N4bn Fraud: Obiano linked to unlicensed firms, witness tells court

The ongoing trial of Willie Obiano, former Governor of Anambra State, over alleged N4 billion fraud has uncovered new details, as a witness from the Central Bank of Nigeria (CBN) revealed that unlicensed companies were used in the financial transactions at the heart of the case.

Testifying before the Federal High Court in Abuja, the witness linked Obiano to three unlicensed firms allegedly involved in laundering State funds, deepening the corruption allegations against the former governor.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Obiano on nine counts of corruption-related charges, accusing him of diverting state funds through unlicensed companies.

At the resumed hearing, the prosecution called Andrew Ali, a staff member of the Central Bank of Nigeria (CBN) and Head of the Licence Office, who disclosed that three of the 23 companies linked to the alleged fraud were not licensed to operate Bureau De Change (BDC) businesses.

“Connaught International Service, SY Panda Enterprise, and Zirga Zirga Trading Company were not licensed to carry out BDC operations,” Ali told the court while being led in evidence by EFCC counsel, Sylvanus Tahir.

He further revealed that Zirga Zirga Trading Company had been delisted from the CBN’s licensing list as far back as 2014.

Ali recounted that in April 2023, the CBN received two letters from the EFCC seeking clarification on the licensing status of 23 financial institutions.

“Following an internal review, the CBN responded on May 21, 2023, confirming that three of the companies were unlicensed”, he said.

The EFCC’s letter and the CBN’s response were both admitted as exhibits A1 to A8.

Under cross-examination by Onyechi Ikpeazu, Obiano’s defence counsel, Ali explained that the CBN routinely delists companies that fail to meet licensing requirements and publishes such information publicly.

“We only supervise licensed entities. Once a company is delisted, we no longer have jurisdiction over it. We also run public notices to warn against transacting with unlicensed firms,” he said.

Ali referenced sections 15 and 19 of the CBN Revised Operational Guidelines (2015), which govern BDC operations and licensing requirements.

He emphasised that licensed BDCs must operate through designated accounts and that any deviation is a regulatory violation.

Justice Ekwo adjourned the case until February 26, 2025, for the continuation of the trial.