Obiano used illegal companies to defraud Anambra people — CBN

A Prosecution Witness 9 (PW9) from the Central Bank of Nigeria (CBN), Mr. Andrew Ali, has disclosed how a former governor of Anambra State, Mr. Willie Obiano, used illegal companies to defraud Anambra people while he was the state governor.

Mr. Ali, the Head of the License office, made the disclosure during the trial of Mr. Obiano.

The trial continued on Monday, February 24, 2025, at the Federal High Court, Abuja.

Obiano was standing trial before Justice Inyang Ekwo.

He was arraigned by the Economic and Financial Crimes Commission (EFCC) over charges bordering on fraud.

He is facing EFCC prosecution on nine-count charges of embezzlement and money laundering to the tune of N4 billion.

‘…may have squandered over N300 billion’

Sources close to Obiano, however, said that the N4 billion charge is a big joke as Obiano may have squandered over N300 billion.

Part of the allegedly squandered money include the roughly one hundred billion Naira saved by his predecessor, Mr. Peter Obi.

Mr. Obi reportedly saved the money in several banks, as well as in investments both in local and foreign currencies in multiple companies.

Before he left office, however, not only has Obiano wiped off the savings but he left the state neck-deep in debt totalling some two hundred billion Naira.

While testifying before the court during proceedings, Ali revealed that three companies were used in the heist.

He noted that 3 out of the 23 company accounts connected with the alleged N4 billion fraud were not duly licensed with the CBN to carry out bureau de change business.

He disclosed that Connaught International service, SY Panda Enterprise and Zirga Zirga Trading company were not licensed to carry out BDC business.

Being led in evidence by prosecution counsel, Slyvanus Tahir, SAN, he added that Zirga has been delisted from CBN license list before 2014.

He said: “Sometimes around April 2023, we receive two letters from the EFCC regarding some 23 financial institutions to know if they were licensed or not.

“I recall forwarding the two letters to the desk officer, who upon review, said we have received such letters in the past.

“So we comprehensively replied the EFCC in a letter dated May 21, 2023.

“As seen in the letter of our response, out of 23 companies, three of them were not registered” he added.

The eight-page letter from the EFCC and the response were admitted in evidence and marked as exhibit A1-A8.

Company did not meet licensing requirements

While being cross-examined by Obiano’s counsel, Onyechi Ikpeazu, SAN, Ali recalled that Zirga Zirga trading company did not meet the licensing requirements before 2014.

“Once you do not meet the requirements, you are delisted.

“It is in public knowledge that we only supervise the people that are licensed.

“Once you are not on our list, we lose the power to supervise you.

“We run public notice to sensitise the public not to operate with unlicensed companies which is also on our website,” he emphasised.

Citing section 15 and 19 of the CBN Revised Operational Guidelines 2015, he further stated clearly that CBN’s work is to regulate and supervise them.

“Once you do not meet the requirement of renewable licensing, you will be delisted.

“[Afterwards] we publish it on our valedictory list which is on our website.

“BDCs also have operational accounts which they do business with.

“They are not allowed to do business without those accounts,” he disclosed.

Case adjourned to February 26

The presiding judge, Justice Ekwo, after hearing from the Witness, as well as the Prosecution and the Defence adjourned the matter.

Further hearing on the matter will be held on February 26, 2025, for continuation of the trial of Willie Obiano.

More details on how Obiano squandered Anambra State funds can be seen in a News Band report dated March 18, 2021.

According to the report, which has documentary evidence, former Governor Obiano moved the state from debt free to ₦200 billion indebtedness.

One of the attached documents showed that former governor Peter Obi, not only left Anambra debt free, but left a record Net Balance of ₦86,665,985,574.06:

Read the full story below:

How Obiano squandered ₦86b, moved Anambra from debt-free to ₦200b debt

If found guilty of fraud and embezzlement, Obiano may face long prison terms up to ten years.

About Obiano

William Maduabuchukwu Obiano is a Nigerian politician from the South East region.

He served as the Governor of Anambra State from March 17, 2014, to March 17, 2022.

Obiano contested and won on the platform of the All Progressives Grand Alliance (APGA) party.

He succeeded Mr. Peter Obi, who is still adjudged the best governor the state ever produced.

Obiano’s tenure as governor struggled with various development projects, including:

Infrastructure development:

Obiano claimed that he invested heavily in road construction, bridge building, and other projects.

Not much, though, could be seen in comparison to his claims.

Agriculture:

Obiano claimed he promoted agricultural development.

He also touts himself in encouraging farmers to cultivate crops like rice, maize, and cassava, leading his government to a big scandal.

He claimed he exported over five million Dollars’ worth of pumpkin and bitter leaves.

However, Obiano could not point to the location of the farm when confronted.

Security:

Obiano said that he implemented various security measures to reduce crime rates in the state.

Anambra, meanwhile, became almost ungovernable under his watch as a result of insecurity that ravaged the state.

Education:

One area Obiano’s administration could be said to maintain the legacy of Peter Obi was in education.

Though the state slipped a few steps backwards, it managed to remain among the states with top best grades.

He reportedly prioritized education, with initiatives like the “Anambra State Education Development Plan.”

After completing his second term, Obiano handed over power to Charles Soludo, the current Governor of Anambra State.

The evil that men do…

Recently, Obiano has been in the news due to allegations of financial misconduct.

The Economic and Financial Crimes Commission accused him of diverting over ₦4 billion in state security funds.

He evidently pulled the feat through unlicensed companies during his tenure as governor.

The case is currently ongoing, with the next hearing scheduled for Wednesday, February 26, 2025.

Diaspora Digital Media (DDM) is poised to bring updates as soon as they are available.

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