Alleged $1Billion Fraud: Court acquits Aliyu Abubakar, Malabu Oil

The Federal High Couurt, Abuja Division, on Thursday discharged and acquitted Malabu Oil and Gas Ltd., the Chairman of AA Oil Ltd., Aliyu Abubakar, and others f an alleged one-billion-dollar money laundering charge

Justice Inyang Ekwo, in a judgment, held that the EFCC failed to prove the allegations against the eight defendants as required by law in the charge marked: FHC/ABJ/CR/268/2016 and filed in 2016.

The judge also held that the investigation by the Investigating Police Officer (IPO) had not been concluded before the charge was filed against the defendants.

“Concerning the evidence of the IPO in this case, this court by law has the duty to weigh the conduct of investigation and make findings on whether or not it is satisfactory.

“To this end, the IPO must actually demonstrate that he conducted investigation and not that he merely assumed the existence of the state of fact by guessing them.

“Where the IPO fails to tender a document or findings made during the course of proceedings, there is something wrong with the investigation.

“It has always been the position of law that investigation must be concluded before a charge is filed. The is a clear situation where such was not the case,” he said.

The judge faulted the EFCC when it proceeded to prosecute the defendants based on the charge after the Attorney-General of the Federation (AGF) issued a letter in 2018 directing that the defendants should not be prosecuted because there was no sufficient evidence to warrant it.

The judge stated, “Before I conclude this judgement, I need to state again that the prosecution ought not to have filed this charge against the advice of the Honourable Attorney-General of the Federation (AGF).

“Before giving the advice, I believe that the AGF would have seen that as at the time this charge was filed, the prosecution did not have the evidence to prove the counts in the charge. No prosecuting agency is higher in law that the AGF.

“No action should be taken by any prosecuting agency that gives any indication that it can defy the advice or directive of the AGF and have its way in the court.

“The court would not give its imprimatur to a situation where it can be said that a house divided against itself can stand. I say no more.

“I find in the end that the prosecution has not proved the allegations in counts 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, and 43 against the 1st, 2nd, 3rd, 4th, 5th, 6th, 7th and 8th defendants beyond reasonable doubt as required by law and I so hold.

“I hereby make an order discharging and acquitting the 1st, 2nd, 3rd, 4th, 5th, 6th 7th and 8th defendants of the respective allegations against each of them in this case.

“This is the judgement of this court,” Mr Ekwo stated.

The EFCC had named Malabu Oil and Gas Ltd, A-Group Construction Company Limited, Rocky Top Resources Limited, Mega Tech Engineering Limited, Novel Properties and Development Company Limited, Imperial Union Ltd, Carlin International Nigeria Limited and Aliyu Abubakar as 1st to 8th defendants in the case.

They were charged with money laundering in a 43-count charge over their alleged fraudulent dealings in relation to the controversial oil block, OPL 245.

The EFCC claimed that about $1 billion and N673 million were involved in the alleged money laundering offences.

In count two, Malabu Oil & Gas Limited with Seidougha Munamuna, Amaran Joseph and Dauzia Loya Etete, who are all at large, were alleged to have taken control of the sum of $401, 540,000.00 transferred by the Federal Government into Malabu Oil’s account number: 2018288005 domiciled in First Bank of Nigeria Limited.

In count three, Malabu Oil with Munamuna, Joseph and Loya Etete, who are all at large, were alleged to have taken control of the sum of $400,000,000.00 transferred by the Federal Government Nigeria into Malabu Oil’s account number: 1005552028 domiciled in Keystone Bank Limited.

The EFCC alleged that the funds formed part of the proceeds of an unlawful act, contrary to Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (4) of the same Act, among other counts.

The defendants, however, pleaded not guilty when they were arraigned.

Mr Ekwo, in another judgment on charge number: FHC/ABJ/CR/31/2017, also exonerated Aliyu Abubakar of counts five, six, seven, eight and nine preferred against the business mogul in the N300 million money laundering offence.

The judge, who held that the EFCC failed to discharge the responsibility placed on it, said there was no evidence that Abubakar committed the offence for which he was charged.

“The allegations in counts five, six, seven, eight and nine cannot be proved beyond reasonable doubt. I so hold. I made an order discharging the defendant,” the judge ruled.

The anti-graft agency had initially named the former AGF, Mohammed Adoke and Abubakar as 1st and 2nd defendants in the money laundering charge filed in 2017.

However, while Mr Ekwo freed Mr Adoke in a no-case submission filed by the ex-AGF on April 19, 2024,he held that Mr Abubakar had a case to answer.

The judge held that the prosecution was able to make out a prima facie case against Abubakar, the 2nd defendant, that would warrant him to give evidence in counts five, six, seven, eight and nine.

Delivering the judgment, Mr Ekwo, however, found that the prosecution failed to prove the allegations beyond reasonable doubt.

(NAN)