The trial of Senate President Bukola Saraki at the Code of Conduct Tribunal, CCT, on allegations of false assets declaration continued on Monday in Abuja.

At the resumption of proceedings, prosecution witness, Michael Wetkas, an official of the EFCC, told the Tribunal that the manner the Senate President repaid a loan of N380 million in 2007, was in contravention of the country’s Money Laundering Act.

He made the remarks during cross examination by, defense counsel, Paul Usoro, SAN.

Usoro asked the witness whether he had any evidence to suggest that the Saraki repaid the loan from the account of the Kwara State government since he had earlier told the court that he did not investigate Kwara State Government account.

Wetkas replied that investigations carried out by his team revealed that  the manner the loan was repaid contravened the Money Laundering Act and that was why the third charge of abuse of office was proferred against the defendant.

He revealed that the immediate two declarations made by the defendant after purchasing the property (at Ikoyi, Lagos) indicated that the property was purchased through bank loans while the declaration he made four years after (on 3rd of June, 2011) indicated that the property was acquired through the proceeds of sales of rice and sugar.

According to Wetkas, “the loan of N380m was taken to purchase one of the properties (at N256.3m) and there was 12% charge on the property which translated to N12.8m.”

“The loan was to be paid in five equal tranches on quarterly basis. The first payment of N81m was done on 02/05/2007. The second was N80m on 02/08/2007. The third was N79m on 02/11/2007. The fourth was N78m on 01/02/2008 and the fifth was N77m paid on 02/05/2008”, Wetkast said.

The trial continues on Tuesday with the defense expected to conclude the cross examination of the first prosecution witness.