Businessman, banker charged with N1.7bn money laundering, concealing fraud

A businessman, Isaac Adewole, and a banker, Kingsley Ananwede, on Wednesday appeared before an Ikeja Chief Magistrates’ Court for alleged N1.7 billion fraud and money laundering.

Our correspondent reports that the defendants are facing trial on a four- count charge of conspiracy, money laundering, concealing or failing to report felonies and resisting public officers.

The defendants, however, pleaded not guity.

The prosecutor, Insp Lucky Ihiehie, told the court that the defendants laundered more than N1.7 billion and concealed fraudulent activities.

Ihiehie alleged that Adewole used his company, Shibawells Energy Ltd. to launder the sum with Wema bank account numbers 0122367964 and 0122554405.

He added that the second defendant, who worked with the bank, concealed the alleged fraud and money laundering.

The prosecutor said that Adewole and others at large resisted and obstructed police detectives attached to Area ‘G’ Police Command, Ogba, Ikeja, during an investigation.

“Adewole stopped the police from carrying out a detailed investigation into fraudulent and money laundering activities involving Shibahwells Energy Ltd., which belongs to him, and Wema Bank,” he said.

The prosecutor sunmitted that Adewole had, between Jan. 28, 2021 and July 18. 2021, through Shibahwells Energy Ltd. with account number 0122367964 domiciled with Wema Bank Plc, fraudulently received transactions on different dates.

“On Jan. 18. 2021, via transaction ID No: M35660, Adewole received the sum of N630, 000, 000 from Messrs Bean Energy Ltd.”

“On Jan. 28, 2021, via transaction ID No: M35660, he received the sum of M424, 811, 000 from Caverton and N160, 000, 000 from Dana with the same transaction number.”

“On June 18, 2021, via transaction ID No: M 104031, he received the sum of N300, 000, 000 via NIP transfer from an undisclosed account source.”

“Adewole also received, on the same June 18, 2021, via transaction ID No: M104031, the sum of N270, 000,000 from Messrs Morrifoil Oil and Gas Ltd., all totalling N1, 784, 811, 000,”the prosecutor said.”

He said that the alleged offences contravened Sections 98, 117, 332 and 411 of the Criminal Law of Lagos State, 2015.

Our correspondent reports that Section 117 attracts a three-year jail term or a fine of N200, 000 for resisting public officers, while Section 332 attracts a seven years’ imprisonment for money laundering.

The Chief Magistrate, Mrs A.O. Layinka, admitted the defendants to bail in the sum of N10 million each and two sureties each in like sum.

Layinka ordered that the sureties must have a landed property within the court’s jurisdiction.

She also said the sureties must have proof of five years’ tax payment to Lagos State Government.

She adjourned the case until March 15 for hearing.