A former Minister of Power and Steel, Mr Bashir Dalhatu, Wednesday told an FCT High Court in Zuba, FCT that he lost N68.9 million to a fraudster.
He was testifying as a prosecution witness in a case filed by the EFCC against a businessman, Imeh Akpan who was charged with two counts bordering on Criminal Breach of Trust,
The former minister said he was introduced to the accused person sometime in 2004 through his friends, late Alhaji Aliyu Alkali and one Haruna Ningi.
He stated that the accused person told him to invest in the aviation industry by buying shares in the airline he was floating.
”He informed me that the business was profitable at that time. He said the business was a win-win.
“At the end of the presentation, I accepted to buy shares to the tune of N1. 8 million representing 34 per cent of the company share capital.
”He, the accused person, told me that he was in the process of negotiating with First Atlantic Bank to obtain a loan facility for his company, “Commodore Aviation Services,’’ he said.
The former minister said the accused told him that the loan facility was to enable the accused person buy aircraft to be used in the country by the Commodore Aviation Services.
Dalhatu told the court that the accused met him again and request to assist him with N50 million to facilitate the loan.
”I agreed to provide the N50 million security deposit on two conditions; one of the conditions was to open an interest saving account in the name of Commodore Aviation Services and keep the money there.
”The second condition I gave him was that the interest that accrued from the account would be his own and it should be reverted back to him at the end of six months,” he said.
Dalhatu explained that the six months period was the time within which he and the bank agreed to disburse the funds to the company.
The former minister said it was also agreed that neither himself nor the accused person would remove any amount from the security deposit account, adding that on this understanding, an account was agreed to be opened with two signatories.
Dalhatu said on May 28, 2004, a cheque of N58 million representing the shares and security deposit was delivered to Commodore Aviation Services and acknowledged by Haruna Ningi on behalf of the company.
He said the accused person also approached him to provide further funding of N10. 7 million to kick-start the operation of a National Airline in Niger Republic which he also obliged him.
‘’After a while, it occurred to me that the business was not as good as he said.
‘’The accused person frustrated my request for an audit exercise in spite of my persistence.
‘’I therefore asked the accused person for the return of my money and whatever interest that might have accrued on the money that also become impossible.
‘’I later discovered that the cheques for the security deposit were credited to an existing account of Commodore Aviation Services an identical to the suggested name given to me where he was a sole signatory,’’ he said.
