N3.1bn Benue Shares: Witness Says Suswam Ordered Payment of N1bn to Firm

A prosecution witness, Brigid Shiedu, yesterday told a Federal High Court sitting in Abuja that a former governor of Benue State, Gabriel Suswam, directed the payment of N1billion to Elixir Securities Limited.

The money, she said was part of the proceeds from the sale of shares belonging to Benue State.

Shiedu testified before Justice Ahmed Mohamed in the ongoing trial of Suswam and a former Commissioner for Finance, Omodachi Okolobia, over allegations of money laundering and diverting the proceeds of sale of the state-owned shares levelled against them by the Economic and Financial Crimes Commission (EFCC).

Speaking on how she was introduced to the securities firm, Shiedu disclosed that after some discussions with Suswam and Okolobia, it was agreed that the state needed to diversify some of its investments, due to their concentration on major stocks - Dangote Cement and Julius Berger - a situation which she described as highly risky.

She disclosed further that the directive that all shares be de-materialised led to a situation where the stocks ended up with some other stockbrokers.

“When the state government discovered this, they took a decision that the shares be brought back into one stockbroking firm, but this time, the company that has the shares was no longer in existence, so Elixir was invited by the government to carry out checks of the whereabouts of the stocks and bring them together under one house,” she said.

According to her, when Elixir came to them to sign some documents, she referred them back to the government. She said: “Elixir Securities called me, asking what would be paid in each of the accounts, I told them since the instruction came from the government and they were the ones to be paid, they should forward the request to the commissioner for finance.”

She also confirmed that the commissioner forwarded two account numbers for the payment of the proceeds from the shares, but stated that the instruction did not carry specific amount to be paid into each account.

Sheidu also told the court that when she forwarded the accounts to Elixir, she was not aware that one of the accounts belonged to a private firm.

The prosecution counsel, Rotimi Jacobs (SAN), tendered before the court Certificate of Incorporation of the stateowned Benue State Investment Limited, along with a letter from the Corporate Affairs Commission (CAC) to the EFCC Chairman. The document is to support claim that the Benue Investment Company is wholly owned by the state government.

The court admitted the documents after counsel to both the first and second defendants declined to submit their objections at this stage.

Suswam’s counsel, Joseph Daudu (SAN), however moved for an adjournment to enable him prepare for his cross-examination of the witness.

The court then adjourned the case to today, February 16, 2016 for continuation and cross-examination of the witness.

Both Suswan and Omodachi are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a 9- count charge bordering on money laundering, abuse of office and obtaining by false pretense funds to the tune of N3.1billion.

Suswan and Okolobia were alleged to have diverted the proceeds of the sale of shares owned by the Benue State government and Benue Investment and Property Company Limited.

The offence is punishable under Section 15, Sub-section 3 of the Money Laundering (Prohibition) Act as amended in 2012.