Ex-Oyo Gov Ladoja back in court for alleged N4.7bn fraud in 2007

Former governor of Oyo State, Chief Rashidi Ladoja was on Wednesday re-arraigned before Justice Mohammed Idris of a Federal High Court, Lagos by the Economic and Financial Crimes Commission (EFCC) over alleged N4.7billion fraud said to have been committed in 2007.

The former governor was re-arraigned alongside one Waheed Akanbi in a charge marked FHC/L/336c/08, filed against them in 2008. They were initially arraigned before Justice A. R. Mohammed eight years ago.

The case for which they were re-arraignment came after their appeal against the charges leveled against them, went all the way to the Supreme Court over a period of seven years, and was dismissed.

EFCC re-arraigned them on eight-count charges bordering on money laundering and unlawful conversion of funds belonging to the Oyo State government to their own.

The accused pleaded not guilty to the eight-count charges leveled against them by the EFCC, which include converting a sum of N1,932,940,032.48, belonging to Oyo State Government to their personal use using a Guaranty Trust Bank account of a company, Heritage Apartments Limited.

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Others are, removing the sum of £600,000 from the state coffers in 2007 and sending it to Bimpe Ladoja, who was at the time in London, converting the sum of N42m, belonging to the state, to his own and subsequently used it to purchase an armoured Land Cruiser jeep, among others.

According to EFCC, 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.
In his ruling, trial Justice Idris said the court could not deny the accused bail on account of their exercising their constitutional right of appeal, which caused the delay of the case.

Justice Idris therefore adjourned till February 14, 15 and 16, 2017, for commencement and continuation of trial.

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