Court adjourns trial of ex-FMBN MD, others to May 7

Justice James Omotosho of the Federal High Court, Abuja, has adjourned the trial of the former Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr Gimba Kumo Ya’u, and two others, alongside their companies, until 7 May 2025.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is prosecuting Mr Ya’u and his co-defendants—Bola Ogunsola, Tarry Rufus, Good Health Power Nigeria Limited, and T-Brend Fortunes Limited—over the alleged diversion of $65,000,000 intended for the development of 962 residential housing units in the Kubwa District of Abuja.

When the case was called on Wednesday, the prosecution counsel, Mr Osuobeni Akponimisingha, informed the court that the prosecution was ready to proceed with the trial, having lined up five witnesses to testify.

However, Benjamin Ogar, representing Mr Ya’u, told the court that the first defendant was not prepared to proceed. He explained that the lead counsel, Tawo Tawo, SAN, had written to the court requesting an adjournment as he was unable to attend due to the recent loss of his nephew, whom he regarded as a son.

Mr Ogar added that the lead counsel preferred to personally handle the proceedings and was, therefore, unavailable for Wednesday’s session. The prosecution counsel confirmed receiving a call from the lead counsel on Tuesday regarding the bereavement and the intention to file a letter seeking an adjournment. However, the prosecution counsel noted that he had not yet been served with the letter but stated that he would not object to the adjournment request, given the circumstances of bereavement.

The trial judge, in response, cautioned the first defendant’s counsel against causing undue delays in proceedings through frequent adjournment requests. He reminded the counsel that the case had also been adjourned at the last sitting due to their request. Justice Omotosho advised junior lawyers to be well-prepared and familiar with the cases they accompany senior counsel to handle in court.

“All junior counsel coming to this court must be prepared and have knowledge of the case they are accompanying their senior lawyers to handle,” he said. The matter was subsequently adjourned to 7, 9, and 12 May 2025.

In a charge marked FHC/ABJ/CR/333/24, the ICPC alleged that the defendants contravened the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.

In the five-count charge, the ICPC accused Mr Ya’u of making a payment of N3,785,000,000.00 to Good Earth Power Nigeria Limited out of the total contract sum of $65,000,000 for the development of 962 residential housing units in Kubwa, Abuja, known as the “Goodluck Jonathan Legacy City,” contrary to accepted practice.

The charge further alleged that Mr Gimba Kumo Ya’u and Bola Ogunsola, in their roles as Chief Executive Officer and Executive Director of the bank in August 2012, secured a loan of N14 billion from Ecobank Nigeria Plc on behalf of the bank. It claimed that Mr Ya’u awarded the $65 million contract despite knowing that the company lacked the capacity to execute it, leaving the project incomplete to date and causing economic hardship for the bank, contrary to Section 68(1) of the Public Enterprise Regulatory Commission Act, CAP P39, Laws of the Federation, 2004.

The other defendants were accused of giving and receiving $3,550,000.00 of the contract sum in cash, in contravention of the Money Laundering Act. Tarry Rufus, Good Earth Power Nigeria Limited, and T-Brend Fortunes Limited were specifically accused of converting the sum of N991,399,255 into $3,550,000.00 and handing it over in cash to one Jason Rosamond (now at large), contrary to Section 18(2)(b) and punishable under Section 18(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The defendants, however, pleaded not guilty to all charges brought against them.

Following their pleas, Justice Omotosho granted each of the defendants bail in the sum of N100 million, with two sureties in like sum. He ruled that each surety must own property worth N100 million and must swear an affidavit of means, providing evidence of tax payments for the last three years.

“The sureties and defendants shall submit their recent passport photographs and certified bank statements. The defendants shall also submit their international passports to the registrar of this court,” the judge ordered.

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