Participants partake in a mock coup d'etat that culminates with one of the world's largest food fights when everyone takes to the streets with flour and eggs.
"Mark Thatcher provided financing for a coup d'etat in Equatorial Guinea and then he organised all the transport for the coup d'etat, " Mr Obono told the Associated Press.
Supporters called the proceedings against Lugo an attempted coup d'etat, a charged term that raises fears of political or social unrest in the land-locked South American nation of 6.5 million.
He has published a memoir under the title My First Coup d'Etat, in which he describes his time growing up in post-independence Ghana, including his father's imprisonment during the coup that overthrew independence leader Kwame Nkrumah.
General Raul Isaias Baduel turned events around in Venezuela when he publicly denounced the December 2, 2007 Referendum on Constitutional Reform as an attempt by Chavez to carry a coup d'etat and perpetuate himself in power.