N3.1bn Fraud: How ex-Gov Suswan siphoned state funds


Gabriel Suswam, former Benue State governor arraigned for fraud
An operative with the Economic and Financial Crimes Commission, EFCC, Junaid Sa’id, testifying in the ongoing trial of former Benue governor, Gabriel Suswan and his finance commissioner, Omodachi Okolobia on Monday 18, 2016 told Justice A. R. Mohammed of the Federal High Court, sitting in Maitama, Abuja, that Suswan diverted proceeds from the sale of shares owned by the Benue State government and Benue Investment and Property Company Limited.
According to him, Suswan ordered the sale of Benue State-owned shares through Elixir Investment Partners Limited, a stock brokerage firm.
Sa’id, while being cross examined on Monday by Suswan’s counsel, Joseph Daudu, SAN, told the court that, his investigation revealed that an offence had been committed going by the way proceeds realized from the sale of the shares were managed.
“I can confidently say that, there is an offense from where the money is laundered”, Sa’id maintained
Speaking on particulars of the petition against Suswan that was tendered as a certified true copy by the EFCC, the witness said, “the allegations include: diversion of N6bn of Ecological funds for 8 years for Benue State government; diversion of N1bn from the money realized from the sale of Taraku Vegetable Oil Company limited; diversion of N25bn from local government account; taking loans and bonds from capital market for the purpose of providing infrastructure worth N12bn; being the owner of Metropolitan Hotel which he sold it to Benue State government, taking up a property from his brother and paying N60m monthly to him as rent; selling the International Modern market without approval from the state house of Assembly; and finally, non-execution of most of the capital project earmarked”
The case was adjourned to Tuesday, 19, 2016 for continuation of hearing.
At the resumed sitting today, the prosecution counsel, Rotimi Jacobs, SAN …Read More

Source:: PM Newspaper