Asset Declaration: Saraki’s loan repayments contravene Money Laundering Act – EFCC

Prosecution witness, Michael Wetkast on Monday told the Code of Conduct Tribunal (CCT) that the manner the Senate President Bukola Saraki repaid a loan of N380million contravened the country’s Money Laundering Act. During cross examination, defense counsel, Paul Usoro (SAN) asked whether the witness, an operative of the Economic and Financial Crimes Commission (EFCC) had […]

Prosecution witness, Michael Wetkast on Monday told the Code of Conduct Tribunal (CCT) that the manner the Senate President Bukola Saraki repaid a loan of N380million contravened the country’s Money Laundering Act.

During cross examination, defense counsel, Paul Usoro (SAN) asked whether the witness, an operative of the Economic and Financial Crimes Commission (EFCC) had any evidence to suggest that the repayment of the loan taken by Saraki was done from the account of Kwara state government since the witness had earlier said he did not investigate Kwara State Government account. 

The witness replied that what he can confirm was that from investigation he carried out with his team, the manner the loan was repaid contravened the Money Laundering Act and that was why the third charge against the defendant was framed to indicate that the defendant abused his office.

The witness also confirmed that the immediate two declarations made by the defendant after purchasing the property (at Ikoyi, Lagos) indicated that the property was purchased through bank loans while the declaration made four years after (on 3rd of June, 2011) indicated that the property was acquired through the proceeds of sales of rice and sugar.

He said "the loan of N380m was taken to purchase one of the properties (at N256.3m) and there was 12% charge on the property which translated to N12.8m."

"The loan was to be paid in five equal tranches on quarterly basis. The first payment of N81m was done on 02/05/2007. The second was N80m on 02/08/2007. The third was N79m on 02/11/2007. The fourth was N78m on 01/02/2008 and the fifth was N77m paid on 02/05/2008", Wetkast said.

The trial continues today with the defense expected to conclude the cross examination of the first prosecution witness.