The Economic and Financial Crimes Commission (EFCC) had charged both men with a nine-count charge of money laundering, abuse of office and obtaing N3.1 billion by false pretence.
According to the EFCC both men diverted the money from the proceed of the sale of the shares of Benue Investment and Property Company Limited.
The prosecution witness, who is an operative of the EFCC, told the court that the commission was compelled to investigate the alleged fraud after receiving a petition against Suswam and Okolobia.
“After the commission received a petition on July 14, 2015, both the staff of Benue Investment and Properties Company (BIPC) and Elixir Investment Partners Limited were invited for interrogation.
“Investigation revealed that Suswam had requested that shares owned by Benue State be sold for the sum of N 10bn.
“Thereafter, Elixir Investment Partners Limited was appointed as stockbrokers to carry out the sale of the shares. Elixir realised over N9bn from the sale of the shares and was directed to make payment into three accounts.
“Subsequently, the sum of N1bn was directed to be paid to Benue Investment Properties Company and the balance into two separate accounts in favour of Benue State Ministry of Finance,” Sa’id said.
He further explained that when the broker was ready to make payment for the sold shares to an account operated by the state ministry of finance, it was discovered that the account actually belongs to Fanffash Resources.
“Okolobia directed Elixir to pay the money into Fanffash Resources account,” he added.
He said a letters were written to Zenith Bank Plc, requesting for the mandate and account statements of Benue State Ministry of Finance and Fanffash Resources.
“It was revealed that over N5bn was paid into the Benue State Ministry of Finance by Elixir Investment Partners. A total of N3, 111, 8000, 18.5k was paid into Fanffash account domiciled with Zenith Bank Plc.
“Also, when a letter of investigation was written to the clerk of the House of Assembly to verify if the house, at any time, gave approval for the sale of Benue State Shares, the clerk answered in the negative,” he said.
According to Sa’id the owner of Fanffash Resources, Abubakar Umar, confirmed to have received the sum of N3, 111, 8000, 18.5k which he converted to it dollar equivalent of $15.8million. He explained that the money was delivered in cash to the residence of Mr Suswam in Maitama, Abuja.
Source: Premium Times
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