EFCC opens case against Metuh, calls 2 witnesses

(Nigeria) The Economic and Financial Crimes Commission, EFCC,  on Monday, its case of Money Laundering against Peoples Democratic Party, PDP Spokesman, Olisa Metuh, at a Federal High Court sitting in Abuja.

The EFCC had charged Metuh and his company, Dextral Nig. Ltd., for receiving fund meant for the purchase of weapons for the military.

The prosecution called a former Wealth Manager, Asset Resources Management, Miss Nneka Ararume, as a witness in the trial.

Ararume testified in her evidence-in-chief that Metuh transferred two million dollars to his investment portfolio with the company in December 2014.

The witness said Metuh had invited her to his house to hand her $2million cash for the transaction. ``The owner of Dextral, Metuh with whom the company manages his portfolio called to his house and handed me two million dollars cash with instruction that the cash be converted into naira and paid into his account with us.

“I took the money and gave $1million each to two Bureau De Change operators, Mr Sie Iyenome and Mr Kabiru Ibrahim to sell. ``My company had managed Metuh’s portfolio long before I joined it in April 2011,’’ she told the court.

Ararume, who was cross examination by Mr Onyechi Ikpeazu, SAN, told the court that the transaction was not illegal. When asked whether Asset Resources Management, ARM, had access to Metuh’s bank accounts, the witness said the company had kept account files of all its clients.

She further said: ``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,’’ Ararume testified. In his testimony, Iyenome, one of the Bureau De Change operators, said,  Ararume had sought for the sale of one million dollars from him.

“I did contact the Capital Field Investment and Trustees and one Tonye to sell the one million dollars 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 one million dollar.

“The money was immediately paid into the Asset Resources Management account and Ararume brought the one million dollar after she confirmed receipt of the N183 million,’’ he said.

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 Mr 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 that 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 that the initial decision of the court should be upheld.

Okon had adjourned till January 29 to deliver ruling on that application.

The PDP spokesman was accused of collecting N400 million from the former National Security Adviser, retired Col. Sambo Dasuki.

The money was part of the $2.1 billion  arms procurement fund allegedly misappropriated by Dasuki.