N2.17 billion Money Laundering EFCC Closes Case against Obadina, Company after Seven Years

The Economic and Financial Crimes Commission (EFCC) concluded its case against Olugbenga Obadina and his company, Almond Projects Limited on Monday, after seven years. 

The case was presented before Justice Nnamdi Dimgba of the Federal High Court in Maitama, Abuja. 


Mr Obadina and his company are being tried on eight counts of conspiracy, official corruption, and money laundering. The charges stem from the payment of N2,17,190,000 (Two Billion, Seventeen Million, One Hundred and Ninety Thousand Naira) that was received from the Office of the National Security Adviser on November 28, 2015, without any contractual agreement or approval.


The third count of the charge alleges that on April 3, 2014, Mr Obadina and Forty-Eightects Ltd took possession of N648,000,000.00 (Six Hundred and Forty-Eight Million Naira) from the account of the Office of the National Security Adviser with the Central Bank of Nigeria. The payment was made into Almond Projects Ltd’s account with Zenith Bank Plc Account No: 1010921116, without any contract award. Obadina and his company should have known that the said fund formed part of the proceeds of an unlawful activity of Mohammed Sambo Dasuki (rtd), the then National Security Adviser. This act constituted an offence contrary to Section 15(2), (d) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.

Ibrahim Buba, the prosecution counsel, presented four witnesses before closing his case. This move set the stage for the defendant to enter his defence. 


Mr Obadina, who is the Chairman/CEO of Almond Projects Limited, stated in his statement that he owned several companies, including Almond Projects Limited, Intraflow Consulting, Terminal Zero Development Limited, Sunphos Africa Limited, Green Cowrie Energy, Giganorth East Limited, Ancient International, TES Power Limited, and is also a Director in Woks and Koi Oriental Restaurant.


He further confirmed the receipt of NGN 2,017,190,000 from ONSA between 13/05/2013 and 16/04/2015. He was invited by the former National Security Adviser, Colonel Sambo Dasuki (retd) to discuss developing a Solar Farm Project in 2013. 


Mr Obadina disclosed that there was no contract award, agreement, or Memorandum of Understanding (MoU) with the Federal Government.

According to his statement, he transferred NGN 271(Two Hundred and Seventy-One Million, Six Hundred Thousand Naira) to his account with Zenith Bank. The balance in the N2,17,190,000 (Two Billion, Seventeen Million, One Hundred and Ninety Thousand Naira), was expended on various purchases, including a plot of land in Parkview Ikoyi, a vehicle, foreign currencies from a bureau de change, and transfer of the procured foreign currencies to offshore accounts. 


He also listed other expenditures made with the fund, such as purchasing shares, paying office rent, paying salaries, investing in oil and gas, paying travel agents, paying his wife, and funding the Yobe Solar Project.


The funds were deployed to private use, with no evidence of any contract execution. The trial will continue on February 29 and March 1, 2024.


Background


The Managing Director of Almond Properties Limited, Olugbenga Obadina, was arraigned by the Economic and Financial Crimes Commission at the Federal High Court in Abuja in 2016.

Mr Obadina is facing eight counts of money laundering, with the charges alleging that he received over N2.17 billion from former National Security Adviser, Sambo Dasuki, for electricity contracts that were never executed. 


Despite pleading not guilty to all eight counts, the prosecution counsel, Peters Aso, has requested that Mr Obadina be remanded in prison custody with an accelerated hearing of the case. 


Mr Aso believed that if granted bail, Mr Obadina would be a flight risk as he has taken $2.6m abroad and still has his passport in his custody. The prosecutor also accused the defendant of frustrating the investigation even though N70m had been recovered from him. 

The judge, Nnamdi Dimgba, adjourned the ruling on the bail application until 18 July 2016 and ordered the remand of the defendant in Kuje prison.