Ex-Gov Nyako, EFCC to Settle Alleged N29bn Fraud Suit Out of Court
A former Governor of Adamawa State, retired Rear Adm. Muritala Nyako, has opted for an out of court settlement in a N29 billion alleged fraud. Nyako was arraigned by the Economic and Financial Crimes Commission (EFCC) in 2015.
When the matter was called on Friday, the prosecuting counsel, Mr Rotimi Jacobs, SAN told the court that both parties were currently in discussions to ensure an amicable settlement of the case.
According to Jacobs, by the next adjourned date, we should be able to resolve all the details of the settlement so that my lordship can dispose of this matter.
“If we get a week’s adjournment, we will be able to resolve this,” Jacobs said. Counsel to Nyako, Mr Michael Aondoaka, SAN also confirmed to the court that discussions had reached an advanced stage for an out-of-court settlement.
“I am positive that this matter will be resolved amicably,” Aondoaka said. Following the consent of other counsel, Justice Peter Lifu adjourned the matter until July 18 for report of settlement.
The News Agency of Nigeria, (NAN) reports that Aondoakaa, had clarified when the idea of the out of court settlement first came up that it was not exactly a plea bargain but that it was more about “settling the matter amicably,” particularly considering the age of the former governor.
According to him, plea bargain creates the impression of guilt, the admiral is 81 years old; he is the age mate of the likes of retired Gen. Badamosi Babangida, and he cannot continue to be made to face this again.
NAN also reports that Nyako, his son, and other co-defendants are being tried by the EFCC on 37-counts of money laundering to the tune of N29 billion.
Others being prosecuted are two companies, Sebore Farms and Extension Ltd and Pagado Fortunes Ltd, as well as Zulkifik Abba, Abubakar Aliyu, Blue Opal Ltd, Tower Assets Management Ltd, and Crust Energy Ltd.
The EFCC alleged that the defendants diverted funds from the Adamawa treasury between January 2011 and December 2014.
They allegedly used companies as conduit pipes to illegally divert the funds running into billions, which they converted into private accounts and moved to Abuja, where they used it to build private estates.
NAN also reports that the trial has been on for 10 years as it began on July 8, 2015 before Justice Evoh Chukwu.
The trial, however, started afresh on Sept.12, 2016 before Justice Okon Abang, following the demise of Justice Chukwu on June 8, 2016, after the prosecution had already called five witnesses.
The trial, had to again, start afresh before Justice Peter Lifu following the elevation of Justice Abang to the Court of Appeal after the prosecution had called 21 witnesses Egbin Power CEO Calls for Sustainable Development in Electricity Sector
