Justice D. E. Osiagor of the Federal High Court in Ikoyi, Lagos, has fixed 3 March 2026 for judgment in the high-profile N3.6 billion fraud case involving former Niger Delta Development Commission (NDDC) Executive Director of Projects, Tuoyo Omatsuli.
Omatsuli is on trial alongside Don Parker Properties Ltd, Francis Momoh and Building Associates Ltd on a 46-count amended charge covering conspiracy, gratification and money laundering. All defendants pleaded not guilty, opening the way for a full trial.
During proceedings, the Economic and Financial Crimes Commission (EFCC) called 16 witnesses and tendered 34 exhibits, including bank statements, property documents, corporate records and an existing final forfeiture order on assets linked to the defendants.
A no-case submission by the defence was later rejected by the Court of Appeal, which ruled that the prosecution had established a prima facie case, compelling all defendants to enter their defence.
In his final address on Friday, EFCC counsel Ekele Iheanacho, SAN, recounted how intelligence reports revealed suspicious payments from Starline Consultancy Services, a firm hired by the NDDC to recover statutory levies from oil and gas companies.
Starline reportedly recovered over N100 billion and earned N10.2 billion in commission – but allegedly diverted N3.645 billion as unlawful gratification to Omatsuli through Building Associates Ltd, a company run by the third defendant. The payments were made in several tranches over two years.
The prosecution said the funds were deliberately routed through multiple transfers to mask their origin, with parts converted into US dollars via third-party accounts before being delivered to Omatsuli. The money was allegedly used to buy high-value properties in Lekki and other locations, registered in the name of Don Parker Properties even though payments were made by Building Associates using funds traced to Starline.
Evidence showed the properties had already been forfeited to the Federal Government in earlier civil proceedings.
Bank officials, NDDC staff, property vendors, a currency exchange contractor and the EFCC’s investigating officer all testified that Building Associates played no legitimate role in the NDDC’s debt-recovery contract, and that a sub-contract letter later issued to it was back-dated to conceal the transactions.
Witnesses also stated that Omatsuli was both a signatory to the NDDC accounts approving payments to Starline and the controlling mind behind Don Parker Properties. Transfers from Starline were reportedly made on his instructions and those of a former Executive Director of Finance, who admitted providing account numbers for what he described as “appreciation”.
The EFCC further argued that Don Parker Properties and Building Associates, both real-estate companies, failed to comply with mandatory registration and reporting requirements under the Money Laundering Act and SCUML regulations.
Urging the court to convict, the prosecution insisted it had proved that the payments constituted corrupt gratification under the ICPC Act and amounted to money laundering. Iheanacho said the defendants’ testimonies were riddled with contradictions and unsupported by documents.
The court will deliver judgement on 3 March 2026.
