Why we froze Omokore’s firms’ accounts – Stanbic IBTC


Stanbic IBTC Plc told a Federal High Court in Abuja on Wednesday why businessman, Jide Omokore, could no longer access his companies’ accounts held in the bank.

The bank said it stopped transactions on the accounts because of “a worldwide freezing order” placed on the accounts where $1.6billion proceeds of crude oil sales were allegedly diverted.

A Senior Manager with the bank, Adedayo Adesanmi, stated these while testifying as fourth prosecution witness at the resumption of the trial involving Omokore and others.

Adesanmi is also the Relationship Manager for the accounts owned by Omokore’s companies.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Omokore, his two companies – Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited – and others on a nine-count charge of criminal diversion of about $1.6billion believed to be part of proceeds of sales of petroleum products belonging to the Federal Government.

Also named as defendants in the case are – former Managing Director of the Nigerian Petroleum Development Company (NPDC), Victor Briggs; a former Group Executive Director, Exploration and Production of the Nigerian National Petroleum Corporation (NNPC), Abiye Membere and a former Manager, Planning and Commercial of the NNPC, David Mbanefo.

Former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, was also named in the case until late last year when the court struck out her name on the ground that she was listed as a defendant.

Led in evidence by lead prosecution lawyer, Rotimi Jacobs (SAN), Adesanmi said both companies – Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited – maintain a naira and a dollar accounts with his bank.

He explained how the funds were paid into separate dollars accounts of the two companies by Glencore, London.

Under re-examination, by Jacobs, the witness explained why the accounts were closed.

He said: “The bank got a worldwide freezing order. There were also negative press generated by the accounts and frequent invitation from security agencies because of the accounts.”

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