The Economic and Financial Crimes Commission (EFCC) concluded its case on Monday, February 26, 2024, against Olugbenga Obadina and his company, Almond Projects Limited, before Justice Nnamdi Dimgba of the Federal High Court, Maitama, Abuja. Obadina and Almond Projects Limited stand trial on eight counts related to conspiracy, official corruption, and money laundering involving the sum of N2,170,190,000 (Two Billion, One Hundred and Seventeen Million, One Hundred and Ninety Thousand Naira), received from the Office of the National Security Adviser on November 28, 2015, without a contractual agreement or approval.
One of the charges, as outlined in count three, alleges that Obadina and Almond Projects Ltd, on April 3, 2014, in Abuja, directly took possession or control of the sum of N648,000,000 (Six Hundred and Forty-Eight Million Naira), deposited into Almond Projects Ltd’s account with Zenith Bank Plc, from the Office of the National Security Adviser with the Central Bank of Nigeria, without proper contractual authorization. This action is purported to be in violation of Section 15(2), (d) of the Money Laundering (Prohibition) Act, 2011, as amended in 2012.
Prosecution counsel, Ibrahim Buba, concluded the presentation of evidence after calling four witnesses, paving the way for the defendant to present their defense.
Obadina, who serves as the Chairman/CEO of Almond Projects Limited, asserted ownership of several other entities, including Intraflow Consulting, Terminal Zero Development Limited, Sunphos Africa Limited, Green Cowrie Energy, Giganorth East Limited, Ancient International, TES Power Limited, and held a directorship position in Woks and Koi Oriental Restaurant. He acknowledged being summoned by the former National Security Adviser, Colonel Sambo Dasuki (retd), in 2013, to discuss a Solar Farm Project and confirmed receipt of NGN 2,017,190,000 from ONSA between May 13, 2013, and April 16, 2015.
Obadina admitted that there was no formal contract, agreement, or Memorandum of Understanding (MoU) with the Federal Government regarding these funds. He disclosed the transfer of N271,600,000 (Two Hundred and Seventy-One Million, Six Hundred Thousand Naira) to his personal account with Zenith Bank and detailed various expenditures from the total sum, including the purchase of real estate, vehicles, foreign currency exchange, and offshore transfers. These expenditures encompassed personal and business-related activities, lacking evidence of contract fulfillment.
The presiding judge, Justice Dimgba, adjourned the proceedings to February 29 and March 1, 2024, for the continuation of the trial.
