‘N868m Fraud’: Witness Testifies In EFCC’s Case Against Ex-AGF
A witness, Adebayo Olanrewaju, has told Justice James Omotosho of the Federal High Court, Abuja, that the Federal Ministry of Defence did not directly pay any money into the shares account belonging to former Acting Accountant General of the Federation (AGF), Chukwunyere Anamekwe Nwabuoku.
Anamekwe, who previously served as Director of Finance and Accounts at the Federal Ministry of Defence, is standing trial on a nine-count amended charge of money laundering totalling N868m, which the Economic and Financial Crimes Commission (EFCC) brought against him.
At the last adjourned hearing, the EFCC presented Olanrewaju, an investment banker and stockbroker with Quantum Zenith Securities Ltd, as its fourth witness (PW4).
Olanrewaju had told the court he met Anamekwe in 2016 after the defendant experienced issues with another investment company.
According to him, following the intervention of the EFCC, Anamekwe was able to recover his shares and subsequently transferred them to Quantum Zenith Securities for management.
The witness had identified a document used by the defendant to open an account with his company, dated December 8, 2023. The court admitted the document into evidence.
Led in evidence by EFCC counsel Iheanacho during the last hearing, Olanrewaju listed several large transactions, all in millions of naira, used to purchase additional shares from various banks, including Zenith Bank, United Bank for Africa (UBA), and Guaranty Trust Bank (GTB).
Midway through the identification of funds, Justice Omotosho urged the parties to agree on a new date for adjournment, assuring them that the court would grant the case an accelerated hearing.
At the resumed hearing on Tuesday, Olanrewaju identified the remaining transfers into the investment account, noting that all sales of shares were mandated by the defendant.
During cross-examination, defence counsel Harrison Quakers presented three payments made into the shares account and asked whether the defendant had authorised them, to which the witness responded affirmatively.
Olanrewaju further testified that all payments into the account for share purchases were made via transfers, not cash deposits. He said the defendant claimed the funds originated from rental income and dividends.
He also estimated the total value of stock in the defendant’s investment account at between N200m and N220m.
The witness reiterated that the Ministry of Defence did not pay any funds into the defendant’s investment account. He also stated that Felix Nweke, another witness in the case (PW2), a director at the Office of the AGF and former Deputy Director of Finance at the Ministry of Defence between 2018 and 2020, did not make any payments into the account either.
Olanrewaju added that the defendant was fortunate to have transferred his shares from Partnership Investment to Quantum Zenith Securities when he did, as the former was shut down by the Securities and Exchange Commission (SEC) just two months later.
He concluded that all stock transactions made by the defendant complied with relevant securities rules and regulations.
After the cross-examination, Justice Omotosho adjourned the case until April 9 for the continuation of the trial.
‘N868m Fraud’: Witness Testifies In EFCC’s Case Against Ex-AGF is first published on The Whistler Newspaper
