Wema Bank Defends N1.7bn Money Laundering Allegation

By Tosin Olatokunbo

Wema Bank Plc has denied the N1.7 billion money laundering allegation. The commercial bank said in a statement on Sunday that none of its employees were involved in money laundering contrary to reports.

The bank said it has now instituted legal action against those that peddled the allegation.

The Ademola Adebise-led bank had been accused of being involved in money laundering to the tune of N1.7 billion, and a case was instituted in a Lagos magistrates court in February 2022.

The case involved Isaac Adewole, the managing director of Shibahwells Energy, and Kingsley Ananwude, a staff of the bank as defendants.

The bank, however, said in the statement that the reports were false, aimed to destroy its image and malign its employees. The bank has instructed its lawyers appropriately on the issue, it said.

According to the statement, “The bank wishes to state categorically that there is no merit in the article, and it is a malicious publication against members of our staff and the bank’s customer.

“The said allegations are being peddled by an aggrieved third party, who voluntarily released his property to be used as part of the collateral to secure a loan obtained by the bank’s customer.

“Specifically, on Tuesday, March 15, 2022, the case no. MIK/B/6/2022–Commissioner of Police vs. Adewole Isaac and Kingsley Ananwude, for alleged stealing and money laundering involving N1.7 billion was struck out by Magistrate A.O. Layinka of the Magistrates Court, Ikeja, and the defendants discharged following the legal advice from the office of the director of public prosecution (DPP), Lagos State that no prima facie case has been established against the defendants.

“We urge the general public to ignore the false information being circulated. The bank has already engaged its solicitors to institute appropriate legal action.”