A former Minister of Defence, Senator
Musiliu Obanikoro, yesterday paid
N100.4million out of about N785million
allegedly collected from the Office of
National Security Adviser (ONSA) by Sylvan
McNamara Limited, a company which was
allegedly linked to him.
It is unclear when the ex-Minister will pay
the balance, but there are indications that he
had entered into a commitment with the
EFCC.
But the ex-Minister may regain freedom any
moment from now following the partial
fulfilment of his undertaking.
His release is subject to the confirmation of
the N100.4m in the relevant account.
The refund, however, does not preclude the
ex-Minister from trial depending on the
weight of evidence and the disposition of the
anti-graft agency.
It was learnt that a prima facie case has been
established “beyond reasonable doubt”
against Obanikoro.
A top source in the EFCC, who spoke in
confidence, said: “After many days of foot-
dragging, the ex-Minister has paid back
N100.4million out of about N785million
allegedly collected from the Office of
National Security Adviser (ONSA) by Sylvan
McNamara Limited, a company which was
allegedly linked to him.
“I think we may grant him bail to give him
time to look for the balance of the cash. We
are trying to verify the government account
he paid into and we want to confirm the
payment. We may release him any moment
from now after the confirmation.
“This, however, does not mean that we are
dropping any charges against him. Our
objective is first of all to recover the illegal
funds. The decision on his trial will depend
on the review of his case and the extent to
which he is liable.
“You know the ex-Minister has admitted
flying over N1.299billion to Akure in two
shuttles for Governor Ayodele Fayose. The
cash was collected by Fayose’s associate,
Abiodun Agbele, who is currently on trial.
“Obanikoro also confessed that he personally
gave $5.377m (N60m then) cash to Fayose.
He admitted on oath that he was used to
siphon public funds meant for arms
purchase. These are all criminal offences
which are punishable by the nation’s laws.
“The testimonies of Obanikoro will hasten
his trial and ongoing prosecution of all the
suspects implicated in the arms cash.”
On Governor Fayose, the source added: “The
governor is just grandstanding because of
the immunity he enjoys. He personally
admitted collecting money from Zenith Bank
as a campaign gift. His associate, Agbele,
reeled out how houses were bought from
the N1.299billion brought by Obanikoro. And
the ex-Minister has finally nailed him with
his statement on oath.
“Fayose has a date with the court. It is just a
matter of time. In two years, he will be in
the dock to account for the contracts he
executed in the ONSA to have earned such
slush funds.”
The EFCC had discovered that Sylvan
Mcnamara Limited, allegedly owned by
Obanikoro and his sons, was used to launder
the N4.745billion.
Obanikoro told crack detectives of the
Economic and Financial Crimes Commission
(EFCC) that N3.880billion was allocated to
Governor Ayodele Fayose and Senator Iyiola
Omisore out of the said cash.
He also said he handed over $5.377m
(N60m then) cash to Fayose at Spotless
Hotel, Ado-Ekiti in the presence of the
former Secretary of the Peoples Democratic
Party in the state, Dr. Tope Aluko, and other
party stalwarts.
He said the balance of N785million was
expended on alleged anti-Boko Haram
campaign in Lagos and the South-West by
Sylvan Mcnamara.
The company, which was incorporated in
November 2011 had the following as its
directors: a close aide of the ex-Minister,
Ikenna Ezekwe (700,000 shares) of 51
Simpson Street, Ebute-Metta; Idowu Oshodi
(299,000 shares) of 8, Prince Tayo Adesanya
Street, Park View Estate, Ikoyi; and Elizabeth
Adebiyi(1,000 shares) of 3, Adedoyin Street,
Ijeshatedo, Surulere.
But Ikenna Ezekwe has had his accounts de-
frozen by the EFCC since the slush funds
were not traced to him.
Ezekwe has also been removed as the
director of the slush company.
A document said: “To set the stage for the
use of the company for money laundering,
the board of directors on May 7, 2012
passed a resolution that the company should
open an account and appointed Mr.
Gbolahan Obanikoro, Ikenna Ezekwe, Ms.
Theresa Matuluko (Secretary) and Mr.
Babajide Obanikoro as the signatories to the
account.
“The board added that the signing
combination be that any of the signatories
can sign alone.”
According to the EFCC, when it was time to
illegally draw the N4.745billion from the
ONSA as war chest for Ekiti governorship
poll, ex-Minister Obanikoro made the
account of Sylvan Mcnamara Limited
available and coordinated the disbursement.

Source: thenationonlineng.net/n4-75bn-arms-cash-obanikoro-refunds-n100-4m-efcc-may-regain-freedom/

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