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Stats: 16,999 members, 65,642 Topics, 14,837 Comments. Date: April 22, 2019, 1:54 pm

How Omatsuli, Co-Defendant Laundered Over N29m NDDC Funds – Witness

Nigeria Student Forum / General Discussion / Metro News / How Omatsuli, Co-Defendant Laundered Over N29m NDDC Funds – Witness (101) Views

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Fadeyi Oluwaseun
Ladoke Akintola University Ogbomosho
B.tech Marketing Management
200Level, Nigeria.

The trial of Tuoyo Omatsuli, a former Executive Director on Projects, Niger Delta Development Commission, NDDC, and Francis Momoh continued on April 11, 2019 before Justice Saliu Seidu of the Federal High Court sitting in Ikoyi, Lagos, with a prosecution witness, Peter Ademola, revealing how the defendants laundered overN29 million belonging to the Commission through a private company.
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The defendants, who were charged alongside their companies, Don Parker Properties Limited and Building Associates Limited respectively, were arraigned on November 10, 2018, on a 45-count charge bordering on conspiracy and money laundering to the tune of N3,645,000,000 (Three Billion, Six Hundred and Forty-Five Million Naira).
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They pleaded “not guilty” to the charges preferred against them and were subsequently granted bail on November 16, 2018 in the sum of N100 million each with two sureties in like sum.
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At the resumed hearing, Ademola, a Compliance Officer with Fidelity Bank Plc,testifying as the second prosecution witness, revealed how billions of Naira were moved from the NDDC and transferred to a private company, Starline Consultancy Services Limited.
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Ademola, who was led in evidence by the prosecuting counsel, Ekele Iheanacho, said: “As a Compliance Officer in Fidelity Bank, I received a letter from the EFCC on July 3, 2014, requesting for the account openingdocuments, statements of account and tickets of transactions of Starline Consultancy Services Limited, which I obliged the Commission.
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“According to the account opening package, one Ibinabo Michael West was the sole signatory to the account of Starline Consultancy Services Limited.
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“Also, according to the transactions of Starline Consultancy Services Limited with Fidelity Bank, from August, 2014 to March, 2015, it received transferred funds from the NDDC totalling N3.6billion.
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“Debit transactions were made to Building Associates in the total sum of N3.2billion.”
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Read more at www.efccnigeria.org
#Conspiracy #MoneyLaundering #Fraud #Crime #Corruption #EFCC #TheFightAgainstCorruption #FightingForYou

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