EFCC witness exposes how Obiano used unlicensed companies in N4bn fraud

EFCC witness exposes how Obiano used unlicensed companies in N4bn fraud

The trial of former Anambra State Governor, Willie Obiano, resumed on Monday, before Justice Inyang Ekwo of the Federal High Court, Abuja, with the Economic and Financial Crimes Commission (EFCC) presenting its ninth witness.

Obiano is facing nine counts of embezzlement and money laundering amounting to N4 billion, as brought against him by the EFCC.

During Monday’s proceedings, the prosecution called its ninth witness, Andrew Ali, a staff member of the Central Bank of Nigeria (CBN) and Head of the Licensing Office.

Ali testified that three of the 23 company accounts linked to the alleged fraud were not duly licensed by the CBN to conduct bureau de change (BDC) operations.

While being led in evidence by EFCC counsel, Sylvanus Tahir, SAN, Ali identified Connaught International Service, SY Panda Enterprise, and Zirga Zirga Trading Company as unlicensed entities.

He further noted that Zirga Zirga had been delisted from the CBN’s register before 2014.

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“Sometime around April 2023, we received two letters from the EFCC regarding 23 financial institutions to determine if they were licensed. I recall forwarding the letters to the desk officer, who confirmed that we had received similar inquiries in the past. We responded comprehensively to the EFCC in a letter dated May 21, 2023, stating that out of the 23 companies, three were not registered,” Ali said.

The court admitted the EFCC’s eight-page letter and the CBN’s response as evidence, marking them as Exhibits A1–A8.

During cross-examination by defence counsel Onyechi Ikpeazu, SAN, Ali reiterated that Zirga Zirga Trading Company had failed to meet licensing requirements before 2014.

“Once you do not meet the requirements, you are delisted. It is public knowledge that we only supervise licensed entities. If a company is not on our list, we lose the power to oversee its operations. We regularly issue public notices to warn against dealings with unlicensed companies, and this information is available on our website,” he said.

He added, “It is clearly stated in Sections 15 and 19 of the CBN Revised Operational Guidelines 2015. Our role is to regulate and supervise. If a company fails to meet the requirements for license renewal, it is delisted, and the information is published on our website. BDCs also have operational accounts for transactions, and they are not permitted to operate without them.”

Justice Ekwo adjourned the trial to February 26, 2025, for continuation.

 

EFCC witness exposes how Obiano used unlicensed companies in N4bn fraud