The trial of former Anambra State Governor, Willie Obiano, over alleged N4 billion fraud continued on Monday, February 24, 2025, at the Federal High Court, Abuja, with the Economic and Financial Crimes Commission (EFCC) presenting its ninth witness.
Obiano is facing a nine-count charge of embezzlement and money laundering brought against him by the EFCC. At Monday’s hearing, the prosecution called its ninth witness, Andrew Ali, a staff member of the Central Bank of Nigeria (CBN) and Head of the Licensing Office. Ali revealed that three out of the 23 companies linked to the alleged fraud were not licensed by the CBN to operate as Bureau de Change businesses.
“Sometimes around April 2023, we received two letters from the EFCC regarding some 23 financial institutions to determine if they were licensed or not. I forwarded the letters to the desk officer, who confirmed that we had received similar inquiries in the past. In our response dated May 21, 2023, we confirmed that three of the companies were not registered,” Ali stated.
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The court admitted into evidence the EFCC’s eight-page letter and the CBN’s response, marking them as Exhibit A1 to A8.
During cross-examination, Obiano’s defense counsel, Onyechi Ikpeazu (SAN), asked Ali about the licensing status of one of the implicated companies, Zirga Zirga Trading Company. Ali explained that the company had failed to meet licensing requirements before 2014 and had been delisted.
“Once a company does not meet the requirements, it is delisted. The CBN only supervises licensed institutions. If a company is not on our list, we lose the power to supervise it. We issue public notices to warn people against dealing with unlicensed firms, and this information is available on our website,” Ali said.
He further cited Sections 15 and 19 of the CBN Revised Operational Guidelines of 2015, emphasizing that once a Bureau de Change (BDC) fails to renew its license, it is delisted and published on the CBN’s valedictory list. He also clarified that BDCs are required to conduct business through operational accounts and are not permitted to operate outside these accounts.
Following the witness’s testimony, Justice Inyang Ekwo adjourned the case to February 26, 2025, for the continuation of trial.
The EFCC is prosecuting Obiano over alleged financial misconduct during his tenure as governor of Anambra State. The case has attracted significant public interest, with the anti-graft agency seeking to establish that the former governor misappropriated N4 billion through fraudulent transactions involving unauthorized financial institutions.
As the trial progresses, more revelations are expected regarding the alleged misuse of state funds and regulatory violations by entities linked to the former governor.
