How ₦3.1bn Was Converted to $15.8m, Delivered to Ex-Benue Governor, Suswam
A Bureau de Change operator, Abubakar Umar, has narrated before the Federal High Court in Maitama, Abuja, how he converted ₦3.1 billion into $15.8 million and delivered the cash in tranches to former Benue State Governor, Gabriel Suswam, in 2014.
Umar made the disclosure during the ongoing trial of Suswam, who is facing charges of money laundering.
Testifying before Justice Peter Lifu, Umar detailed how he received the funds and converted them into dollars at the directive of the ex-governor.
According to him, the funds were transferred to his account through a proxy under Suswam’s instruction.
“One day in 2014, when I was in the office, the former governor of Benue State asked me to meet him in his house in Maitama, Abuja,” Umar stated.
“He asked me to give a woman my Zenith Bank account number, and she transferred ₦413 million into my account on August 8, 2014. I converted the money into dollars and delivered the equivalent amount to him at his residence.”
Umar, the CEO of Fanffash Resources, explained that the transactions were carried out in several tranches. The total sum of ₦3.1 billion was sent to his account in parts, including transfers of ₦637 million, ₦363 million, ₦630 million, and ₦1.068 billion, between August and October 2014.
“On September 12, 2014, ₦637 million was transferred to my account, followed by another ₦363 million about 40 minutes later,” he recounted. “Subsequent transfers of ₦630 million and ₦1.068 billion also hit my account. In total, ₦3 billion was transferred to my account.”
According to Umar, the money, which he exchanged at a rate of ₦197 per dollar, amounted to $15.8 million, all of which he delivered to Suswam at his Maitama residence.
Suswam, alongside his former Commissioner of Finance, Omodachi Okolobia, is facing 11-count charges of money laundering involving ₦3.1 billion. The funds were reportedly part of the proceeds from the sale of state government shares held by the Benue Investment and Property Company Limited.
In his testimony, Umar noted that he was not coerced or arrested by the Economic and Financial Crimes Commission (EFCC) to testify against Suswam.
He also revealed that he did not have receipts or a record book for the transactions, stating, “I buy dollars from fellow retailers and only record based on discretion.”
The trial continues as more witnesses are expected to testify. held on its behalf by the Benue Investment and Property Company Limited, sold through Elixir Securities Limited and Elixir Investment Partners Limited.
During the court’s proceedings, the witness, a bureau de change operator and CEO of Fanffash Resources, who has been testifying on the matter since 2018, first, before Justice A.R Mohammed and later Justice Okon Abang, disclosed that the total sum of Suswam, alongside his then Commissioner of Finance, Omodachi Okolobia are facing 11-count amended charges of money laundering to the tune of ₦3.1bn was transferred to him by Suswam, through a proxy in tranches with the first tranche of ₦413m hitting his account on August 8, 2014 and the remaining, coming in subsequently to sum up to ₦3.1bn.
Umar, while being led in evidence by prosecution counsel, Rotimi Jacobs, SAN, affirmed that the proxy who did the naira transfers to him was a woman.
According to the witness, he had to change a total sum of ₦3.1bn to dollars, which he said amounted to $15.8 million at the rate of ₦197 to a dollar, and delivered it to Suswam in his Maitama, Abuja residence.
“One day in 2014, when I was in the office, the former governor of Benue State asked me to meet him in his house in Maitama, Abuja. I went and met him in the house together with one fair woman. He asked me to give the woman my account number. I gave the woman my Zenith Bank account number. The woman said she’d send money into that account.
“On the 8th of August 2014, N413 million was transferred to my account. Based on this, I called the former governor and he told me to change the money to dollars and I asked him to give me time to do that. Three days after I bought the dollar equivalent, I called the former governor and informed him that the money was ready. He now asked me to take the money to his house in Maitama, near Jumat Mosque. I now told him that he should inform the security at the gate that I was coming, if not they would not allow me access into the gate. I took a cab to the house, and after I arrived at the house, I knocked at the gate and they opened. I told them my name. They opened the first and second gates and I sat in the waiting room where he came and met me. I now brought out the money which we both confirmed to be the equivalent of the N413 million. The exchange rate then was N197”, he said
Testifying further, he said, “On the 12th of September 2014, N637 million was transferred to my account. After N637 million was transferred to my account, after like 40 minutes N363 million was also transferred into my account. On 13th October 2014, N630,008,50, (Six Hundred and Thirty Million, Eight Thousand and Fifty Naira) was also transferred to my account. On 17th October 2014 1,0068,000 (One Billion, Sixty-eight Million) was transferred to my account. It is the woman who was directed by the former governor to do the transfers. The total money transferred to my account was N3 billion”.
The witness who stated that he was neither arrested by the EFCC for giving any testimony in favor of the defendant, nor threatened by the Commission to give evidence against the defendant, further disclosed that he did not have receipts for the transactions, so also no record book for them, stating that he buys dollars from his fellow retailers and only records based on discretion.
