A witness for the Economic and Financial Crimes Commission (EFCC) has alleged that former Anambra State Governor, Willie Obiano, diverted over ₦4 billion in state security funds through three unlicensed companies while in office.
The revelation surfaced on Monday during proceedings at the Federal High Court in Abuja, where Obiano is facing nine counts of financial fraud. The former governor, who was arraigned in January 2024, pleaded not guilty to the charges.
During the trial, Andrew Ali, a Central Bank of Nigeria (CBN) official and head of the licensing office, testified that three of the 23 companies linked to the alleged fraud were not legally registered as Bureau de Change (BDC) operators.
The unlicensed companies were identified as:
- Connaught International Services
- SY Panda Enterprise
- Zirga Zirga Trading Company
Ali further revealed that Zirga Zirga Trading Company had been delisted by the CBN before 2014, meaning it was no longer recognized as a financial institution when Obiano assumed office. He emphasized that once a company fails to meet regulatory requirements, it is publicly delisted, and warnings against dealing with such firms are issued.
The court admitted into evidence an eight-page correspondence between the EFCC and CBN, marked as Exhibit A1–A8.
According to the EFCC, Obiano funneled the funds through his Chief Protocol Officer and Deputy Chief of Staff, Uzuegbuna Okagbue, who allegedly facilitated multiple transfers from the state’s security vote account to the unlicensed firms.
During cross-examination, defense counsel Onyechi Ikpeazu (SAN) challenged Ali on CBN regulations concerning delisted companies. In response, Ali reiterated that once a firm loses its license, the CBN ceases to regulate its activities, citing Sections 15 and 19 of the CBN Revised Operational Guidelines (2015).
“BDCs are required to operate official accounts, and they are not permitted to conduct business without them,” Ali clarified.
Following the testimonies, Justice Inyang Ekwo adjourned the case to February 26, 2025, for continued trial.
