A witness for the Economic and Financial Crimes Commission (EFCC) has made shocking revelations about the alleged diversion of over ₦4 billion in state security funds by former Anambra State Governor, Willie Obiano, during his tenure.
The witness disclosed that the funds were funneled through three unlicensed companies that had no legal business ties with the Anambra State Government. The alleged fraudulent transactions took place between April 2017 and March 2022.
According to reports, these revelations came to light on Monday during court proceedings at the Federal High Court in Abuja, where Obiano is currently facing nine charges of financial fraud brought against him by the EFCC.
Obiano, who governed Anambra State from 2014 to 2022, is accused of using unauthorized financial channels to convert state funds into foreign currency, which was then delivered to him in cash. The EFCC alleges that these illegal transactions were conducted under the guise of security votes meant for the state.
During his arraignment in January 2024, the former governor pleaded not guilty to all charges.
During Monday’s court session, the third prosecution witness, Andrew Ali, a senior official from the Central Bank of Nigeria (CBN) and head of the licensing office, provided testimony that implicated three out of the 23 companies linked to the alleged fraud.
Ali informed the court that these three companies were not registered with the CBN and were operating without valid licenses as Bureau de Change (BDC) firms.
“Out of 23 companies investigated, three were not registered with the CBN,” Ali stated while addressing the court.
The unlicensed companies were identified as:
Connaught International Services
SY Panda Enterprise
Zirga Zirga Trading Company
Further revelations from the witness indicated that Zirga Zirga Trading Company had been delisted by the CBN before 2014, meaning it had lost its legal recognition as a financial operator even before Obiano assumed office.
“Once a company fails to meet the necessary requirements, it is delisted. The CBN issues public notices warning against transactions with such unlicensed firms, and this information is available on our website,” Ali clarified.
To support its case, the EFCC submitted an eight-page official document containing correspondence between the EFCC and the CBN regarding the companies. The court admitted the documents into evidence as Exhibit A1–A8.
The anti-graft agency also alleged that Obiano’s Chief Protocol Officer and Deputy Chief of Staff, Uzuegbuna Okagbue, played a major role in facilitating these transactions. According to the EFCC, Okagbue coordinated multiple transfers from the state’s security vote account into the unlicensed companies’ accounts.
During cross-examination, Obiano’s defense counsel, Onyechi Ikpeazu (SAN), challenged Ali’s claims, questioning him on the CBN’s stance regarding delisted companies. Ali reiterated that once a firm is delisted, it is no longer recognized or regulated by the CBN. He referenced Sections 15 and 19 of the CBN Revised Operational Guidelines (2015) to support his statement.
“Bureau de Change operators are required to maintain official accounts, and they are not permitted to conduct financial transactions without these accounts,” Ali emphasized.
Following the testimonies and arguments presented in court, Justice Inyang Ekwo adjourned the case to February 26, 2025, for further proceedings.