Silver Magna Merra Limited (SMML) was incorporated with three directors namely Ikenna Ezekwe, Adeniyi Elizabeth and Oshodi in November 2011. On May 7, 2012, the company made Musiliu Obanikoro’s sons, Gbolahan and Babajide as well as Mr Ezekwe signatories to the account. Between April and December 2014, SMML received a total of 4.7 Billion Naira from the office of the NSA. SMML then distributed a total of 2.7 Billion Naira to various companies, politicians, PDP and the BDC. The remaining 2 Billion Naira was withdrawn in cash by former minister of state for defence, Musiliu Obanikoro. On June 12, 2014, Obanikoro and his allies flew in 1.3 Billion Naira in cash to Akure. The 1.3bn was handed to Abiodun Agbele and Zenith Bank.
Upon Zenith Bank’s insistence that the money be counted, it was discovered that the money was 80 million naira short.
Abiodun Agbele collected over 240 Million Naira, 127 Million Naira was paid into the personal account of Ayo Fayose, another 100 Million Naira was paid into the account of Spotless Hotel, an establishment owned by Fayose, 700 Million Naira was paid into the account of De-Privateer Limited, a company owned by Abiodun Agbele.
In August 2014, Mr Abiodun paid 118 Million Naira and 50 Million Nair cash to Fayose’s account.
All the transactions involve:
SMML and Obanikoro’s sons.
Obanikoro and allies
Mr. Abiodun and Zenith Bank
Mr. Abiodun and Fayose