Monday Moley, an investigator with the Economic and Financial Crimes Commission, told the Lagos State Special Offenses Court how Stephen Oshinowo, a former Secretary of the Lagos State Scholarship Board, stole the amount of N127 m, reports The PUNCH.
On a new eight counts bordering on criminal transfer, Oshinowo was arraigned.
He pled not guilty to the accusations.
Moley told the court, while being lead in testimony by the EFCC lawyer, Usman Buhari, that Oshinowo used his account in the United Bank of Africa to execute each of the suspected frauds on the charge sheet.
The defendant obtained a total of N30 million in tranches of N10 million, according to Moley,
For the use of employee health and workplace reconstruction, but later transferred to personal use, from the account of the Board domiciled with the FCMB.
“She said, “The commission froze the UBA accounts of the defendant and launched an investigation into the charges, but the defendant had transferred portions of the profits from the scam to personal use at the time of the freezing of the account.
Our investigation found that the defendant sent part of the proceeds to his wife, Adenike’s Zenith Bank account, paying for flight tickets, supermarket purchases, POS transactions, and holding some in a fixed deposit account.’