The Economic and Financial Crimes Commission (EFCC) has wrapped up its case against Olugbenga Obadina and his company, Almond Projects Limited, in a high-profile money laundering trial. The proceedings took place before Justice Nnamdi Dimgba of the Federal High Court, Maitama, Abuja, on Monday, February 26, 2024.
Obadina and Almond Projects Limited are facing an eight-count charge related to conspiracy, official corruption, and money laundering involving a staggering sum of N2,17,190,000 (Two Billion, Seventeen Million, One Hundred and Ninety Thousand Naira). The charges stem from payments received from the Office of the National Security Adviser on November 28, 2015, without any contractual agreement or official approval.
Count three of the charge specifically alleges that Obadina and Almond Projects Ltd directly took possession or control of N648,000,000 (Six Hundred and Forty-Eight Million Naira) deposited into the company's account with Zenith Bank Plc from the Office of the National Security Adviser. The funds were received without a contract award, leading to suspicions that they were proceeds of unlawful activities.
Prosecution counsel Ibrahim Buba presented four witnesses before closing the case, paving the way for the defense to present its evidence.
In his defense, Obadina, who serves as the Chairman/CEO of Almond Projects Limited, admitted to owning several other companies and disclosed his involvement in discussions with the former National Security Adviser, Colonel Sambo Dasuki (retd), regarding a Solar Farm Project. Obadina confirmed receiving N2,017,190,000 from the Office of the National Security Adviser between May 13, 2013, and April 16, 2015, with no formal contractual arrangements in place.
He further revealed that a substantial portion of the funds was diverted for personal use, including the purchase of real estate, vehicles, foreign currency transactions, and offshore transfers. Additionally, the funds were used for various personal expenses such as share purchases, office rent, and payment of salaries, among others, with no tangible evidence of contract execution.
Justice Dimgba adjourned the trial to February 29 and March 1, 2024, for further proceedings.
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