“Wife of former Vice President, Mrs.Titi Atiku Abubakar, has narrated to a Lagos High Court sitting in Ikeja how her former errand boy, Nsikak Akpan Jacobs, whom she made the Managing Director of her company, THA Shipping and Maritime Services, sold her property for N918 million and used the money to fund his gubernatorial campaign in Akwa Ibom State.”- The Guardian
Mrs. Abubakar disclosed this in her testimony in a suit a filed by the Economic and Financial Crimes Commission (EFCC) against Jacobs, one Abdulmalik Ibrahim and Dana Motors.
She told the court presided over by Justice Atinuke Ipaye that she made Jacobs the managing director because he was a pastor and someone she trusted. Posited that Jacobs went as far a collecting a huge bank loan and used THA Shipping as collateral.
According to her, Jacobs did this without the knowledge of the Board of Directors. He started selling the company’s properties when the bank started asking for their money.
“I did not know that it would turn out like this. I would have documented all our transactions. I admit I didn’t have any documents to prove that I invested money into the company, Jacobs cannot deny that I that I did not invest money. He is guilty from head to toe,” Mrs. Abubakar lamented.
She further told the court that she made Jacobs the managing director pending when her partner, Fred Holmes, who had 25 percent shares in the company, would finish his contract with Julius Berger.
“Jacobs did everything on my behalf as I was still in the civil service as at that time. I could not leave my post then. He gave me a breakdown of expenses to be incurred and I still have the breakdown, but he never signed it.
“Being the one with the largest share, I contributed N49 million to buy the land situated at No. 63A,Amuwo Odofin Lagos, while my German partner, Holmes, brought two cranes from Germany.
“ He even, at one point, forged my signature. We put a Caveat Emptor on the property warning prospective buyers, but Dana Motors went ahead and bought the property claiming that they had an agreement with the managing director to collect their money, should any litigation arose.
“My lawyer later got to know that the property was sold for N918 million, which Jacobs claimed was used to offset the loan he collected from the bank and also pay off other loans. All this, he did, without my knowledge.”
However, Justice Ipaye subsequently, adjourned the matter till July 6, 2017 for further hearing.
The ant-graft commission had arraigned the defendants on a 14-count charge of conspiracy, stealing and fraudulent conversion of properties belong to THA Shipping Maritime Services Ltd.
They had pleaded not guilty to all the count charges.
The company was formed in 2000 with 49 per cent shares to Mrs. Abubakar, 25 per cent to Holmes and 25 per cent to Jacobs.
Jacobs, who doubled as the company’s managing director and secretary were, however alleged to gone to the Corporate Affairs Commission where he altered the share arrangement in his favour.
He was also alleged to have forged a company board resolution re distributing the shares ownership giving himself 70 per cent, 15 per cent to Mrs. Abubakar, and 15 per cent to Holmes.
He was alleged to have fraudulently assumed full ownership of through redistribution of shares of THA Shipping and subsequently sold a property worth N918m belonging to the company to Dana Motor Nigeria Ltd.
Source: The Guardian