Wema Bank And Shibahwells Energy Named In N1.7 Billion Money Laundering, Fraud

“On January 28, 2021, via transaction ID No: M35660, he received the sum of N424,811,000 from Caverton and N160,000,000 from Dana,” added the prosecutor.

Businessman Isaac Adewole and banker Kingsley Ananwede have been arraigned in the Ikeja Chief Magistraes’ Court for N1.7 billion fraud and money laundering.

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 guilty.

Prosecutor Lucky Ihiehie told the court that the defendants laundered more than N1.7 billion and concealed fraudulent activities.

Mr Ihiehie alleged that Mr Adewole used Shibawells Energy Ltd. to launder the money 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 further mentioned that Mr Adewole and others at large resisted and obstructed police detectives attached to Area ‘G’ police command 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,” the cop told the court.

The prosecutor submitted that Mr Adewole had, between January 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 January 18, 2021, via transaction ID No: M35660, Adewole received the sum of N630,000,000 from Messrs Bean Energy Ltd. On January 28, 2021, via transaction ID No: M35660, he received the sum of N424,811,000 from Caverton and N160,000,000 from Dana with the same transaction number,” added the prosecutor. “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.”

According to the prosecutor, Mr Adewole also received, on June 18, 2021, via transaction ID No: M104031, N270,000,000 from Messrs Morrifoil Oil and Gas Ltd., all totalling N1,784,811,000.

He told the court that the alleged offences contravened sections 98, 117, 332 and 411 of the Criminal Law of Lagos State, 2015.

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

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

Mrs 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 the Lagos government.

She adjourned the case until March 15 for a hearing.