Onnoghen used FG bonds, shares as collateral for $500,000 loan —Witness

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.