A witness, Adebayo Olanrewaju on Tuesday, told the Federal High Court in Abuja that the Federal Ministry of Defence did not directly pay money into the shares account belonging to the former acting Accountant General of the Federation (AGF), Anamekwe Nwabuoku.
Olanrewaju stated this while being cross-examined by Nwabuoku’s lawyer, Harrison Quakers, before Justice James Omotosho.
The Economic and Financial Crimes Commission (EFCC) charged Nwabuoku, who served as Director of Finance and Account, Ministry of Defence, with misappropriation of funds.
He is facing a nine-count amended charge of money laundering to the tune of N868 million.
Olanrewaju, an Investment Banker and Stock Broker who works for Quantum Zenith Securities Ltd, was presented by the commission as 4th prosecution witness (PW-4) in the last adjourned date.
He had earlier told the court that he met Nwabuoku in 2016 after he had issues of shares with another company.
According to him, following the intervention of the EFCC, the ex-AGF was able to recover his shares and transferred the same to his company to manage.
The witness identified a document the defendant used to open the account with them, dated Dec. 8, 2023 and the court admitted the same as evidence.
Led in evidence by EFCC’s counsel, Ekele Iheanacho, SAN, the witness identified different sums, all in millions, used in purchasing more shares from different banks, including Zenith Bank, the United Bank for Africa (UBA) and Guaranteed Trust Bank (GTB).
Midway into the identification of funds, Justice Omotosho urged the parties to take a date for adjournment, promising to give the case accelerated hearing.
Olanrewaju identified the remaining transfers made into the investment account adding that the defendant mandated all sale of shares made in his account.
During cross-examination, the defence counsel, Quakers, showed Olanrewaju three payments made into the shares account and asked if Nwabuoku authorised all the transactions and the witness answered in the affirmative.
The PW-4 also said all payments made into the account for the purchase of shares were transferred and not paid in cash.
He told the court that the ex-AGF claimed the funds he paid in was gotten through rents from property and dividend acquired.
He said the total stock in the defendant’s account is valued at about N200 million to N220 million.
Similarly, he said Felix Nweke, another witness in the case (PW-2), who is a director at the Office of the AGF and former deputy Director, Finance at the Federal Ministry of Defence between 2018 and 2020, did not pay money into the account.
He stated that the defendant was lucky to have moved his shares from partnership investment to their company, when he did, as the company was shut down by the Securities and Exchange Commission (SEC) two months afterwards.
Justice Omotosho adjourned the matter until April 9 for continuation of trial.
The post Defence Ministry didn’t pay money into ex-AGF’s shares account, witness tells court appeared first on Vanguard News.
