Home News EFCC Boss Continues Testimony In Alleged N1.4bn Oil Fraud Case

EFCC Boss Continues Testimony In Alleged N1.4bn Oil Fraud Case

by Good News

A file describe of EFCC Chairman, Abdulrasheed Bawa.Chairman of the Economic and Monetary Crimes (EFCC), Abdulrasheed Bawa, on Monday persevered his testimony on the Lagos Excessive Court sitting in Ikeja within the trial of Abubakar Peters and his firm, Nadabo Vitality Restricted, for an alleged N1.4 billion subsidy fraud.

Mr Bawa who’s testifying because the fifth prosecution predict concluded his examination-in-chief sooner than Justice Christopher Balogun.

While answering questions from the prosecuting counsel, Seidu Atteh, he shed more light on Demonstrate X – the 9-web dispute document tendered in courtroom by the prosecution because the synopsis of the findings of the investigation team.

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“Web dispute eight is the abstract of the findings of our investigations,” he acknowledged. “We chanced on out that contrary to the inform of the defendant, as considered on web dispute person who this particular Letter of Credit score (LC) no. SPG/DLC/11/0013 is in favour of Ashland Vitality SA, the LC is infrequently in favour of Petrocam Procuring and selling PYT Ltd.

“Also, contrary to the inform that MT St. Vanessa had a ship-to-ship transfer with MT American Tell, as per web dispute one, our findings, as per web dispute eight, published that MT St. Vanessa had a ship-to-ship transfer with MT Evridiki, for the duration of which handiest 4,843.22 MT of PMS was as soon as taken offshore Lome as against the inform by the defendant that the vessel took 14,134.58 MT on the an identical date and same jam.

“Our findings extra published that Staco Insurance protection Plc issued Certificates of Marine Insurance protection no. 0047851 dated 25 October 2011 for handiest $4,780,128 as against the inform of the defendant that $17,205,000 was as soon as the cost that was as soon as insured.

“In abstract, our findings published that the defendant must were paid handiest N486, 560,246.15 for importation of 6,505,140.42litres of PMS as against N1,464,961,978.24 paid for claiming to have faith imported 19,500,000 litres of PMS, thereby obtaining N978,401,732.09.”

Under inappropriate-examination by defence counsel, Osagie Isiramen, Bawa suggested the courtroom that the EFCC purchased complaints from the then Minister of Petroleum Property, Diezani Alison-Madueke, calling on the cost to look at everything of the subsidy regime.

“As effectively as, we additionally purchased complaints from Femi Falana Chambers, as effectively as civil society groups and varied stakeholders in Abuja, as signed by Dino Melaye and others,” he acknowledged.

In accordance with him, the EFCC is empowered by Share 7 of the EFCC Establishment Act, “even when it doesn’t receive a formal petition to quiet produce investigation on financial issues that it believes can also very effectively be unfounded.”

The EFCC chief additionally suggested the courtroom that the agency investigated the complete corporations that participated within the subsidy plan.

“One of the essential essential entrepreneurs that we prosecuted were convicted by the courtroom, some are quiet beneath prosecution, some are quiet beneath investigation, and now we have faith recovered billions of naira,” he added.

The case has been adjourned except January 24 and 25, 2022 for the continuation of the inappropriate-examination.


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