The Economic and Financial Crimes Commission (EFCC) has on Tuesday closed its case against the former Governor of Oyo State, Rasheed Ladoja, who is been charged with alleged N4.7billion fraud before a Federal High Court in Lagos.
The EFCC closed its case against the defendants after his last witness, Abubakar Madaki, was crossed examined by the defence counsel Bolaji Onilenla and Adeyinka Olumide-Fusika.
Olumide-Fusika during the cross-examination asked the witness if he was aware that all the mandates given to Fountain Securities on behalf of Oyo State for the sale of the shares were signed by the then commissioner for commerce, to which he responded that he was aware.
Upon the closure of the prosecution’s case, the defence counsel hinted that they would be filing applications for no-case submission on behalf of their clients and prayed the court for an adjournment.
Justice Mohammed Idris then adjourned the case until September 27 for the adoption of written addresses.
Ladoja was charged alongside a former Commissioner for Finance in the state, Waheed Akanbi, with conspiring to siphon and launder N4.7 billion from the coffers of Oyo State Government.
They were brought before Justice Mohammed Idris on December 14 2016, but they pleaded not guilty to the eight-count charge preferred against them by the EFCC and the judge subsequently granted them bail.
The EFCC also accused them of converting N1.9 billion belonging to the state for their personal use through the account of a company known as Heritage Apartments Ltd.
The anti-graft agency claimed that the accused retained the money sometime in 2007 in spite of their knowledge that it was proceeds from a criminal activity.
Ladoja was also accused of removing 600,000 pounds from the state coffers in 2007 and sent to his daughter, Bimpe, in London.
In addition, the ex-governor was accused of converting N42 million belonging to the state for his personal use and subsequently used same to purchase an armored Land Cruiser.
The EFCC added that Ladoja converted N728 million and N77 million at different times in 2007 for his personal use and transferred same to Bistrum Investments for the purchase of a property in Ibadan.
The offences contravened the provisions of Sections 14, 16, 17 (a) and 18 (1) of the Money Laundering (Prohibition) Act, 2004, according to the EFCC.