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Oyo govt petitions EFCC over fraud by Ladoja

By Innocent Anaba

LAGOS—A Federal High Court sitting in Lagos was, yesterday, told that the Oyo State Government sent a petition to the Economic and Financial Crimes Commission, EFCC, after it uncovered an alleged fraud in the sale of the state’s shares by the Rashidi Ladoja administration.

EFCC operatives

Testifying at the resumed hearing in Ladoja’s trial, Executive Secretary, Oyo State Bureau of Investment and Public, Private Partnership, Mr. Yinka Fatoki, said state officials allegedly got “gifts” running into millions of naira from the portfolio manager.

Ladoja is being prosecuted alongside his former Commissioner for Finance, Waheed Akanbi on an eight-count charge of money laundering and unlawful conversion of public funds.

They were alleged to have converted N1,932,940,032.48 belonging to the Oyo State Government to their personal use through the Guaranty Trust Bank account of a company, Heritage Apartments Limited, despite knowing that it  was proceed  of crime.

At yesterday’s hearing, the witness recalled that in 2007, while he was an acting Director of Investment Promotion in the Ministry of Commerce and while serving as the Desk Officer for Oyo State holdings in public quoted equities, the executive headed by Ladoja reached a decision to sell off the state’s shares.


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