How Ex-Governor Obiano Used Unlicensed Companies for Fraud – Witness

A prosecution witness has testified that former Anambra State Governor Willie Obiano used unlicensed companies to commit financial fraud during his tenure. The revelation came during proceedings at the Federal High Court in Abuja, where Obiano is facing a nine-count charge of embezzlement and money laundering amounting to N4 billion.

At the latest hearing, the Economic and Financial Crimes Commission (EFCC) presented its ninth witness, Andrew Ali, a staff member of the Central Bank of Nigeria (CBN) and head of the License Office. Ali disclosed that three of the 23 company accounts linked to the alleged fraud were not licensed to operate as bureau de change (BDC) businesses. The companies—Connaught International Service, SY Panda Enterprise, and Zirga Zirga Trading Company—allegedly played a role in financial transactions despite not having the necessary approvals.

Ali testified that Zirga Zirga Trading Company had been delisted from the CBN license list before 2014. He explained that in April 2023, the EFCC requested information on 23 financial institutions, prompting the CBN to review its records. A formal response was sent to the EFCC on May 21, 2023, confirming that three of the companies were not registered.

The court admitted both the EFCC’s inquiry and the CBN’s response as exhibits. Under cross-examination by defence counsel Onyechi Ikpeazu, SAN, Ali reiterated that unlicensed companies fall outside CBN supervision and that the regulatory body regularly issues public notices warning against dealings with such entities. He emphasized that BDCs must maintain operational accounts for transactions and that failure to meet licensing requirements leads to delisting.

Following the testimony, Justice Inyang Ekwo adjourned the trial to February 26, 2025, for further proceedings.