Shamsudeen Bala, Son Of Former FCT Minister Paid N1b Cash For Land, Four Houses” – EFCC

Date:

Shamsudeen Bala, the son of a former Minister of the Federal Capital Territory (FCT), Mohammed Bala paid about N1billion cash for plots of land and houses, the Economic and Financial Crimes Commission (EFCC) has revealed.

Thank you for reading this post, don't forget to subscribe!

The suspect will be arraigned in court on Wednesday alongside four others— Bird Trust Agro Allied Ltd, Intertrans Global Logistics Ltd, Diakin Telecommunications Ltd and Bal-Vac Mining Ltd.

The five are facing 15 charges at the Federal High Court, Abuja.

The EFCC noted that Mohammed, paid cash for five plots of land and four properties in highbrow areas of Abuja to avoid any suspicion by banks and other monitoring agencies.

The purchases include five plots of land at Asokoro Gardens; House FS 2 B, Green Acre Estate Apo-Dutse, Abuja; House FS 1A, Green Acre Estate, Apo-Dutse; FS 1B, Green Acre Estate, Apo-Dutse, Abuja and House 2A, No. 7, Gana Street, Maitama, Abuja.

The anti-graft agency is accusing Shamsudeen of money laundering for allegedly making cash payment for choice houses in excess of the statutory limit without going through a financial institution.

Three of the duplexes traced to Shamsudeen have been seized in line with sections 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004, which empower the anti-graft agency to invoke Interim Assets Forfeiture Clause.

“Section 28 of the EFCC Act reads: ‘Where a person is arrested for an offence under this Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic or financial crime and shall thereafter cause to be obtained an interim attachment order from the Court.’

The EFCC gave details of how the plots of land and mansions were bought in the 15 charges against Shamsudeen and four others.

The charges read: “That you Shamsudeen Bala (alias Shamsudeen Mohammed Bala), Bird Trust Agro Allied Ltd, Intertrans Global Logistics Ltd, Diakin Telecommunications Ltd and Bal- Vac Mining Ltd sometime in 2015 in Abuja conspired amongst yourselves to make cash payment exceeding the statutory limit without going through a financial institution and thereby committed an offence contrary to Section 18(a), of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012 and punishable under Section 15(3) and (4) of the same Act.

Shamsudeen and the others are said to have paid:

•N80million cash to Sunrise Estate Development Ltd for the purchase of plot nos. 2116 and 2276 at Asokoro Gardens (alias Sunrise Estate) Abuja which sum exceeded the statutory limit and thereby committed an offence contrary to Section 1 of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under Section 16(2)(b) and (4) of the same Act;

•N100million cash to Sunrise Estate Development Ltd for the purchase of plot nos. 2116 and 2276 at Asokoro Gardens (alias Sunrise Estate) Abuja which sum exceeded the statutory limit and thereby committed an offence contrary to Section 1 of the Money Laundering (Prohibition) Act, 2011 as (amended by Act No. 1 of 2012) and punishable under Section 16(2)(b) and (4) of the same Act;

•N110,000,000.00 cash to A & K Construction Ltd, Abuja and Sunrise Estate Development Ltd for the purchase of plot nos. 2116 and 2276 at Asokoro Gardens, which sum exceeded the statutory limit and thereby committed an offence contrary to Section 1 of the Money Laundering (Prohibition) Act, 2011 as (amended by Act No. 1 of 2012) and punishable under Section 16(2)(b) and (4) of the same Act;

•N200,000,000.00 cash to A & K Construction Ltd Abuja and Sunrise Estate Development Ltd for the purchase of plot nos. 2116 and 2276 at Asokoro Gardens, which sum exceeded the statutory limit and thereby committed an offence contrary to Section 1 of the Money Laundering (Prohibition) Act, 2011 as amended by Act No. 1 of 2012 and punishable under Section 16(2)(b) and (4) of the same Act.

•N296,000,000.00 cash to A & K Construction Ltd Abuja for the construction of a house on plot nos. 2116 and 2276 at Asokoro Gardens (alias Sunrise Estate), Abuja which sum exceeded the statutory limit and thereby committed an offence contrary to Section 1 of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) and punishable under Section 16(2)(b) and (4) of the same Act;

•N45,475,000.00 only to Abuja Investment Company Ltd as part payment for the purchase of House FS 2 B Green Acre Estate Apo- Dutse Abuja;

*N74,244,005.00 cash to Abuja Investment Company Ltd as part payment for purchase of House FS 1A Green Acre Estate Apo-Dutse Abuja;

•N74, 244,005.00 only to Abuja Investment Company Limited as part payment for purchase of FS 1B Green Acre Estate Apo-Dutse, Abuja; and paid

•N200million cash to Faruk Saleh at Abuja for House 2A, No. 7 Gana Street, Maitama Abuja;

Shamsudeen Bala(alias Shamsuden Mohammed Bala) is accused of failing on June 2016 to make full declaration of his assets to wit: your accounts domiciled at Standard Chartered Bank Plc when he completed the EFCC Asset Declaration Form A, contrary Section 27(1) of the EFCC (Establishment) Act 2004 and punishable under Section 27(3) of the same Act.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Why I turned into a woman – Bobrisky

Controversial transgender Bobrisky has narrated his journey to becoming...

17 slain soldiers: It’s illegal to declare suspects wanted – Falana warns army

“The decision of the defence headquarters to declare the...

$1.1bn Malabu Oil Fraud: Court acquits former Attorn-General, Adoke, others

"Former Nigerian Attorney-General Mohammed Adoke Acquitted of Corruption Charges" A...

Imo Gov Poll: Tribunal admits Uzodinma’s WAEC certificate in evidence

By Ikechukwu Nnochiri The Imo State Governorship Election Petition Tribunal...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading