Titi Atiku Tells Court How Her Errand Boy Sold Her Property for N918m


Akinwale Akintunde

Mrs. Titi Atiku, wife of the former Vice President, Atiku Abubakar, wednesday narrated how one Nsikak Akpan-Jacobs, who she described as her errand boy, sold her property for N918 million after making him the Managing Director of her company, THA Shipping and Maritime Services Ltd.

Mrs. Atiku testified before Justice Oluwatoyin Ipaye in a suit instituted by the Economic and Financial Crimes Commission (EFCC) against Akpan-Jacobs, Abdulmalik Ibrahim and Dana Motors.

The defendants are facing a 14-count charge of conspiracy, stealing and fraudulent conversion of properties belonging to THA Shipping Maritime Services Ltd.

According to EFCC, the company was formed in 2000 with 49 per cent shares to Mrs. Abubakar, 25 per cent to Holmes and 25 per cent to Akpan-Jacobs.

The commission also accused Akpan-Jacobs, who doubled as the company’s Managing Director and Secretary of going to the Corporate Affairs Commission (CAC) to alter the share arrangement in his favour.

He was alleged to have forged a company board resolution re distributing the shares ownership giving himself 70 per cent, 15 per cent to Atiku and 15 per cent to Holmes.

With the shares re-distribution, Jacobs was alleged to have fraudulently assumed full ownership of THA Shipping and subsequently sold a property worth N918 million belonging to the company to Dana Motor Nigeria Ltd.

The wife of the former vice president in her testimonies told the court that she made Jacobs the Managing Director of her company because he was a pastor and someone she trusted.

She also accused him of using THA Shipping as collateral for a loan he obtained from First Bank.
“He 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 or I would have documented all our transactions.
“I admit I don’t have any documents to prove that I invested money into the company, Jacobs cannot deny that I did not invest money. He is guilty from head to toe,” Atiku added.

The wife of the former vice president further told the court that she made Jacobs the Managing Director pending when her partner, Fred Holmes who had 25 per cent shares in the company would finish his contract with Julius Berger.

“Akpan-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.
“Akpan 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 back their money should any litigation arise.

“My lawyer later got to know that the property was sold for N918 million, which Akpan-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,” Atiku maintained.
Justice Ipaye has adjourned the matter till July 6 for continuation of trial.