An employee of Access Bank Plc, Olubunmi Ojoko, on Wednesday, narrated how former Head of Service, Mr. Stephen Oronsaye, used the Federal Government’s N190m which he allegedly kept in a secret account in his capacity as the then Chairman of the Presidential Committee on Financial Action Task Force.
Ojoko was testifying as the second prosecution witness in Oronsaye’s ongoing trial before Justice Olasunbo Goodluck of a Federal Capital Territory High Court in Maitama, Abuja.
The witness said she was the Access Bank’s officer in charge of the account, which the former Head of Service was said to have unilaterally opened in the name of the Presidential Committee on FATF without the approval of the Accountant-General of the Federation and unknown to other members of the committee.
The Economic and Financial Crimes had on March 15, 2016 arraigned Oronsaye on two counts of breach of trust which he allegedly committed between 2013 and 2014 by defrauding the Federal Government of N190m using his position as the then Chairman of the Presidential Committee on FATF.
Oronsaye was accused of converting the N190m to his personal use through the investment of the fund in Access Bank Plc’s Banker’s Acceptance for a tenor of 90 days at 9 and 12 per cents interest rates “in violation of the extant financial regulations”.
The defendant, while still serving as the Head of Service of the Federation, was appointed as chairman of the PCFATF, which was set up to ensure the passage of the anti-money laundering bill and countering financial terrorism, among other terms of reference.
Ojoko opened her testimony shortly after the first prosecution witness, Ngunnan Kakwagh, an EFCC investigator, was cross-examined by the defence team led by Chief Kanu Agabi (SAN) on Wednesday.
Kakwagh in her earlier testimony on March 15, had alleged that the ex-Head of Service unilaterally operated the Access Bank account in the name of the PCFATF and received a total of N240m from the CBN through the account.
She had said earlier that Oronsaye also made “five structured payments” of N9m each, making a total of N45m, into the account in one day in September 2013.
She said out of the total N285m, Oronsaye invested N190m in fixed deposit and converted it along with the accrued interest into personal use.
She confirmed that she never met any other member of the committee, including Mr. Jalal Arabi, a counsel in the presidential Villa, who served as the secretary to the committee, throughout the period the account was operated.
She said there were a total of four lodgments into the account from the CBN and other cash deposits.
She said besides “the direct withdrawals” by Oronsaye, “there were other various beneficiaries”.
Ojoko said, “The first transfer was N50m in October 2012. The second was in April 2012 was N90m from the CBN. In May 2013, there was cash lodgment of N45m . The fourth lodgment of N100m came in December 2014 from CBN.
“After the first lodgment (of N50m from CBN) several cheques were drawn by the defendant (Oronsaye) in favour of various beneficiaries and the second inflow of N90m was invested in fixed deposit account. It was fixed in Banker’s Acceptance which is a form of investment, for 90 days at 9 per cent. On maturity, the N45m (the third inflow) had come and it was fixed for 90 days.
“Upon maturity, they (the investments) were usually rolled over on the instruction of Mr. Stephen Oronsaye and the interest were credited into his current account.
