N4.7b fraud: EFCC closes case against Ladoja, Akanbi

The Economic and Financial Crimes Commission on Tuesday closed its case against a former Governor of Oyo State, Rasheed Ladoja, charged with N4.7billion fraud before a Federal High Court in Lagos.
Ladoja was charged alongside a former Commissioner for Finance in the state, Waheed Akanbi.
The accused were brought before Justice Mohammed Idris on December 14, 2016, for allegedly siphoning and laundering N4.7 billion from the coffers of Oyo State Government.
Both pleaded not guilty to the eight-count charge preferred against them by the EFCC.
At the resumed trial on Tuesday, counsel to the accused, Adeyinka Olumide-Fusika and Bolaji Onilenla, told the court they intended making a “No Case Submission” and prayed the court for adjournment.
Justice Mohammed Idris adjourned the case until September 27 for adoption of written addresses.
The EFCC had accused Ladoja and Akanbi of converting N1.9 billion belonging to the state for their personal use through a company known as Heritage Apartments Ltd.
Ladoja was also accused of removing 600,000 pounds from the state coffers in 2007 which he allegedly sent to his daughter in London.
In addition, the ex-governor was accused of converting N42 million belonging to the state for his personal use and subsequently used same to purchase an armoured car.
The EFCC added that Ladoja converted N728 million and N77 million at different times in 2007 for his personal use and transferred same to Bistrum Investments for the purchase of a property in Ibadan.
The EFCC said that the offences contravened Sections 14, 16, 17 (a) and 18 (1) of the Money Laundering (Prohibition) Act, 2004.