N4.6bn fraud: EFCC re-arraigns Fani-Kayode, ex-Finance Minister

The Economic and Financial Crimes Commission (EFCC), on Monday, re-arraigned a former Minister of Aviation, Femi Fani-Kayode, on an amended 17-count charge of money laundering before Justice Daniel Osiagor of a Federal High Court in Lagos.

Fani-kayode was re-arraigned alongside a former Minister of Finance, Mrs. Nenadi Esther Usman, a former ALGON Chairman, Danjuma Yusuf, and a firm, Jointrust Dimentions Nigeria Limited, over alleged N4.6 billion fraud.

The prosecution of Fani-Kayode and others had commenced since 2016 before Justice Muslim Hassan.

The judge later recused himself from the case following a petition by Fani-Kayode alleging that he was formerly a legal officer with the Economic and Financial Crimes Commission (EFCC).

The case was subsequently transferred to Justice Rilwan Aikawa. However, midway to the defendants’ trial, Justice Aikawa was transfered out of Lagos to another jurisdisction of the court. This led to the transfer of the case to Justice Osiagor for the matter to commence afresh.

The defendants, however, denied the alleged offence upon their re-arraignment, following which the EFCC’s lawyer, Rotimi Oyedepo prayed the court for a trial date.

Responding, defence lawyer, Chief Ferdinard Orbih (SAN), urged the court to allow the defendants continue on the existing bail conditions granted by the former trial judge.

In a short ruling, Justice Osiagor granted the silk’s request and permitted the defendants to continue on existing bail conditions.

Further hearing in the matter has been adjourned to March 11, 2022, for trial.

In the charge, the defendants were alleged to have committed the offences between January and March 2015 in Lagos.

They were alleged to have at various times, unlawfully retained over N4.6 billion, which they reasonably ought to have known formed part of the proceeds of unlawful acts of stealing and corruption.

In counts 15 to 17, Fani-Kayode and one, Olubode Oke, said to be at large, were alleged to have made cash payments of about N30 million to one Paste Poster Co (PPC) of No 125 Lewis St., Lagos.

The said payments were alleged to have been made in excess of amount allowed by law without going through a financial institution.

All offences were said to have contravened the provisions of Sections 15 (3) (4), 16 (2) (b), and 16 (5) of the Money Laundering (Prohibition) (Amendment) Act, 2012.