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Banks (Finance)

Bank Chiefs Accused of Aiding High-Value Cash Transactions Without Routing Through Financial Institution

Strategic Insights

— 1 min read

According to testimony presented at the Federal High Court Abuja, the Managing Director and Executive Director of a bank are accused of aiding a high-value cash transaction worth $12 million, allegedly laundered through Money Laundering (Prevention and Prohibition) Act, 2022. The accused bank chiefs have denied any wrongdoing and were granted bail. The prosecution, led by Ekene Iheanacho (SAN), presented evidence that the bank chiefs helped facilitate transactions without routing them through a financial institution.

Key Takeaways:

  • The EFCC has arraigned the bank chiefs on six-count charges bordering on money laundering, totaling $12 million.
  • The defendants allegedly aided high-value cash transactions without routing them through a financial institution.
  • The transactions allegedly involved swapping dollars for naira and vice versa.
  • The accused bank chiefs have denied any wrongdoing and were granted bail.
  • The prosecution presented evidence that the bank chiefs knew about the transactions and helped facilitate them.
  • The witness testified that the accused bank chiefs exchanged messages on WhatsApp about the transactions.
  • The transactions allegedly involved several individuals, including Aisha Achimugu and Hassan of Ashraf Energy.
  • The cumulative transactions allegedly laundered were worth $12 million.
  • The trial continues on July 18.

Statistics:

  • The total amount allegedly laundered is $12 million.
  • The transactions allegedly involved swapping dollars for naira and vice versa.
  • The accused bank chiefs allegedly aided six transactions without routing them through a financial institution.
  • The transactions allegedly involved several individuals, including Aisha Achimugu and Hassan of Ashraf Energy.
  • The witness testified that the accused bank chiefs exchanged messages on WhatsApp about the transactions.
  • The trial continues on July 18.

Sources:

  • The Economic and Financial Crimes Commission (EFCC)
  • The Money Laundering (Prevention and Prohibition) Act, 2022.

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