The Economic and Financial Crimes Commission on Monday opened its case of money laundering against the National Publicity Secretary of the Peoples Democratic Party, Olisa Metuh, at the Federal High Court, Abuja.
The EFCC had charged Metuh and his company, Dextral Nigeria Limited, for receiving fund meant for the purchase of weapons for the military in the fight against the Boko Haram insurgency.
The prosecution called a former Wealth Manager, Asset Resources Management, Nneka Ararume, as a witness in the trial.
Ararume testified in her evidence-in-chief that Metuh transferred $2 million to his investment portfolio with the company in December 2014.
The witness said Metuh had invited her to his house to hand her $2 million in cash for the transaction.
“The owner of Dextral, Metuh, with whom the company manages his portfolio called me to his house and handed me $2 million cash with instruction that the cash be converted into naira and paid into his account with us.
“I took the money and gave $1 million each to two Bureau De Change operators, Sie Iyenome and Mr. Kabiru Ibrahim, to sell.
“My company had managed Metuh’s portfolio long before I joined it in April 2011.”
Ararume, who was cross examined by Onyechi Ikpeazu (SAN), told the court that the transaction was not illegal.
When asked whether Asset Resources Management had access to Metuh’s bank accounts, the witness said the company had kept account files of all its clients.
“The company has no direct access to bank accounts of the client except instructed to do so by the client for specific reason.
“The singular reason which gives room to such access is when the client is paying in funds or asked for the liquidation of his investment.”
In his testimony, Iyenome, one of the Bureau De Change operators, said Ararume had sought for the sale of $1 million from him.
“I did contact the Capital Field Investment and Trustees and one Tonye to sell the $1 million that she gave me.
“After due diligence, I gave them $500,000 each to sell. We got a total of N183 million from the sale of the $1 million.
“The money was immediately paid into the Asset Resources Management account and Ararume brought the $1 million after she confirmed receipt of the N183 million.”
Under cross examination on the legality of the deal, the witness said he had always done a legitimate business, adding that the transaction was not different.
Iyenome said he acted as a broker in the transaction by connecting those who sold the money.
However, when re-examined by Silvanus Tahir, the prosecuting counsel, on the legally of approved amount of dollars to be transacted in a day, Iyenome said only $4,000 was approved for an individual.
He further said the approval limit for a business entity per day stood at $5,000.
The judge adjourned till Tuesday for the continuation of the trial.
Earlier, Ikpeazu had brought an application for the variation of Metuh’s bail condition.
Ikpeazu argued that the conditions were difficult to be met by his client.
The application was, however, opposed by the prosecution, who said the initial decision of the court should be upheld.
Okon fixed January 29 to deliver ruling on that application.
The PDP spokesman was accused of collecting N400 million from a former National Security Adviser, retired Colonel Sambo Dasuki.
The money was part of the $2.1 billion arms procurement fund allegedly misappropriated by Dasuki.
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