Alternative Africa

Top Menu

  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

Main Menu

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

logo

Alternative Africa

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
  • Nigeria announces new ambassadors to UK, US, others

  • A third of covid-19 patients readmitted to hospital with heart problem-Study

  • Egypt signs agreement for $23 billion first high-speed electric train

  • Doctor shares shocking image of Covid-19 damaged lung, worse than smokers

  • Joe Biden to prioritize legal status for millions of immigrants

News Now
Home›News Now›Nigeria: How Ladoja, Family Benefited From Sales of N2.7bn Oyo State Shares-Witness

Nigeria: How Ladoja, Family Benefited From Sales of N2.7bn Oyo State Shares-Witness

By alternativeafrica
May 10, 2018
578
0
Share:

 

Former governor of Oyo State, Nigeria, Senator Rasheed Ladoja

 

Adetokunbo Fakeye

The ongoing trial of a former governor of Oyo State, Nigeria, Senator Rasheed Ladoja, who is being prosecuted for an alleged N4.7bn fraud, continued on Thursday with a prosecution witness, Aliu Madaki,  an investigator with the the Economic and Financial Crimes Commission, EFCC, telling Justice Muhammed Idris of the Federal High Court sitting in Ikoyi, Lagos how the former governor benefitted from the proceeds of the sale of the state’s shares in 2007.

Ladoja is standing trial alongside his former Commissioner for Finance, Waheed Akanbi,  for allegedly selling the state’s shares worth N6.6bn without executive resolution.

At Friday’s sitting, Madaki told the court that though the first defendant , in his statement, promised to refund the money he benefited from the sale of Oyo State portfolio of shares, he had not done so.

Led by the prosecution counsel, Oluwafemi Olabisi, Madaki also told the court about the relationship between Ladoja and one Adewale Atanda, whom he described as his(Ladoja) Executive Assistant at the time of the transaction.

In his further evidence, Madaki, who said investigators could not trace any money to Atanda during the course of investigation, told the court that the shares and part of the proceeds were given to Ladoja and his relations.

He also told the court that the Nigeria Stock Exchange NSE, conducted an investigation into the sale of this shares and issued a report.

 The copy of the report was tendered and admitted in evidence as exhibit H3.

Madaki mentioned two companies, Marklay Security Limited and Fountain Security Limited as the managers for the sale of the portfolio of Oyo State shares.

He said the sum of N1.9bn from the proceeds of the sale of the shares was not remitted to the coffers of the state.

“The family members did not refund what was given to them, which served as outstanding,” he added.

He also added that contrary to Ladoja’s promise in a statement he made to the EFCC, he had not returned a Sport Utility Vehicle(SUV) and a bus he bought from the proceeds of the sale of the shares.

Continue in his testimony, Madaki also told the court that when a search was conducted on Heritage Apartments owned by Atanda, documents relating to the proceeds of the state’s shares were recovered.

The search warrant and documents of the Oyo State’s shares were tendered and admitted in evidence as exhibits H4 and H5, respectively.

Justice Idris adjourned the case to May 30 and 31, 2018 for continuation of trial.

SHARE ON:
Previous Article

South Africa arrests 25 illegal immigrants

Next Article

Nigeria: Witness Reveals How Ex-NNPC GMD, Yakubu ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

alternativeafrica

Related articles More from author

  • EnvironmentNews Now

    Zambia Denies Authorising Extracting of 2,000 Hippos

    June 8, 2018
    By VJ Africa
  • News Now

    Togolese ‘fleeing human rights abuses’ to Ghana – UN

    October 27, 2017
    By alternativeafrica
  • News Now

    Court orders interim forfeiture of Patience Jonathan’s Abuja houses

    April 30, 2018
    By alternativeafrica
  • News Now

    UN urges Israel to scrap African migrant relocation plan

    January 9, 2018
    By alternativeafrica
  • AfricaBusinessNews Now

    Ghana introduces community mining initiative to regulate activities of illegal miners

    July 26, 2019
    By alternativeafrica
  • News Now

    US: Business man charged with $96 million fraud

    January 27, 2018
    By alternativeafrica

Leave a reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You might be interested

  • AfricaBusinessNews Now

    Nigeria: SMEDAN advocates BVN as collateral to access micro-credits

  • BusinessNews Now

    Nigeria: Lagos-Ibadan, Itakpe-Warri rail lines to begin commercial operations in September-NRC

  • BusinessNews Now

    Nigeria: Buhari’s govt has spent N2.7 trillion on infrastructure in two years-Lai Mohammed

Timeline

  • January 18, 2021

    Nigeria announces new ambassadors to UK, US, others

  • January 18, 2021

    A third of covid-19 patients readmitted to hospital with heart problem-Study

  • January 18, 2021

    Egypt signs agreement for $23 billion first high-speed electric train

  • January 18, 2021

    Doctor shares shocking image of Covid-19 damaged lung, worse than smokers

  • January 17, 2021

    Joe Biden to prioritize legal status for millions of immigrants

  • Popular

  • Comments

  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Morocco begins regional integration by connecting Casablanca Airport with High Speed Train

    By alternativeafrica
    January 4, 2020
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Nigeria: 32,000 capacity Lagos rice mill to start production in 2020

    By alternativeafrica
    December 23, 2019
  • The return of fortress conservation: why excluding people means biodiversity conservation will fail – Future agricultures
    on
    October 16, 2020

    Inside the training camp of Akashinga, Zimbabwe’s armed, all-women anti-poaching rangers

    […] In parallel to ...
  • The return of fortress conservation: why excluding people means biodiversity conservation will fail - The Zimbabwean
    on
    October 12, 2020

    Inside the training camp of Akashinga, Zimbabwe’s armed, all-women anti-poaching rangers

    […] In parallel to ...
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...
AlternativeAfrica.com is an independent Pan African News Website dedicated primarily to influencing the negative narratives about Africa. We hope to do this by focusing and showcasing the many developmental strides sweeping across the continent.

Read more >>>

Contact Info

  • 22 Laburnum Court, Laburnum Road, Mitcham London, CR4 2NA, United Kingdom
  • +44(0)2036320939 | +44(0)7535019197 | +44(0)7305356327
  • info@alternativeafrica.com
  • Recent

  • Popular

  • Comments

  • Nigeria announces new ambassadors to UK, US, others

    By alternativeafrica
    January 18, 2021
  • A third of covid-19 patients readmitted to hospital with heart problem-Study

    By alternativeafrica
    January 18, 2021
  • Egypt signs agreement for $23 billion first high-speed electric train

    By alternativeafrica
    January 18, 2021
  • Doctor shares shocking image of Covid-19 damaged lung, worse than smokers

    By alternativeafrica
    January 18, 2021
  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Macron in Ivory Coast to launch anti-terrorism academy

    By alternativeafrica
    December 21, 2019
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • The return of fortress conservation: why excluding people means biodiversity conservation will fail – Future agricultures
    on
    October 16, 2020

    Inside the training camp of Akashinga, Zimbabwe’s armed, all-women anti-poaching rangers

    […] In parallel to ...
  • The return of fortress conservation: why excluding people means biodiversity conservation will fail - The Zimbabwean
    on
    October 12, 2020

    Inside the training camp of Akashinga, Zimbabwe’s armed, all-women anti-poaching rangers

    […] In parallel to ...
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...

Photostream

    Follow us

    • Home
    • About Us
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © Copyright Alternative Africa 2019. All rights reserved.