EFCC arraigns Suswam, ex-finance commissioner for N3.1bn fraud

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The Economic and Financial Crimes Commission on Tuesday arraigned the immediate past Governor of Benue State, Gabriel Suswam, and a former Commissioner for Finance under his administration, Omodachi Okolobia, on nine counts of money laundering involving about N3.1bn of the state’s fund.

The defendants pleaded not guilty to all the counts when the charges were read to them before Justice Ahmed Mohammed of the Federal High Court in Abuja.

The judge fixed December 8 and 9 for trial, after granting the two defendants bail in the sum of N100m and one surety each on Tuesday.

The prosecution alleged that between August 8 and October 30, 2014, in Abuja, the defendants used a company, Elixir Securities Ltd, to divert the sum of N3,111,008,018.51 allegedly stolen from proceeds of the sale of shares owned by Benue State Government and Benue Investment and Property Company Limited.

The defendants were accused of diverting the money, which formed part of the sum of N9,411,708,009.51 realised from the sale of the shares of the state, thereby committing an offence contrary to section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under section 15(3) of the same Act.

Suswam and Okolobia were also accused of conspiracy and “criminal breach of trust” for allegedly diverting the sum of N3.1bn into the account of Fanffash Resources World-Wide Limited, a bureau de change company, to enable them receive the dollar equivalent, thereby committing an offence contrary to sections 97 and 315 of the Penal Code Act, Cap 532, Vol. 4, LFN 2007.

According to the prosecution, the defendants used Elixir Securities Limited to transfer the total sum of N3.1bn to Fanffash Resources World-Wide Limited in four tranches – N413,000,000 on August 8, 2014; N1bn on September 12, 2014; N638,018,000.51 on October 13, 2014 and N1,068,000,000 on October 17, 2014.

The prosecution led by Mr. Rotimi Jacobs (SAN), who earlier informed Justice Mohammed that the charges were filed on November 2, did not oppose the defendants’ bail applications after their arraignment on Tuesday.

Jacobs had urged the court to only impose conditions that would ensure that the defendants would always be present in court for their trial.

Justice Mohammed subsequently granted the defendants’ bail in the sum of N100m with one surety each.

The court ruled that each of the sureties must be an employee of any of the agencies or any establishment of the state or the Federal Government and must be on not nothing less than Grade Level 12.

Justice Mohammed however ruled that in the absence of civil servants, the defendants could produce Nigerians who had been conferred with national honours.

But the judge added that any sureties to be produced by the defendants must swear to affidavits of means while also ordering then (the defendants) to deposit their passports with the registrar of the court.

One of the nine counts read, “That you Gabriel Torwua Suswam and Omodachi Okolobia, while being Benue State Governor and Commissioner of Finance of Benue State respectively on or about 17th October, 2014 in Abuja, within the jurisdiction of this honourable court, did transfer, through Elixir Securities Limited, the sum of N1,068,000,000.00 to the account of Fanffash Resources World-Wide Limited, a bureau de change company, which sum you knew formed part of the proceeds of unlawful activity: to wit: theft of the sum of N3,111,008,018.51 which forms part of the sum of N9,411,708,009.51 realised from the sale of shares owned by Benue State Government and Benue Investment and Property Company Limited and you hereby committed an offence contrary to section 15(2) (b) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under section 15(3) of the same Act.”

Source: Punch