Connect with us

News

How N851m was deposited in accounts of companies owned by Fayose – witness

Published

on

ALLEDGED N6.9bn FRAUD: EFCC opens trial against Fayose

A prosecution witness on Monday told the Federal High Court, Lagos, how N851 million was allegedly deposited in tranches into First Bank accounts of two companies owned by former Ekiti State Governor, Ayodele Fayose.

Mr. Taiwo Ogundein, who is a Relationship Manager with First Bank of Nigeria Plc., testified at the trial of the ex-governor for alleged money laundering.

Fayose was arraigned by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering to the tune of N6.9 billion on October 22, 2018.

The witness was led in evidence by EFCC counsel, Mr. Rotimi Jacobs (SAN).

Ogundein said the funds were deposited in the accounts of the companies – Still Earth Limited and De Privateer Limited.

The EFCC had accused the ex-governor of procuring the companies to retain in their accounts aggregate sums of N851 million.

Ogundein told the court that he was invited by the EFCC in 2015 through his bank on Still Earth and was instructed to come along with its account opening package and statement.

The witness said he was asked questions by the EFCC and he answered with a supporting document.

Jacob presented a First Bank letter to the commission, which the court admitted and marked as Exhibit F4.

READ ALSO: How we moved N200m cash from Fayose’s home – EFCC witness

When asked by the EFCC counsel to describe the specific contents of the document, Ogundein said page one of the document was the signature mandate and account statement of Still Earth, while the next page was a certificate of identification confirming the statement.

He said: “On November 12, 2014, Still Earth gave deposit instructions into its account totaling N34.8 million in four tranches.

“On January 29, 2015, and January 30, 2015, the account received inflows of N40 million and N39.5 million paid by Hoff Concepts Limited and De Privateers Limited respectively.

“On January 30, 2015, there was an outflow of N70.7 million from Still Earth to another company, Capital Field Investment, and Trust Limited.

“On the same day, there were outflows of N105.7 million and N35 million to Capital Field Investment as well as an inflow of N132 million from another company, Samchase Limited.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations