Leadership (Abuja)
Lilian Agih and Kenny Odunukan
11 November 2008
Abuja/Lagos — London tycoon, Terry Waya, (43) was yesterday picked up by operatives of the Economic and Financial Crimes Commission (EFCC), for allegedly posing as the commission's "middleman" and using the commissions name to extort money from governors.
The money according to the spokesman of the commission Femi Babafemi is extorted under the guise of letting the governors off the agency's (EFCC) hook.
The flamboyant businessman was picked up at his Abuja residence at 1pm, on Monday.
Information available to the commission reveals that Waya solicited money from governors who are in EFCC net, with the promise of helping them to reach the commission's boss, Mrs. Farida Waziri.
LEADERSHIP gathered that Terry Waya's international passport has already been seized, and he is being detained at the commission's headquarters in Abuja.
EFCC's head of media and publicity, Mr. Femi Babafemi who confirmed his arrest and detention, said Terry Waya is, at the moment, being merely interrogated for incriminating evidence that might be in his possession and if found guilty, will be charged to court.
Babafemi did not disclose the nature of incriminating evidence the agency is looking for.
It would be recalled that Waya had been arrested in the November of 2005 by the Metropolitan Police of London over money laundering charges and was linked to Diepreye Alamaieyeseigha, former governor of Bayelsa State. He was reputed to have bailed the former Bayelsa governor from the Scotland Yard dragnet.
It was also reported that he deposited about five hundred thousand pounds to secure bail for the former governor who later jumped bail.
Following Waya's arrest in 2005, officers from the Met's money laundering investigation team seized bank drafts worth about five hundred and forty three thousand pounds from Mr Waya.
Waya, who was at the time charged with two counts of obtaining money transfers by deception was found guilty.
The offence cited him as having obtained money transfers by deception in relation to a mortgage of four hundred and sixty five thousand pounds with GE money to buy his London property at 18A Northgate, Prince Albert Road, London.
While he was said to have given false information in his application about his status, current employment, date of birth and other details, he was acquitted on a second count which related to a re-mortgage he took out for eight hundred and thirty eight thousand pounds with Birmingham Midshires Bank. He was found not guilty.
Consequent upon the first charge of money laundering, Waya was sentenced on August 7, 2007, at Southwark Crown Court and assigned to do 80 hours of community service.
This was following an order from the court which asked him to pay one million five hundred and forty thousand pounds adjudged to be the benefits accruing from "his criminal activities" and also representing the current value of his London property.
Whereas controversy still surrounds Terry Waya's source of wealth, it is generally believed that he acted as a front for various military officers during the Abacha regime.
Meanwhile, former Governor of Oyo State, Senator Rasheed Ladoja and three other accused persons were yesterday re-arraigned before a federal high court sitting in Lagos.
The former governor and three others were re-arraigned, based on an Economic and Financial Crime Commission (EFCC) amended charge.
The charges were dropped from 33 counts to 10 count charges.
Ladoja was formally arraigned by the EFCC on September 6th, 2008 on a 33-count charge bordering on the N1.9 billion proceeds from the sale of Oyo State's shares resulting from a petition from his successor, Governor Bayo Alao Akala.
The court earlier yesterday transferred the suit from Justice Mohammed Sani to Justice Ramon Mohammed. Counsel to EFCC, Festus Keyamo, told our correspondent that the court is in the best position to explain why the case was transferred to another judge.
Keyamo suggested that the reasons could at best be ascribed to administrative conveniences.
He noted that the count-charge amendment emanated from Legal counsels from his corner. Lawyers to Senator Ladoja, Mr. Tayo Oyedido (SAN) Filed an application before the court praying that the terms and conditions of bail remain the same irrespective of the amendment.
Keyamo responded that he is not opposing the application but asking the court to exercise its discretion. He added that the application of the 2nd accused lawyer on the release of his International passport should also be left to the court.
He reminded the court that the case before it is a serious one and also a criminal matter.
Justice Mohammed upheld that the terms and conditions for bail should remain the same.
The Oyo state Government alleged that about 300 million shares in first city monument bank were undersold by a margin of about 50 per cent. They went for N6.50K, instead of N12 per share which was then the rate.
It was also said that the 42 million ordinary shares it owned in UBA, out of the 125 million shares it currently owned, were sold. The petition further claimed that about N6.2 billion was realized from the disposed shares, but the financial record of the state showed N4.3 billion and " I want to know the whereabouts of the balance of N1.9 billion and how the N4.3 billion officially recorded as proceed was managed. Joined in the suit are the Director general of the Nigerian stock exchange, Professor Ndi Okereke-Onyiukye, central securities limited and fountain securities limited.
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