RASHEED LADOJA, A FORMER GOVERNOR ARRAIGNED FOR N3.009 BILLION FRAUD

LAGOS, Nigeria – Former Governor of Oyo State, Chief Rasheed Ladoja was today arraigned before a Federal High Court in Ikoyi, Lagos on 8 count charge of money laundering to the tune of N3,009,390,092.48.

Specifically, he was accused by the Economic and Financial Crimes Commission, EFCC of laundering the sum of N2,781,390,032.48 and £600,000 at different times from the confers of the Oyo State Government while he was governor of the state.

The former Governor who was arraigned with Waheed Akanbi pleaded not guilty to the charges and was consequently granted bail on the same condition stipulated by the former judge that presided over the case in 2008, Justice A.R. Mohammed.

Ladoja was on arraignment granted bail in the sum of N100 million with two sureties. The sureties were required to have landed properties in Lekki and Ikoyi. They were also to show evidence of payment of tax. He was also to deposit his international passport in the custody of the court.

Earlier, his lawyer had argued that he be granted bail since his offence was bailable and on the same terms of bail given by the former judge, Justice A. R. Mohammed who presided over the matter in October, 2008 and that the defendant has complied substantially with terms of bail since 2008.

But counsel to EFCC had objected on the basis of attitude of the first defendant, whom the EFCC said had embarked on delay tactics to frustrate the matter.

But the Judge, Justice I. M Buba said the argument of delay is not a sufficient ground to deny the defendant bail and consequently granted him bail.

He also adjourned the matter to 14, 15 and 16 of February 2016 for accelerated hearing.