Onnoghen used FG bonds, shares as collateral for $500,000 loan —Witness | Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper. f


An official of Standard Chartered Bank, Ifeoma Okeagbue, confirmed to the Code of Conduct Tribunal on Thursday that the suspended Chief Justice of Nigeria, Justice Walter Onnoghen, was granted a loan of $500,000 by the bank as of January this year.

Okeagbue, who was testifying as the third prosecution witness in the ongoing trial of Onnoghen on charges of false and non-declaration of assets, also confirmed that the loan was guaranteed by the suspended CJN’s investments in Federal Government’s bonds and shares, among others.

She said this while being cross-examined by the suspended CJN’s lawyer, Chief Adegboyega Awomolo (SAN).

The witness, who had earlier said in her evidence-in-chief that Onnoghen had five accounts, confirmed ‎that the ones in euro, dollar, and pound sterling were domiciliary accounts and not ‘foreign accounts.’

The conversation between Awomolo and the witness went thus:

Awomolo: The defendant has a facility or loan of $500,000 granted by the bank as of January 2019.

Witness: Yes.

Awomolo: The security for the loans is his investments in Federal Government bonds and other investments such as shares.

Witness: Yes.

Awomolo: The pound sterling, dollars and euro are domiciliary accounts operated in Nigeria not overseas.

Witness: Yes.

Awomolo: The bank encouraged him as a disciplined account holder to invest in some other profit venture.

Witness: Yes.

Awomolo: And interests on these investments are credited back to his accounts.

Witness: Yes.


Post a Comment Default Disqus

Latest Nigerian News
Comments are Moderated. Clean Comments will be swiftly approved. No swear words, no racism, allowed.