17 Views

How Stephen Oronsaye Secretly Spent N190m Belonging To Federal Government In His Account

Former Head of Service, Mr. Stephen Oronsaye has been exposed in court after a witness working with a bank gave detailed account how Oronsaye secretly spent N190m belonging to the Federal Government.
Olubunmi Ojoko, an employee of Access Bank Plc, on Wednesday, gave details of how a former Head of Service, Mr. Stephen Oronsaye, spent N190m belonging to the Federal Government which he allegedly kept in a secret account in his capacity as the then Chairman of the Presidential Committee on Financial Action Task Force.
Giving details about how Oronsaye perpetrated the crime, Ojoko who was testifying as the second prosecution witness in Oronsaye’s ongoing trial before Justice Olasunbo Goodluck of a Federal Capital Territory High Court in Maitama, Abuja said she was the Access Bank’s officer in charge of the account, which the former Head of Service was said to have unilaterally opened in the name of the Presidential Committee on FATF without the approval of the Accountant-General of the Federation.
The account was also said to be  unknown to other members of the committee.
The defendant, while still serving as the Head of Service of the Federation, was appointed as chairman of the PCFATF, which was set up to ensure the passage of the anti-money laundering bill and countering financial terrorism, among other terms of reference.
According to Punch, Ojoko opened her testimony shortly after the first prosecution witness, Ngunnan Kakwagh, an EFCC investigator, was cross-examined by the defence team led by Chief Kanu Agabi (SAN) on Wednesday.
Kakwagh in her earlier testimony on March 15, had alleged  that the ex-Head of Service unilaterally operated the Access Bank account in the name of the PCFATF and received a total of N240m from the CBN through the account.
She had  said Oronsaye also made “five structured payments” of N9m each, making a total of N45m, into the account in one day in September 2013. She said out of the total N285m, Oronsaye invested N190m in fixed deposit and converted it along with the accrued interest into personal use.
Ojoko, led in evidence by the EFCC’s lead prosecuting counsel, Mr. Ufom Uket, on Wednesday, narrated how Oronsaye opened the Access Bank  account on behalf of the PCFATF in 2012, without obtaining an approval from the Accountant-General of the Federation.
She said, “He (Oronsaye) called me that he needed to open an account on behalf of the Presidential Committee on Financial Action Task Force.
“I met him at his residence in Asokoro, where I handed him the documents for the account, including the Access Bank account opening request of the committee signed by him, his passport photograph, copy of his passport and documents that set up the committee by the then Secretary to the Government of the Federation.
“I scrutinised the documents and discovered that the Accountant-General of the Federation’s approval was not included. So I asked him for it and he said it was not necessary. I asked for the Accountant-General of the Federation’s approval because it is needed when opening a government account. Since he said that it wasn’t necessary, I took him by his word.
“I took the documents to the bank and the account was opened.”
She confirmed that she never met any other member of the committee, including Mr. Jalal Arabi, a counsel in the presidential Villa, who served as the secretary to the committee, throughout the period the account was operated.
She said there were a total of four lodgments into the account from the CBN and other cash deposits. The lodgments totalled N285m, part of which were invested in fixed deposits with part of the interests that accrued re-invested.
She said as of the time the account was closed, Oronsaye had withdrawn from the account about N150m which was partly the accrued interests on the investments, through cheques which he allegedly issued in favour of himself and various beneficiaries.
She said besides “the direct withdrawals” by Oronsaye, “there were other various beneficiaries”.
Ojoko said, “The first transfer was N50m in October 2012. The second was in April 2012 was N90m from the CBN. In May 2013, there was  cash lodgment of N45m . The fourth lodgment of N100m came in December 2014 from CBN.
 
“After the first lodgment (of N50m from CBN) several cheques were drawn by the defendant (Oronsaye). In favour various beneficiaries.
 
“The second inflow of N90m was invested in fixed deposit account. It was fixed in Banker’s Acceptance which is a form of investment, for 90 days at 9 per cent. On maturity, the N45m (the third inflow) had come and it was fixed for 90 days.
 
“Upon maturity, they (the investments) were usually rolled over on the instruction of Mr. Stephen Oronsaye and the interest were credited into his current account.
 
“The N100m (the fourth inflow) came in December 2014 and it was placed in fixed in Banker’s Acceptance for 90 days.
 
“The total ofinvestments and roll overs were about 28.
“About N150m interests accrued on all the investments.
“Now the account is at zero balance after the N163.5m in it was transferred to the Treasury Single Account.”
The witness was led to read from the statement of the account which was tendered and admitted by the court without any objection from the defence.
Giving the breakdown of the cash withdrawals from the account, she said, ” On September 20, 2013 -there was a cheque withdrawal of N900,000 in favour of Mr. Stephen Oronsaye.
 
“On October 31, 2013, there was a cheque withdrawal of N500,000 in favour of Mr. Stephen Oronsaye.
“On December 12, 2013, there was a cash withdrawal of N3m in favour of Mr. Stepehen Oronsaye.
“On December 23, 2013, there was another withdrawal of N3m in favour of Mr. Stephen Oronsaye.
“On January 29, 2014, there was another withdrawal of N3m in favour of Mr. Stephen Oronsaye.
“On February 3, 2014, there was a withdrawal of N3m by Mr. Stephen Oronsaye.
“On February 17, 2014, there wa a withdrawal of N600,000 by Mr. Stephen Oronsaye.
“On April 8, 2014, Mr. Stephen Oronsaye, withdrew N3m with cheque.
“On July 3, 2014, there was withdrawal of N3m by Mr. Stephen Oronsaye.
“On July 10, 2014, there was withdrawal of N3m by Mr. Stephen Oronsaye.
“On October  30, 2014, N900,000 was withdrawn by Mr. Stephen Oronsaye.
“On December, 17, 2014, there was  N3m withdrawal by Mr. Stephen Oronsaye.
“On December 22, 2014, the sum of N950,000 was withdrawn by Mr. Stephen Oronsaye.
“On Decenber 24, 2014, there was withdrawal of  N980,000 by Mr. Stephen Oronsaye.
“On January 6, 2015, there was N2m withdrawal by Mr. Stephen Oronsaye.
“On March 16, 2015, the sum of N650,000 was withdrawn  by Mr. Stephen Oronsaye.
“On March 20, 2015, there was N3m withdrawal by Mr. Stephen Oronsaye.”
The account opening package, bank statements, mandate documents raised by Oronsaye and other documents relating to the account were admitted as exhibits.
The judge adjourned till Thursday for cross-examination of the witness.
It would be recalled that the Economic and Financial Crimes had on March 15, 2016 arraigned Oronsaye on two counts of breach of trust which he allegedly committed between 2013 and 2014 by defrauding the Federal Government of N190m using his position as the then Chairman of the Presidential Committee on FATF.
Oronsaye was accused of converting the  N190m to his  personal use through the investment of the fund in Access Bank Plc’s Banker’s Acceptance for a tenor of 90 days at 9 and 12 per cents interest rates “in violation of the extant financial regulations”.
Source: Tori.ng

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Nwankwo Kanu Launches N1 Billion Jackpot Lotto To Support Kanu Heart Foundation
Food and Health
17 views
Food and Health
17 views

Nwankwo Kanu Launches N1 Billion Jackpot Lotto To Support Kanu Heart Foundation

PH - October 17, 2017

Legendary Nigerian footballer and philanthropist, Nwankwo Kanu, is launching the biggest lotto in Africa to raise funds for the Kanu Heart Foundation (KHF) (www.KanuHeartFoundationNg.com) and help build…

6 Reasons Why Senator Abaribe Applied To Be Discharged As Nnamdi Kanu’s Surety
Politics
40 views
Politics
40 views

6 Reasons Why Senator Abaribe Applied To Be Discharged As Nnamdi Kanu’s Surety

PH - October 17, 2017

The Senator representing Abia South Senatorial District, Enyinaya Abaribe, has applied to the court to be discharged from the suretyship, bond and recognizance of the bail of…

Lagos State Records 100% Increase In Domestic And Sexual Violence Cases
Shocking
31 views
Shocking
31 views

Lagos State Records 100% Increase In Domestic And Sexual Violence Cases

PH - October 17, 2017

The Lagos State Domestic and Sexual Violence Response Team (DSVRT) yesterday has stated that 950 domestic and sexual violence cases have been reported this year alone, compared…

Where Is TSTV Nigeria 17 Days After Launch? – Biola Kazeem
Business
37 views
Business
37 views

Where Is TSTV Nigeria 17 Days After Launch? – Biola Kazeem

PH - October 17, 2017

Renowned sport analyst Biola Kazeem has taken to Twitter to express his thoughts on the inability of TSTV to commence operation 17 days after launching. He also…

Davido Finally Speaks After Alleged Murder – ‘I Forgive All Those Who Called Me A Murderer’
Entertainment
49 views
Entertainment
49 views

Davido Finally Speaks After Alleged Murder – ‘I Forgive All Those Who Called Me A Murderer’

MT - October 17, 2017

Nigerian singer Davido, who has been embroiled in some controversies recently over the death of some friends, says he ‘forgives’ all those who accused him of murder.…

Omoni Oboli’s Okafors Law Becomes the First Nigerian Movie to be Screened at Film Festival in South Korea
Entertainment
36 views
Entertainment
36 views

Omoni Oboli’s Okafors Law Becomes the First Nigerian Movie to be Screened at Film Festival in South Korea

PH - October 17, 2017

Nollywood film maker and actor, Omoni Oboli is grateful for the good news she received on her movie, ‘Okafors Law.’ Earlier this year, a court injunction stopped…

Queen Chanel of Iwoland Explains Why She Wears A Crown
Art, History and Culture
48 views
Art, History and Culture
48 views

Queen Chanel of Iwoland Explains Why She Wears A Crown

PH - October 17, 2017

Queen Chanel Chin, is the wife of Oluwo of Iwoland, Oba Abdulrasheed Akanbi. Born in Toronto, Canada, Queen Chanel’s dream of coming to Africa was fulfilled when…

Important Things Couples Should be Doing During Courtship Before Marriage (Must Read)
Lifestyle
42 views
Lifestyle
42 views

Important Things Couples Should be Doing During Courtship Before Marriage (Must Read)

MT - October 17, 2017

Getting married is one of the biggest decisions that you will ever make. You are entrusting the rest of your life into the care of another human…

Barack Obama Chooses Nigerian Artist Kehinde Wiley to Paint His Official Presidential Portrait
Art, History and Culture
33 views
Art, History and Culture
33 views

Barack Obama Chooses Nigerian Artist Kehinde Wiley to Paint His Official Presidential Portrait

PH - October 17, 2017

Former US President Barack Obama has handpicked artist Kehinde Wiley to paint his official Presidential portrait, Smithsonian’s National Portrait Gallery announced. Wiley is best known for his pieces showing African-Americans in hip-hop gears,…

Nigeria Wins Re-Election Into UN Human Rights Council
World Buzz
41 views
World Buzz
41 views

Nigeria Wins Re-Election Into UN Human Rights Council

PH - October 17, 2017

Nigeria has won a re-election into the UN Human Rights Council in Geneva for the 2018 to 2020 term at an election held on Monday at the…

FUNAAB Produces 203 First Class Graduates
Best of Nigeria
59 views
Best of Nigeria
59 views

FUNAAB Produces 203 First Class Graduates

PH - October 17, 2017

Ololade Enikuomehin, acting vice-chancellor, Federal University of Agriculture Abeokuta, said on Monday that the institution produced 203 first class graduates in the 2016/2017 academic session. The university also said…

Tagbo: 5 Things You Need To Know About Davido’s Late Friend
Entertainment
83 views
Entertainment
83 views

Tagbo: 5 Things You Need To Know About Davido’s Late Friend

MT - October 16, 2017

About two weeks ago, Nigerians woke up to the news of the death of one Tagbo Umeike, who was later introduced as a friend of Nigerian hip…

Lukaku Reveals Why He Do Not Put Pressure On Himself Scoring Against Big Teams
Sports
47 views
Sports
47 views

Lukaku Reveals Why He Do Not Put Pressure On Himself Scoring Against Big Teams

MT - October 16, 2017

Liverpool goalkeeper, Simon Mignolet was barely troubled by the Premier League’s top scorer, Romelu Lukaku on Saturday, but he is certain that important goals will come at…

Orji-Uzor Kalu Speaks About Buhari’s Govt. – ‘The President Is Marginalizing The Igbos, I’m Not Afraid To Speak The Truth’
Politics
65 views
Politics
65 views

Orji-Uzor Kalu Speaks About Buhari’s Govt. – ‘The President Is Marginalizing The Igbos, I’m Not Afraid To Speak The Truth’

MT - October 16, 2017

While speaking in an exclusive interview with The Sun Newspaper, achieftain of the All Progressives Congress (APC) and former governor of Abia State, Orji Uzor Kalu, state that…

The Transformation Of These Twins Has Got The Internet Buzzing (PHOTOS)
Inspiring
79 views
Inspiring
79 views

The Transformation Of These Twins Has Got The Internet Buzzing (PHOTOS)

MT - October 16, 2017

These twins’ transformation has everyone talking! Talking about transforming, here’s one. Wow! I guess They grew up Learned a few tricks about makeup and bleaching too.

In Photos: Wives Of Nigerian Senators Looking Glamorous As They Attend Birthday Party In Ibadan
Politics
74 views
Politics
74 views

In Photos: Wives Of Nigerian Senators Looking Glamorous As They Attend Birthday Party In Ibadan

MT - October 16, 2017

Toyin Saraki, wife of senate president led a group of women (wives of Nigerian senators) to celebrate Senator Akanbi’s wife’s 50th birthday in Ibadan, Oyo state capital.…

Best Proposal Ever: Nigerian Man Stage Molestation By Soldiers Just To Propose To Girlfriend (Watch Video)
Romance and Love
63 views
Romance and Love
63 views

Best Proposal Ever: Nigerian Man Stage Molestation By Soldiers Just To Propose To Girlfriend (Watch Video)

MT - October 16, 2017

A Nigerian man teamed up with a set of soldiers just to propose to his girlfriend. The man was seen in the video pretending to be molested…

2019 Election: Buhari Remains “Unbeatable Candidate For The APC”
Politics
50 views
Politics
50 views

2019 Election: Buhari Remains “Unbeatable Candidate For The APC”

PH - October 16, 2017

Kogi State Governor, Alh. Yahaya Bello has reiterated the determination of the people of the state and Nigerians in general to ensure President Muhammadu Buhari continues his…

Loading...