged N4 billion fraud were not duly licensed with the CBN to carry out bureau de change (BDC) business.
While being led in evidence by prosecution counsel Sylvanus Tahir, SAN, Ali disclosed that Connaught International Service, SY Panda Enterprise, and Zirga Zirga Trading Company were not licensed to carry out BDC business, adding that Zirga had been delisted from the CBN license list before 2014.
“Sometime around April 2023, we received two letters from the EFCC regarding some 23 financial institutions to determine if they were licensed or not.
“I recall forwarding the two letters to the desk officer, who, upon review, said we had received such letters in the past.
“So we comprehensively replied to the EFCC in a letter dated May 21, 2023, and as seen in our response, out of 23 companies, three of them were not registered,” he said.
The eight-page letter from the EFCC and the CBN’s response were admitted in evidence and marked as exhibits A1–A8.
While being cross-examined by defence counsel Onyechi Ikpeazu, SAN, Ali recalled that Zirga Zirga Trading Company did not meet the licensing requirements before 2014.
“Once you do not meet the requirements, you are delisted. It is public knowledge that we only supervise those who are licensed. Once you are not on our list, we lose the power to supervise you.
“We issue public notices to sensitise the public not to operate with unlicensed companies, which is also available on our website.”
He further stated, “It is clearly stated in sections 15 and 19 of the CBN Revised Operational Guidelines 2015. Our work is to regulate and supervise them.
“Once you do not meet the requirement for renewable licensing, you will be delisted, and we publish it on our valedictory list, which is on our website.
“BDCs also have operational accounts which they do business with. They are not allowed to do business without those accounts,” he revealed.
Justice Ekwo adjourned the matter to February 26, 2025, for the continuation of the trial.
