JUST IN: Court Finds Olisa Metuh Guilty Of Laundering N400m

The Federal High Court in Abuja has convicted the former National Publicity Secretary of the Peoples Democratic Party, PDP, Chief Olisa Metuh, on the money laundering charge the Economic and Financial Crimes Commission, EFCC, preferred against him.

Trial Justice Okon Abang also found Metuh’s firm, Destra Investment Ltd, guilty of illegally receiving N400million from the Office of the National Security Adviser, ONSA, prior to the 2015 presidential election, without contract approval or execution.

“I find the defendants guilty in respect of count 1 of the charge and they are accordingly convicted”, Justice Abang held.

While count two borders on conversion of the sum of N400 million received from the office of the former National Security Adviser, count three borders on retention and concealment of the said funds.

Delivering judgment in the two counts, Justice Abang held that evidence tendered by the prosecution proved that Metuh disbursed the funds received from Dasuki for the political activities of the PDP as well as for his personal use.

“Metuh has not explained how N50 million was transferred to a joint account of his wife and himself”, the court held.

The Judge further stated that all documentary evidence presented to the court failed to show any security services for which the sum of N400 million was paid to the defendants, but rather flow of funds into PDP’s campaign activities as well as Metuh’s personal use.

Justice Abang is still reviewing submissions of all the parties with respect to the remaining six counts of the charge.

The presiding judge addressing the issue raised by the defendant during the trial that no court has yet convicted Sambo Dasuki on any money laundering charges, to assert that the money paid to the defendant (Olisa Metuh) is proceeds of any unlawful act.

The Judge held that Sambo Dasuki need not to be convicted to show that the money paid to the defendant was proceeded from an unlawful Act.

He said the defendant and the office of the NSA had no contract but yet he received the payment of N400m.

EFCC had in a seven-count charge it entered before the court, alleged that the N400m was electronically wired from an account that ONSA operated with the Central Bank of Nigeria, CBN, to Metuh, via account no. 0040437573, which his firm operated with Diamond Bank Plc.

It told the court that the fund which was released to Metuh and his firm by detained former NSA, Col. Sambo Dasuki, retd,‎ ‎was part of about $2.1billion earmarked for the purchase of arms to fight insurgency in the North East.

Besides, the prosecution alleged that Metuh was involved in an illicit transaction that involved the exchange of $2million, in violation of extant financial regulations.

More details later…