N3.97bn fraud Badeh’s company pleads guilty to charges, forfeits $1m, Abuja houses to FG

Published on: Mon, 04 Mar 2019 22:54:33 by:
The Punch

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The Federal High Court in Abuja on Monday convicted and ordered the immediate winding up of a company, Iyalikam Nigeria Limited belonging to a former Chief of Defence Staff, the late Chief Air Marshall Alex Badeh.

Having convicted the company on the amended 10 counts of money laundering, Justice Okon Abang also ordered the forfeiture of the sum of $1m and houses in choice areas of Abuja linked to the company.

This followed the Monday’s turn around by the company to plead guilty to the 10 counts of money laundering charges which it and Badeh had earlier denied.

The guilty plea was part of the plea bargain agreement reached between the Economic and Financial Crimes Commission and the defence.

Assets linked to Badeh and Iyalikam which Justice Abang ordered their final forfeiture to the Federal Government were listed in the plea bargain agreement which the EFCC reached with the defence and filed before the court on Monday.

The assets are:

*A mansion at No. 6, Ogun River Street, Off Danube Street, Maitama, Abuja

*A shopping mall  at Plot 1386, Oda Crescent Cadastral Zone A07, Wuse II, Abuja

* A duplex  at No. 19, Kumasi Crescent, Wuse II, Abuja

* A duplex situate at No. 14, Adzope Crescent, Off Kumasi Crescent, Wuse II, Abuja

* A semi-detached duplex situate at No. 8A, Embu Street, by Sigma Apartment Wuse II, Abuja

*The sum of $1,000,000.00 only recovered from No. 6, Ogun River Street, Off Danube Street, Maitama, Abuja

Based on the plea bargain agreement, the court also ordered that upon conviction, thdefendant should be wound up “and any other property or account in the name of the defendant shall be forfeited to the Federal Government of Nigeria”.

EFCC was, until Badeh’s death, prosecuting him alongside Iyalikam Nigeria Limited on 14 counts of money laundering bordering on alleged fraudulent removal of about N3.97bn from the Nigerian Air Force’s account.

Badeh and the company had jointly pleaded not guilty to the charges in 2016, prompting the prosecution to open its case which it later closed last year after calling 22 prosecution witnesses.

Badeh was scheduled to open his defence on  January 16 this year, but before the hearing date, gunmen killed him along Abuja-Keffi Expressway on December 18, 2018

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