The embattled former Oyo state governor, Rashidi Adewolu Ladoja on Tuesday, November 27 appeared at the Federal High Court, Lagos over alleged money laundering.
Chief Ladoja is standing trial on an 8 count charge alongside Waheed Akanbi, who served under him as the state commissioner for finance. In the charges, Ladoja and Akanbi were accused of converting a sum of N1,932,940,032.48 belonging to the state to their personal own, using a bank account of a company, Heritage Apartments Limited.
The Economic and Financial Crimes Commission (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 Bimpe Ladoja, who was at the time in London. He was also accused of converting a sum of N42m belonging to the state to his own and subsequently used it to purchase an armoured Land Cruiser jeep. The former governor was also accused of converting a sum of N728,600,000 and another N77,850,000 at separate times in 2007 to his own.
EFCC noted 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 Akanbi 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.
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