₦33bn Fraud Trial: EFCC Reveals How Dasuki-Linked Firms Bought Properties and Forex With ONSA Funds

Fresh details have emerged in the ₦33.2 billion arms funds diversion trial involving former National Security Adviser, Sambo Dasuki, as an Economic and Financial Crimes Commission (EFCC) witness revealed how public funds were allegedly used to purchase properties and convert money into foreign currencies for private use.

Testifying before the Federal Capital Territory (FCT) High Court in Abuja, EFCC detective Michael Adarikun traced the flow of funds from the Office of the National Security Adviser (ONSA) to two companies — Acacia Holdings and Reliance Referral Hospital Limited — which prosecutors say were used to distribute the money based on instructions from their owners.

The EFCC is prosecuting Mr Dasuki alongside Aminu Baba-Kusa, a former NNPC official, as well as the two companies, which are alleged to belong to Baba-Kusa. The defendants face 32 charges related to the alleged diversion of ₦33.2 billion meant for arms procurement.

They were re-arraigned in March 2025 after the decade-old case was reassigned to Justice Charles Agbaza. All defendants have pleaded not guilty.

How ₦600 Million Was Moved From ONSA

Adarikun told the court that on April 17, 2015, the NSA’s office, then headed by Dasuki, transferred ₦600 million to Acacia Holdings. At the time, the company reportedly had just ₦27,094 in its bank account.

The funds were later disbursed to several companies, including Medical Plastic Limited, where Baba-Kusa’s wife, Hauwa Baba-Kusa, is the majority shareholder. The witness said Dasuki personally approved the payments.

Earlier EFCC investigations also showed that ₦200 million had previously been transferred from ONSA to Acacia Holdings.

Funds Used to Buy Lands and Properties

The EFCC detailed how large portions of the money were used to acquire properties in Abuja and its surrounding districts.

On April 23, 2015, Acacia Holdings sent ₦60 million to Hidayatul Atfaal Islamic Academy (HAIA) as part payment for 3.62 hectares of land in Kiyami District, Abuja. The EFCC later confirmed the land was valued at ₦120 million.

Another ₦25 million went to Zabati BDC Limited as part payment for a property known as Hospitality Property Nigeria, with the balance later paid by Baba-Kusa’s agent, Ibrahim Saleh.

On April 27, ₦8.7 million was transferred for the processing of land documents in Kwali, Wasa, Kiyami District, and Central Area of Abuja.

That same day, ₦50 million was paid to Squad Developers Nigeria Limited for 118.132 hectares of land in Stadium Layout, Kwali, with the remaining ₦25 million paid later by Saleh.

Conversion Into Dollars and Euros

The EFCC also uncovered how part of the money was converted into foreign currencies.

Between April 28 and May 15, 2015, over ₦56 million was transferred to Namuduka Ventures, which was later converted into dollars and euros and sent to Baba-Kusa’s accounts in the United Kingdom.

One transfer of ₦23 million was converted into €65,075, while another ₦56 million became $233,944, all sent into Baba-Kusa’s Furnishing Touches (FT) cash card account in the UK.

Another $200,000 was transferred to Blue-Lake Management Consultancy Limited, while ₦55 million went to Pasman Investment Limited to facilitate a $630,000 international transfer.

Transfers to Baba-Kusa’s Own Company

On May 4, 2015, ₦70 million was transferred to Medical Plastic Limited, Baba-Kusa’s company. Two days later, another ₦80 million followed.

The EFCC maintains that these payments were part of a deliberate scheme to launder and privately benefit from public funds meant for Nigeria’s security.

Background of the Case

Sambo Dasuki served as National Security Adviser between 2012 and 2015, during the peak of Boko Haram attacks in Nigeria’s North-East.

An audit panel set up after President Muhammadu Buhari took office in 2015 discovered that about $2 billion meant for arms procurement was missing from ONSA accounts.

The ₦33.2 billion trial is one of several cases arising from the scandal. Dasuki is also facing another ₦4.6 billion arms fraud trial alongside former Sokoto State Governor Attahiru Bafarawa, his son Sagir, former Finance Minister Bashir Yuguda, and Dalhatu Investment Limited.

Justice Agbaza adjourned the case until Wednesday for continuation of trial.

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