Home Crime Alleged N4.7bn Fraud: Ladoja Knows Fate As Court Delivers Judgment Tomorrow

Alleged N4.7bn Fraud: Ladoja Knows Fate As Court Delivers Judgment Tomorrow


The Federal High Court in Lagos will deliver judgment on Friday in the 12-year-old trial of former Oyo State Governor Chief Rashidi Ladoja for alleged N4.7billion fraud.

It was learnt that parties have been served with hearing notices.

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Lead prosecuting counsel Mr Festus Keyamo (SAN) confirmed that his law firm got the judgment notice.

Asked if it was true that judgment would be delivered tomorrow, he replied “Yes”.

The Economic and Financial Crimes Commission (EFCC) re-arraigned Ladoja last November 5 following an amendment to the charge.

The commission first charged him with converting the money from the state treasury to his personal use in 2007.

The case went up to the Supreme Court due to interlocutory appeals filed by Ladoja.

Ladoja was re-arraigned along with his former Commissioner for Finance Waheed Akanbi on 11 counts of money laundering and unlawful conversion of public funds.

In the amended charge, EFCC added that Ladoja allegedly “compelled” a broker to sell the state’s shares.

EFCC alleged that the former governor allegedly did not remit N1.9billion realised from the sale of the shares.

The prosecution and the defence adopted their final written addresses on January 21 and and made closing arguments.

Justice Mohammed Idris informed parties that they would be notified once the judgment was ready.

EFCC accused the defendants of converting N1,932,940,032.48 belonging to Oyo to their personal use through the Guaranty Trust Bank account of a company, Heritage Apartments Limited, despite knowing that it was proceed of crime.

The prosecution said Ladoja removed £600,000 from the state coffers in 2007 and sent it to Bimpe Ladoja in London.

Ladoja also allegedly bought an armoured Land Cruiser jeep with N42million for himself using public funds.

EFCC said he converted N728,600,000 and another N77,850,000 at different times in 2007, and allegedly transferred N77, 850,000 to Bistrum Investments, which he nominated to help him purchase a property named Quarter 361 in Ibadan, Oyo State capital.

The alleged offence, EFCC said, contravenes sections 17(a) and18 (1) of the Money Laundering (Prohibition) Act, 2004, punishable under sections 14(1), 16(a) (b) and 18(2).

Ladoja and Akanbi pleaded not guilty.

Ladoja was governor from May 29, 2003 to January 12, 2006 when he was impeached. On November 1, 2006, the Appeal Court Ibadan, declared the impeachment null and illegal.

The Supreme Court upheld the decision on November 11, 2006, and Ladoja resumed office on December 12, 2006. He, however, lost a re-election bid as he couldn’t secure his ticket.

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