How Ex-Governor Of Adamawa, Nyako, Used Five Companies To Divert Funds |The Republican News

 Somina Amachree

‘How ex-Governor Nyako used five firms to divert funds’


The Federal High Court in Abuja yesterday heard how former Adamawa State Governor Murtala Nyako used five companies to commit fraud.
Nyako and others are on trial before Justice E. Chukwu of the Federal High Court on a 37-count charge of criminal conspiracy, stealing, abuse of office and money laundering for N29 billion, preferred against them by the Economic and Financial Crimes Commission (EFCC).
They are alleged to have, between 2011 and 2013, used five companies – Blue Opal Nigeria limited; Serore Farms and Extension Limited; Pagoda Fortunes Limited; Towers Assets Management Limited and Crust Energy Limited – to commit fraud.
Prosecution witness Mr. Ugochukwu Udumukwu, a branch head of FMB Merchant Bank in Abuja, who was led in evidence by Prosecution counsel Rotimi Jacobs (SAN), said the history of these major investments could be found in Exhibit A151 to Exhibit A166.
His words: “Blue Ribbon Multi Links had an investment of N100 million on April 18, 2002, N200 million on April 20, and another N100 million on January 15, as internal transfers from Tower Assets Management Limited.
“On June 6, 2012, an investment of N120 million was made as a transfer from Tower Assets – the account was opened on December 12, 2005, with an initial deposit of N10 million through a Guaranty Trust Bank (GTB) cheque 49330.
“The company had another N4.3 million investment on September 8, 2006, which was initiated with a GTB cheque, N40 million on August 26, 2009, and another N11.6 million on November 6, 2009, through a Fidelity Bank cheque.
“While on Tower Assets, an investment of N100 million was made on March 14, 2012, through a bank transfer from Zenith Bank, and on March 21, 2012, an investment of N200 million was made through Zenith Bank.
“On April 18, 2012, the same company had an investment account of N20 million through First Bank, on April 23, 2013, N95 million was transferred from Blue Ribbbon account and on May 4, 2012, N120 million was made through a transfer from Zenith Bank.
“Tower Assets Management Limited also had an investment account of N60 million, which was booked on May 20, 2013, through an internal transfer from Blue Ribbon Multi Links.”
Udumukwu told the court he got a letter from the EFCC requesting them to provide documents pertaining to the transactions carried out on two accounts.
Justice Okon Abang adjourned the matter till November 29 and 30.  (

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