ICPC arraigns ex-bank MD, CEO over alleged money laundering
The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has arraigned a former Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, FMBN, Gimba Kumo Ya’u.
He was arraigned alongside two others over an alleged diversion of $65,000,000.
The money was meant for the development of 962 units of residential housing units in Kubwa District in Abuja.
Ya’u was brought before Justice James Omotosho of the Federal High Court, Abuja, alongside Mr Bola Ogunsola, former Executive Director and Tarry Rufus, Managing Director of T-Brend Fortunes Nigeria Limited.
The ICPC told the court in a charge sheet marked FHC/ABJ/CR/333/24 that the alleged offences of the defendants go against the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In a five-count charge, the anti-graft commission told the court that the ex-bank CEO made payment to Good Earth Power Nigeria Limited in the sum of N3,785,000,000 out of the total contract sum of $65,000,000.
The money was meant to erect 962 units of residential housing in Kubwa, Abuja, named “Goodluck Jonathan Legacy City.”
ICPC alleged that Yau and Ogunsola, in their roles as CEO and ED of the bank in August 2012, had secured a loan of N14 billion from Ecobank Nigeria PLC on behalf of the bank.
ICPC further alleged that Yau, as the then CEO of FMBN, awarded the $65 million contract despite knowing that the company lacked the capacity to carry out the contract.
It added that the project remains incomplete “as of today.”
The other defendants were accused of giving and receiving $3,550,000 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 accused of directly converting the sum of N991,399,255 into $3,550,000 and handing over the same to one Jason Rosamond (now at large) in cash, 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 when the charges were read to them.
Following their plea, the judge adjourned the case until February 6, 2025, for the commencement of trial.
ICPC arraigns ex-bank MD, CEO over alleged money laundering
