A witness for the Economic and Financial Crimes Commission (EFCC) has alleged that the immediate past governor of Anambra state, Willie Obiano, used three unlicensed companies to siphon over ₦4 billion in state security funds while in office.
The revelation came on Monday at the Federal High Court, Abuja, where the former governor is standing trial on nine charges of financial fraud.
Obiano, who governed Anambra State from 2014 to 2022, is accused of diverting the funds between April 2017 and March 2022 through firms without any official business relationship with the state government.
The EFCC claims the money was converted into dollars and handed over to Obiano in cash.
The ex-governor, however, denied all charges during his arraignment in January 2024.
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 legally licensed to operate as Bureau de Change (BDC) firms.
“Out of 23 companies investigated, three were not registered with the CBN,” Ali told the court.
The three unlicensed companies identified were Connaught International Services, SY Panda Enterprise and Zirga Zirga Trading Company.
Ali stated that Zirga Zirga had been delisted by the CBN before 2014, meaning it was no longer legally recognized as a financial operator when Obiano assumed office.
“Once you do not meet the requirements, you are delisted.
“We run public notices to sensitise the public not to operate with unlicensed companies, and this information is also 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 Illicit Transactions
The EFCC alleged that the former governor routed the funds through his Chief Protocol Officer/Deputy Chief of Staff, Uzuegbuna Okagbue, who facilitated multiple transfers from the state’s security vote account to these firms.
During cross-examination, defence counsel Onyechi Ikpeazu (SAN) pressed Ali on CBN regulations regarding delisted companies.
Ali reiterated that the CBN could not regulate firms once they lost their licenses, 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.
Presiding judge, Justice Inyang Ekwo, adjourned the case to February 26, 2025, for the continuation of trial.
