Justice D. E. Osiagor of the Federal High Court in Ikoyi, Lagos, has fixed March 3, 2026, for judgment in the N3.6 billion fraud case involving former Executive Director (Projects) of the Niger Delta Development Commission (NDDC), Tuoyo Omatsuli.
Omatsuli is on trial alongside Don Parker Properties Limited, Francis Momoh and Building Associates Limited on a 46-count amended charge bordering on conspiracy, gratification and money laundering. The Economic and Financial Crimes Commission (EFCC) alleges that the defendants laundered and concealed a total of N3.645 billion. All the defendants have pleaded not guilty, prompting a full trial.
During the proceedings, the prosecution, led by Senior Advocate of Nigeria Ekele Iheanacho, called 16 witnesses and tendered 34 exhibits, including bank records, property documents, corporate filings and an earlier final forfeiture order granted over assets linked to the defendants.
Following a no-case submission by the defence, the Court of Appeal, Lagos Division, reviewed the record and ruled that the EFCC had established a prima facie case, directing all defendants to open their defence.
Presenting the EFCC’s final address on Friday, Iheanacho recalled that the investigation began after intelligence revealed suspicious payments by Starline Consultancy Services, a firm contracted by the NDDC to recover statutory levies. According to him, Starline recovered more than N100 billion for the agency and earned over N10.2 billion in commission, out of which N3.645 billion was allegedly diverted to Omatsuli through Building Associates Limited, operated by the third defendant.
The prosecution maintained that the transfers, made over a two-year period, were deliberately routed through multiple accounts to disguise their origin. Portions of the funds were allegedly converted to United States dollars via third-party accounts and delivered to the former NDDC director.
Iheanacho stated that the funds were subsequently deployed to acquire high-value properties in Lekki and other locations. Although registered in the name of Don Parker Properties Limited, the prosecution argued that payments for the assets consistently originated from Building Associates Limited, with transactions allegedly traceable to the funds received from Starline Consultancy.
Witnesses, including bank officials, NDDC personnel, property vendors, a contractor who handled dollar exchanges and the EFCC’s investigating officer, reportedly testified that Building Associates Limited had no legitimate role in Starline’s recovery engagement. Iheanacho added that a supposed sub-contract issued to the company was back-dated to mask the alleged illicit transactions.
He further argued that Omatsuli was not only a signatory to the NDDC accounts from which Starline’s payments were approved but also the controlling mind of Don Parker Properties Limited at the time. Several witnesses, he said, confirmed that transfers by Starline Consultancy were made on instructions purportedly issued by Omatsuli and the then Executive Director of Finance, who allegedly acknowledged providing account details, including those of Building Associates Limited, as “appreciation.”
The EFCC also submitted that Don Parker Properties Limited and Building Associates Limited, both real estate firms, failed to meet statutory obligations required of Designated Non-Financial Institutions (DNFIs), such as registration with the Special Control Unit Against Money Laundering (SCUML) and filing mandatory transaction reports.
Arguing for conviction, the prosecution maintained that the payments from Starline Consultancy and the resulting property acquisitions amounted to corrupt gratification under the ICPC Act and constituted predicate offences for money laundering. Iheanacho insisted that the defendants engaged in deliberate concealment, conversion, transfer and retention of proceeds of unlawful activities and that their testimonies were inconsistent and unsupported by documentary evidence.
Adopting its final address, the EFCC asserted that it had proved its case beyond reasonable doubt and urged the court to convict all defendants.
Justice Osiagor adjourned the matter to March 3, 2026, for judgment.
