N1.9bn: Billionaire businesswoman, Bola Shagaya, loses bid to unfreeze account

N1.9bn: Billionaire businesswoman, Bola Shagaya, loses bid to unfreeze account

Bola Shagaya Patience Jonathan

Justice Oluremi Oguntoyinbo of the Federal Excessive Courtroom sitting in Ikoyi, Lagos, on Thursday, Might 17, 2018, described as “judicial rascality” the problems raised by a businesswoman, Bola Shagaya, in an utility searching for an order of the court docket to put aside the ruling given by Justice M.S. Hassan of the identical court docket ordering the interim attachment of her
account pending conclusion of investigation‎.

The Financial and Monetary Crimes Fee, EFCC, had on December 29, 2016, secured an order of Justice Hassan to freeze a Unity Financial institution account with a stability of N1,902,673,399.93 belonging to Shagaya. The cash was the stability of a complete of N3,305,150,000, which Shagaya allegedly acquired as “Finder charges” on behalf of an organisation, “Ladies for Change” being promoted by a former First Woman, Mrs. Endurance Jonathan.

It was additional alleged that the N3.3bn was realized via Shagaya’s fraudulent actions within the Nigerian Nationwide Petroleum Company, NNPC, the place she was stated to have influenced the allocation of Twin Objective Kerosene ‎to Index Petrolube Africa Restricted, with the help of the previous First Woman.

The N3.3bm was allegedly paid by Index Petrolube Africa Restricted and ‎sister firm, Autodex Nigeria Restricted, that are stated to belong to Hon. Ezeani ThankGod. 
It was additionally alleged that the explanation for the fee of the N3.3bn was to “fraudulently ‎facilitate allocation of Twin Objective Kerosene to ThankGod’s firm, Index Petrolube Africa Restricted.”

Out of the N3.3bn, Shagaya was stated to have “paid a cumulative sum of N1,212,000,000 to the previous First Woman via her ‘‘Ladies for Change Initiative” account domiciled in Diamond Financial institution, to which the previous First Woman is ‎the only signatory.”.

Shagaya allegedly “warehoused” the stability of N1.9bn in her account in Unity Financial institution. 

By way of her lawyer, Shagaya, in an originating summons, had urged Justice Oguntoyinbo to grant her entry to the account, which has been frozen since December 29, 2016. Shagaya, who’s claiming violation of her constitutional proper to honest listening to, filed an originating summons dated October 20, 2017 supported by a 19- paragraph affidavit searching for the court docket’s order to put aside Justice Hassan’s ruling and likewise asking for the declarations
that the ruling was unconstitutional, null and void as similar violates her proper of honest listening to as assured by Part 36(1) & (2) of the 1999 Structure.

She can be searching for a declaration that she has the proper to personal movable properties as assured by Part 44(1) & (1c) of the 1999 Structure.

In response to the applying, the EFCC, in a nine-paragraph counter- affidavit deposed to by Musbahu Yahaya Abubakar, an investigator with the EFCC, urged the court docket to dismiss the prayers of the applicant and declare it an abuse of court docket course of.

On the resumed listening to as we speak, Justice Oguntoyinbo dismissed the applying and held that an interim order of the account of the applicant or forfeiture of her account pending investigation and prosecution didn’t violate her proper to honest listening to.

She additionally held that “Part 26, 27, 28, 29, 30 of the EFCC Act supplies that instantly
after the graduation of investigation, the Fee can connect a property to final until the graduation of felony trial.

“The order made by Honorable Justice M.S. Hassan was made inside jurisdiction and this court docket can’t stand as an appellate court docket in opposition to its determination. This go well with is an attraction introduced in type of originating summons by asking the court docket to preview the standing of a court docket of concurrent ‎jurisdiction, it’s a judicial rascality.”


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