Justice Nicholas Oweibo of the Federal High Court, Lagos, has affirmed the power of the Economic and Financial Crimes Commission (EFCC) to probe alleged N125billion fraud affecting a 24-year concession agreement with the Nigerian Army Shopping Complex (The Arena) at the Ikeja Cantonment, Lagos.
 
The decision followed a suit filed by Woobs Resources Limited, Sandworth Properties Limited and Mr. Whoba Ugwunna Ogo against the EFCC and Mr. James Uchechukwu Onyemenam, praying the court to hold that EFCC has no mandate to investigate the activities of Woobs Resources.
 
In the suit marked FHC/L/CS/1351/22, justice Oweibo declared: “It has been shown that the 2nd respondent in the performance of this civic and constitutional duty reported his suspicion of the activities of the 3rd applicant to the 1st respondent, and the 1st respondent by the powers vested in it was duty bond to investigate.

“The 3rd question is accordingly answered in the affirmative. In all, the questions for determination are resolved against the applicants. The reliefs are refused and this suit is dismissed. I award cost of N100,000 against the applicants in favour of each of the respondents.”
 
Following the decision and subsequent petitions by Onyemenam, security agencies, the military, the judiciary and the Central Bank have launched a probe over the matter as a senior military officer was also fingered in the deal. 
 
The complainant, Onyemenam, who is the Managing Director/Chief Executive Officer of Woobs Resources Limited said Ogo as his former business partner and minority shareholder, connived with several accomplices to unlawfully remove him from the firm to have his way.   He stated that he approached an arbitral tribunal in accordance with the terms their agreement and won on March 6, 2015.
  
“The Joint Venture between Mr. Whoba Ogo and James Onyemenam is valid, enforceable and subsisting. 
 
“Onyemenam is the holder of 275,000 out of the 500,000 fully paid up shares of the company. The resolution by which Mr. Ogo purported to remove Onyemenam as Managing Director/Chief Executive Officer of the company is contrary to the Joint Venture Agreement and is consequently set aside. 
  
“Onyemenam remains the Chief Executive Officer and Managing Director of the company. Sterling Chambers (Barristers and Solictors) remain the Company Secretaries of the company,” the Tribunal held. 
  
Onyemenam, an architect, said the fraud was committed in the course of the company’s execution of the 24 years concession to design, finance, construct and operate a modern market (the Nigerian Army Shopping Complex – The Arena) at the Ikeja Cantonment, Lagos. He told security agencies that monies belonging to the company were criminally converted for personal use.
  
According to him, Ogo absconded with his family to Texas, America, over 23 months ago immediately the EFCC commenced its investigation in May 2021, from where he has continued to carry out his alleged activities, including allegedly acquiring several properties in Nigeria and abroad. He, therefore, charged the security agencies to fast track the investigation and bring to book all those involved in the alleged offence.