Aluyi Victor, Portfolio Manager of Elixir Investment Partners Limited, a brokerage firm, testifying at the on-going trial of a former governor of Benue State, Gabriel Suswam, and his Commissioner of Finance, Omadachi Okolobia, on March 2, 2016 told Justice A. R. Mohammed of the Federal High Court, Abuja, that the company was given oral instruction to sell shares belonging to the state.

According to him, sales of the Benue State-owned shares yielded N9,411,078,000.61.

Led in evidence by the prosecuting counsel, Rotimi Jacobs, SAN, he told the court that sometime in January 2014, the company made a presentation to the state’s executive on the need “to consolidate its financial assets in order for it to be properly managed for optimal returns”.

He said, “Elixir got a verbal instruction from the former commissioner to consolidate the shares from various stock brokering houses, which was valued at about N25.5 billion and made up predominantly of Dangote Cement and Julius Berger shares.”

He told the court that the instruction from Okolobia was handed down to the managing director of the company, ordering that the money made from the sales be paid into three different bank accounts.

Based on the instruction, a total of N1 billion was paid to Benue Investment and Property Company Limited, and N5.3 billion to Benue State Ministry of Finance.

He added that a third payment of N3,111,008,018.51 being part of the money made from the sale of the shares, was credited into the Zenith Bank account of Fanffash Resources, a bureau de change firm owned by Abubakar Umar.

A written instruction for the remittance of the proceeds from the sale of shares had already been presented before the court at a previous sitting, and admitted as evidence against the defendants.

He said, “At the point of making payment we however realised that there was no name of Fanffash Resources on the written instruction and we made the observation that the account does not belong to Benue State government or Benue State Ministry of Finance.”

He further noted that another 24 million shares of Dangote Cement was sold in order to mitigate the risk of a substantial drop in the value of the portfolio and a total of N3.7 billion was realised as they had gotten a written instruction to raise N10 billion for the state.

The letter for the instruction to raise N10 billion, and authority to sell block trade at the discount of 15 percent in the stock market were admitted as evidence.

Also accepted as evidence were the certified true copies of the letters of instruction acknowledged by the bank, and forwarded to the company.

Justice Mohammed, thereafter, adjourned to March 22, 2016 for continuation of trial.

http://dailypost.ng/2016/03/02/how-suswam-instructed-me-to-sell-benue-shares-witness/

Mumu people and their apc lie lie mentality. In best practice Oral instruction is never accepted world over when it come to mandate to sell and buy share. Any dull lawyer who has never been to court will easily win this case for suswan. If you know apc members are as dull as their leader click like. If you know apc are member in nairaland are duller than their leader click share.

all the money wey u na dey share,God will judge you all and you will never know peace.how can someone has more than 12b worth of cash n properties...he wan use am for earth n heaven?Abi e dey try build empire for hell....prosperity will judge Dem all

Redoil:
Mumu people and their apc lie lie mentality. In best practice Oral instruction is never accepted world over when it come to mandate to sell and buy share. Any dull lawyer who has never been to court will easily win this case for suswan. If you know apc members are as dull as their leader click like. If you know apc are member in nairaland are duller than their leader click share.

Go and sleep brother leave Benue politics for the Tivs you don't know anything about this. well here in Nairaland I understand Parties pay youths to defend them at all cost.

It's not an APC/PDP thing, it remains if the shares were actually sold and money used in developing Benue...

Go to Benue to see how under-developed it is. The state can only boast of a medical School by George Akume and Hotels/Beer parlours everywhere.

I'm just making common sense. lol, Good morning

Siberia101:



Go and sleep brother leave Benue politics for the Tivs you don't know anything about this. well here in Nairaland I understand Parties pay youths to defend them at all cost.

It's not an APC/PDP thing, it remains if the shares were actually sold and money used in developing Benue...

Go to Benue to see how under-developed it is. The state can only boast of a medical School by George Akume and Hotels/Beer parlours everywhere.

I'm just making common sense. lol, Good morning

Abi O U dey mind dat wailing buffoon......Shameless jejunes

Siberia101:



Go and sleep brother leave Benue politics for the Tivs you don't know anything about this. well here in Nairaland I understand Parties pay youths to defend them at all cost.

It's not an APC/PDP thing, it remains if the shares were actually sold and money used in developing Benue...

Go to Benue to see how under-developed it is. The state can only boast of a medical School by George Akume and Hotels/Beer parlours everywhere.

I'm just making common sense. lol, Good morning

whatever may rock ur boat just note that oral instrution is never allow when it comes to mandate to buy and sell share. Even efcc will never toe such part.

a4jasper:

Abi O U dey mind dat wailing buffoon......Shameless jejunes

only zombies of the highest order will never know that it is foolishess of the highest order to accept oral mandate to sell and buy shares.

Redoil:
whatever may rock ur boat just note that oral instrution is never allow when it comes to mandate to buy and sell share. Even efcc will never toe such part.

Was it sold or Not A Company can buy a state government shares without the intention of the state governor/government to sell

Siberia101:


Was it sold or Not A Company can buy a state government shares without the intention of the state governor/government to sell

where is the written mandate to sell the shares if their is any let them provide it then suswan will vomit the money. If you must nail a man nail him properly

Redoil:
Mumu people and their apc lie lie mentality. In best practice Oral instruction is never accepted world over when it come to mandate to sell and buy share. Any dull lawyer who has never been to court will easily win this case for suswan. If you know apc members are as dull as their leader click like. If you know apc are member in nairaland are duller than their leader click share.

****we re talking about d most corrupt governor of all time in Nigeria history n u re here. talking trash

yaqq:
ur stupidity Ehh aswear he no get part 2! we re talking about d most corrupt governor of all time in Nigeria history n u re here. talking trash

show me or the court any written mandate to sell the share even if is a forge one or any nepa bill i will then joing you in killing him

Redoil:
show me or the court any written mandate to sell the share even if is a forge one or any nepa bill i will then joing you in killing him

re u from benue? jst wait n c! his case wll b worse than that of James Ibori! Mark my word, he ll b sent 2 jail soon, jstt wait let buhari finish wt d federal agencies

yaqq:
re u from benue? jst wait n c! his case wll b worse than that of James Ibori! Mark my word, he ll b sent 2 jail soon, jstt wait let buhari finish wt d federal agencies

guy why u come dull like this

Hmmm

Na wa o
no wonder the state no develop

Hmmmm

My comment is not needed here. Off I go

Accusations everywhere, sincerely if real check is done on every government in Nigeria, not will escape indictment in one form of corruption. The systems have many loopholes.

Redoil:
Mumu people and their apc lie lie mentality. In best practice Oral instruction is never accepted world over when it come to mandate to sell and buy share. Any dull lawyer who has never been to court will easily win this case for suswan. If you know apc members are as dull as their leader click like. If you know apc are member in nairaland are duller than their leader click share.

Did you miss this part or you just decided to ignore it cuz of likes you expecting from ur fellow apologists??

Also accepted as evidence were the certified true copies of the letters of instruction acknowledged by the bank, and forwarded to the company.
Moreover do you think every naira moved from one account to the other ain't traceable

Redoil:
Mumu people and their apc lie lie mentality. In best practice Oral instruction is never accepted world over when it come to mandate to sell and buy share. Any dull lawyer who has never been to court will easily win this case for suswan. If you know apc members are as dull as their leader click like. If you know apc are member in nairaland are duller than their leader click share.

I dont need to clikc any for slowpoke brains like yours..We all know that pipu like can celebrate looters to the core.If am to check my very well Ipod brain is causing u all backwardness thinking..Areal man will condemn wat is wrong but all ipods will keep supporting..Wike bought car worth 300million yet u all say is propaganda no wonder all ipods defaeces will neva stop smelling...Yeye pipu living on planets..Am fucking ready for you all ipods that speaks with no sense..Oko iya yin ni moje..come and let me fire u kalashinovs..

Redoil:
only zombies of the highest order will never know that it is foolishess of the highest order to accept oral mandate to sell and buy shares.

Na 2day politicians don dey shelve due process?...u r just been petty....pvnk

mayweather2020:
I dont need to clikc any for slowpoke brains like yours..We all know that pipu like can celebrate looters to the core.If am to check my very well Ipod brain is causing u all backwardness thinking..Areal man will condemn wat is wrong but all ipods will keep supporting..Wike bought car worth 300million yet u all say is propaganda no wonder all ipods defaeces will neva stop smelling...Yeye pipu living on planets..Am fucking ready for you all ipods that speaks with no sense..Oko iya yin ni moje..come and let me fire u kalashinovs..

What has Ipod gat to do with benue state? U sure say some screws r not loosed?

mayweather2020:
I dont need to clikc any for slowpoke brains like yours..We all know that pipu like can celebrate looters to the core.If am to check my very well Ipod brain is causing u all backwardness thinking..Areal man will condemn wat is wrong but all ipods will keep supporting..Wike bought car worth 300million yet u all say is propaganda no wonder all ipods defaeces will neva stop smelling...Yeye pipu living on planets..Am fucking ready for you all ipods that speaks with no sense..Oko iya yin ni moje..come and let me fire u kalashinovs..

sory for u i am not ipad or ipog i am from kogi ebira.

saintkel:
What has Ipod gat to do with benue state? U sure say some screws r not loosed?

Na ur head need some screw cos u ve lost some important nuts that can fix ur brain very well..

Hooligans & greedy men men in power.. They sold the common wealth of the people forgetting the God of justice & vengeance..he that sowed the wind shall surely reap the whirl wind .

mayweather2020:
Na ur head need some screw cos u ve lost some important nuts that can fix ur brain very well..

Ok now

Suswam is the most corrupt governor of Benue state. During his time, there was no money, no security, no infrastructure, etc... If u go to Benue naw, especially in Makurdi(State capital), u won't find anything more than Hotels and resort, Bars n canteens, etc. filled with unemployed youths drinking n smoking their life's out. That man should be thoroughly investigated, he milked Benue state dry... Even George Akume was better off than him

BENUE PEOPLE WILL NEVER FORGET IN A HURRY, THE PAINS THEY SUFFERED IN THE HANDS OF THAT VAMPIRE CALLED SUSWAM.

Sometimes I wonder why our leader don't imbibe d saying dat " A GOOD NAME IS BETTER dan SILVER n GOLD" its so sad n u keep seeing pple supporting dis looters all in d name of ethnicity, religion and Tribe. Their action is so satanic, dey really do not think of me and u, dey just loot leaving d country insecured, no infrastructurs, umployment etc. I guess he is happy passing thru all dis pains cos of his greed for wealth. Too bad

He should be jailed if found guilty.

Redoil:
Mumu people and their apc lie lie mentality. In best practice Oral instruction is never accepted world over when it come to mandate to sell and buy share. Any dull lawyer who has never been to court will easily win this case for suswan. If you know apc members are as dull as their leader click like. If you know apc are member in nairaland are duller than their leader click share.

I was just going to say what the hell does 'oral instruction' mean?!

Real learner of a lawyer