A former Governor of Oyo State, Rashidi Ladoja was on Wednesday arraigned before a Federal High Court in Lagos by the Economic and Financial Crimes Commission (EFCC) over an alleged fraud of N4.7billion.
Ladoja was re-arraigned alongside Waheed Akanbi for the alleged fraud.
The duo was re-arraigned on eight counts marked FHC/L/336c/08 before Justice Mohammed Idris.
The eight counts brought against them by the EFCC bordered on money laundering and unlawful conversion of funds belonging to Oyo State to their own.
In one of the counts, Ladoja and Akanbi were accused of converting a sum of N1,932,940,032.48 belonging to Oyo State to their personal own, using a Guaranty Trust Bank account of a company, Heritage Apartments Limited.
The EFCC claimed that they retained the money sometime in 2007, despite their knowledge that it was proceeds of a criminal conduct.
In another instance, Ladoja was accused of removing a sum of £600,000 from the state coffers in 2007 and sent it to one Bimpe Ladoja, who was at the time in London.
The ex-governor was also accused of converting a sum of N42 million belonging to the state to his own and subsequently used it to purchase an armoured Land Cruiser jeep.
He was also accused of converting a sum of N728,600,000 and another N77,850,000 at separate times in 2007 to his own.
The EFCC claimed that Ladoja transferred the N77,850,000 to one Bistrum Investments, which he nominated to help him purchase a property named Quarter 361, Ibadan, Oyo State.
The EFCC told the court that Ladoja and Waheed acted contrary to sections 17(a) and18 (1) of the Money Laundering (Prohibition) Act, 2004 and were liable to be punished under sections 14(1), 16(a) (b) and 18(2) of the same Act.
The defendants, however, pleaded not guilty when the charges were read to them.
The EFCC lawyer, Oluwafemi Olabisi, consequently asked the court to fix a date for trial.
But defence counsels, Mr. Bolaji Onilenla and Mr. Adeyinka Olumide-Fusika, informed the court of their clients’ bail applications.
Onilenla, representing Ladoja, urged the court to allow his client continue on the bail conditions granted him in 2008 by Justice A.R. Mohammed, before whom he was first arraigned for the alleged offence in 2008.
“The first defendant has kept full faith with the terms and conditions of the bail and there was no single incident of default,” Onilenla said, while assuring Justice Idris that his client would behave himself and make himself available for his trial.
The judge said that Ladoja can continue to enjoy the previous bail granted to him.
The judge consequently adjourned the matter till February 14, 2017 for trial.
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