A Compliance Officer with Stabic IBTC Bank, Babatunde Adenekan, provided detailed accounts before a Lagos Federal High Court regarding the distribution of funds belonging to the Nigerian Airspace Management Agency (NAMA).
Adenekan, serving as a prosecution witness for the Economic and Financial Crimes Commission (EFCC), narrated the alleged financial fraud during the trial of the Managing Director of NAMA, Ibrahim Abdulsalam, and six others. They are charged with stealing and conversion of NAMA’s funds amounting to about N6.8 billion before Justice Babs Kuewumi.
According to Adenekan, various sums of NAMA funds were paid into the account of Delosa Limited and then distributed to other accounts between 2013 and 2015. He testified that on February 12, 2015, the suspects transferred N10 million to a firm known as Paperhouse and N8.6 million to Gabson Bureau de Change on March 7, 2015. Additionally, N10 million and N6.4 million were transferred to Paperhouse Limited on March 7, 2015.
The witness detailed multiple instances where NAMA’s funds were moved to the account of Delosa Limited and subsequently transferred to Randville Investment Limited and Multeng Travels and Tours Limited. He highlighted specific transactions, indicating the movement of funds and their subsequent distribution to various entities.
Adenekan further revealed that Randville Investment Limited, with 10 fixed deposit accounts and one current account, had Agbolade Segun and his wife, Agbolade Susan, as signatories. Segun, the third accused, also had two personal accounts where funds were transferred, according to the witness.
The EFCC alleged that the accused conspired to induce NAMA to deliver the sum of N2.8 billion to Delosa Ltd, Air Sea Delivery Ltd, and Sea Schedules Systems Ltd under the pretense of clearing NAMA’s consignments. They were also accused of converting N191 million belonging to NAMA to personal use between January 2 and December 17, 2013, and converting N728 million between 2013 and 2015, among other sums.
The matter has been adjourned till May 30 for continuation of the trial.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
