CBN Official Testifies: Three Companies In Obiano’s ₦4bn Case Operated Without BDC Licenses
The trial of former Anambra State Governor, Willie Obiano, continued on Monday, February 24, 2025, before Justice Inyang Ekwo of the Federal High Court, Abuja.
The Economic and Financial Crimes Commission (EFCC) presented its ninth prosecution witness in the ongoing case of alleged embezzlement and money laundering amounting to ₦4 billion.
Obiano is facing a nine-count charge brought by the EFCC, accusing him of misappropriating public funds during his tenure.
At Monday’s proceedings, the EFCC called Andrew Ali, a staff member of the Central Bank of Nigeria (CBN) and Head of the License Office, as Prosecution Witness 9 (PW9). Ali revealed that three out of 23 company accounts linked to the alleged ₦4 billion fraud were not duly licensed to operate as Bureau de Change (BDC) businesses.
The companies in question—Connaught International Services, SY Panda Enterprise, and Zirga Zirga Trading Company—were found to be operating without CBN authorization. Ali further disclosed that Zirga Zirga Trading Company had already been delisted from the CBN’s license registry before 2014.
“Sometime around April 2023, we received two letters from the EFCC requesting confirmation of the licensing status of 23 financial institutions. After reviewing our records, we responded in a letter dated May 21, 2023, confirming that three of these companies were not registered with the CBN,” Ali testified.
The court admitted the EFCC’s eight-page letter and the CBN’s response as Exhibits A1–A8.
During cross-examination, Obiano’s defense counsel, Onyechi Ikpeazu (SAN), questioned Ali about the CBN’s regulatory authority over delisted companies.
Ali explained that once a company fails to meet the licensing requirements, it is automatically removed from the CBN’s supervision. “Once you do not meet the requirements, you are delisted. We only regulate and supervise licensed entities. When a company is delisted, we issue a public notice and update our website accordingly,” he stated.
He also cited Sections 15 and 19 of the CBN Revised Operational Guidelines (2015), emphasizing that BDCs must maintain operational accounts and are not permitted to conduct business without them.
Following the witness testimony and cross-examination, Justice Inyang Ekwo adjourned the trial to February 26, 2025, for further proceedings.
