The seventh prosecution witness testified on Thursday, at the Lagos High Court, Ikeja in the trial against Olabode George and five others in the alleged N84 billion contract scam levied against them while they were members of the board of directors at the Nigeria Ports Authority.
Zeuwa Azuonye Okorocha, who has been working at the Trade and Exchange department of the Central Bank of Nigeria for 28 years, testified that the exchange rate document tendered by the Economic and Financial Crimes Commission in court, was obtained from CBN in 2008.
"Early in 2008, CBN received a letter from EFCC to clarify the exchange rate from 2001 to 2003," the witness said.
The document is said to contain the rates used by the Nuhu Ribadu investigation committee in certifying that contracts were inflated.
Mr. Okorocha also testified that the cover letter attached to the exchange rate printout, dated ‘June 2008' was signed by him. He said that the exchange rate printout is a generic document, which is made available to as many people that want it on a daily basis hence the reason the cover letter had a ‘2008' date.
Mr. Okorocha said "the exchange rate changes on a daily bases."
Under cross-examination by the lead counsel to the first defendant, Olatunji Ayanlaja, the witness said "exchange rates are determined everyday because it is not static."
Mr. Ayanlaja said that since the exchange rate changes on a day to day basis then the document tendered in court should reflect the day to day rates, if it is the rates used by the investigation committee.
The lawyer said, "exhibit P9 does not contain a day to day exchange rate but had a monthly exchange rate."
To this, the witness replied, "Only the end of the month values were printed."
The presiding judge, Olubunmi Oyewole adjourned the trial to May 25.
History
The six defendants, Olabode George, Aminu Dabo, O. Abidoye, Abdullahi Aminu Tafida, Zanna Maidaribe, and Sule Aliyu, who were members of the board of directors of Nigeria Ports Authority from 2001 to 2003 are in court on 68 charges, including splitting and inflating contracts at the authority in 2003.
They are also being tried by the Economic and Financial Crimes Commission, for fraudulent award of contracts; not following the rules and regulations guiding the award of contracts, as regards exceeding the approval limit allowed for members of the board.