A Compliance Officer with the Stabic IBTC Bank, Babatunde Adenekan, yesterday, gave vivid details before a Lagos Federal High Court, of how funds belonging to Nigerian Airspace Management Agency, NAMA, were distributed into various bank accounts.

Adenekan, a Prosecution witness for the Economic and Financial Crimes Commission (EFCC), narrated the alleged financial fraud while testifying in the trial of the Managing Director of NAMA, Ibrahim Abdulsalam and six others.

They are charged by EFCC with stealing and conversion of the agency’s monies amounting to about N6.8 billion before Justice Babs Kuewumi.

Other accused are Adegorite Olumuyiwa, Agbolade Segun, Clara Aliche, Joy Adegorite, and two companies-Randville investment Limited and Multeng Travels and Tours Ltd. Those included in an amended charge are Bola Akinribido and Sesebor Abiodun.

Led in evidence by EFCC counsel, Rotimi Oyedepo, the witness explained how various sums of NAMA funds paid into the account of Delosa Limited, were distributed to other accounts between 2013 and 2015.

According to the witness, on February 12, 2015, the suspects transferred N10m to a firm known as Paperhouse. They also transferred N8.6m to Gabson Bureau de Change on March 7, 2015. Adenekan said N10 million and N6.4million were transferred to Paperhouse Limited on March 7, 2015.

He stated that NAMA’s funds were moved to the account of Delosa Limited and from the account they are transferred to Randville Invesment Limited as quick as they are credited.

“On October 16, 2014, N38.8million came into Delosa account. That same day, N9 million in four places were transferred into Randville account. That same day, N2.3million was also paid into Randville account.

“On November 11, 2014, N98. 2 million came into Delosa account. On that day, N9million in three places were transferred to Randville. Another N3million transferred to Randville the same day, while N7.8million was transferred to Multeng and Tours Limited.

“On December 3, 2014, N88.9million came in. The same day, N9 million in four places were transferred to Randville and another N2.5million was transferred to Randville.

“On December 7, 2014, N37.5million came into Delosa account from Central Bank of Nigeria (CBN). On the 18th, N10million in three places were transferred to Randville Investment Limited and later another N7 million on the same day,” he stated.

Adenekan noted that Randville has 10 fixed deposit accounts and one current account. According to the witness, the signatories to Randville accounts are Agbolade Segun (third accused) and his wife, Agbolade Susan.

The witness said Mr. Segun has other two personal accounts. According to him, N3.1 million was also transferred to his personal account on January 2, 2013. Others who benefited from the cash distribution are Bola Akinribido and Sesebor Abiodun, the witness said.

In the charge, the EFCC alleged that on August 19, 2013, the accused conspired to induce NAMA to deliver the sum of N2.8 billion to Delosa Ltd, Air Sea Delivery Ltd and Sea Schedules Systems Ltd. It was alleged that the delivery was under the pretence that the money represented the cost of clearing NAMA’s consignments.

It was also alleged that between January 2 and December 17, 2013, the defendants converted N191 million belonging to NAMA to personal use. They were said to have also converted N728 million between 2013 and 2015, as well as other sums. The offences, EFCC said, contravene the provisions of Section 8 (a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006 and punishable under Section 1 (3).

The matter has been adjourned till May 30, for continuation of trial. http://thestreetreporters.com/?p=5630