A witness for the Economic and Financial Crimes Commission (EFCC) has alleged that former Anambra State Governor, Willie Obiano, siphoned over ₦4 billion in state security funds through three unlicensed companies while in office.
The claim was made on Monday at the Federal High Court in Abuja, where Obiano is currently facing a nine-count charge of financial fraud.
Allegations of Fund Diversion
According to the EFCC, Obiano, who governed Anambra State from 2014 to 2022, allegedly diverted the funds between April 2017 and March 2022 through companies that had no official business dealings with the Anambra State Government.
The anti-graft agency further alleged that the diverted money was converted into dollars and delivered to Obiano in cash. However, the former governor denied all charges when he was arraigned in January 2024.
Unlicensed Firms in the Money Trail
During Monday’s proceedings, the EFCC’s third witness, Andrew Ali, a Central Bank of Nigeria (CBN) official and head of the licensing office, testified that three of the 23 companies linked to the alleged fraud were not registered as Bureau de Change (BDC) operators.
“Out of 23 companies investigated, three were not registered with the CBN,” Ali told the court.
The three unlicensed firms identified were:
- Connaught International Services
- SY Panda Enterprise
- Zirga Zirga Trading Company
Ali further revealed that Zirga Zirga Trading Company had been delisted by the CBN before 2014, meaning it was no longer legally recognized as a financial institution when Obiano took office.
“Once you do not meet the requirements, you are delisted. We run public notices to inform the public not to engage with unlicensed firms, and this information is available on our website,” Ali explained.
The court admitted into evidence an eight-page letter from the EFCC and the CBN’s response, marked as Exhibit A1-A8.
EFCC’s Findings on Alleged Illicit Transactions
The EFCC claims that the diverted funds were channeled through Uzuegbuna Okagbue, Obiano’s Chief Protocol Officer and Deputy Chief of Staff, who allegedly facilitated multiple transfers from the state’s security vote account to these firms.
During cross-examination, defence counsel Onyechi Ikpeazu (SAN) questioned Ali on CBN regulations concerning delisted companies.
Ali reiterated that once a firm is delisted, it ceases to be regulated by the CBN, citing Sections 15 and 19 of the CBN Revised Operational Guidelines (2015).
“BDCs have operational accounts they must conduct business with, and they are not allowed to operate without them,” he added.
Next Court Hearing
Presiding Judge Justice Inyang Ekwo adjourned the case to February 26, 2025, for the continuation of the trial.
