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Document Exposes How Wema Bank Officials Offered Policeman Bribe To Stop Investigation On N1.7billion Money Laundering, Fraud

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3 years ago

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A report by the Nigeria Police Force has exposed how Wema Bank Plc offered bribe to the police officer investigating the N1.7billion illegally moved to account number 0122367964 domiciled in the financial institution and operated by one Isaac Adewole, a pastor of the Redeemed Christian Church of God by top officials of the bank.

The Wema Bank staff members fingered in the fraudulent activities are the bank’s Executive Director, Wole Akinleye; Head of Cooperate Banking, Emmanuel Edah, and Head of Oil and Gas, Kingsley Ananwude.

The report signed by the Commander of Area G, Lagos, ACP Ibrahim Zungura, said multiple fraudulent transactions were carried out through the account.

“The culpability of WEMA Bank officers was further confirmed when the officers tried to bribe investigating officers with large envelopes that contained money.

“The officers declined the bribes but the Bank persisted. The officials spent time begging and persuading the inestigating officers to drop the case. The Executive Director of the Bank, Mr Wole Akinleye, was also invited and he tried hard to derail and stop the investigation. He also wrote a letter to ask that he be exonerated from the case when it was clearly established that the bank could not explain the transactions, that the movement of funds was a form of stealing from the bank which is sometimes referred to as ‘pay off source’.

“This is shown by the facts that the funds deposited were not removed in that order or in the sums deposited but carefully removed in different tranches as it is shown on the account statements. For his own part, Mr Adewole refused to cooperate with he investigations but instead did everything he could to assist the bank in covering up,” the report exclusively obtained by SaharaReporters read.

Meanwhile, the police has charged one Ojo Oladipupo, Chief Security Officer of Wema Bank Plc, to court for attempted bribery.


He was accused of offering a policeman, ASP Jonathan Egwemi (A/P No: 143699), monetary reward in order to stop him from carrying out a detail investigation into the fraudulent and money laundering activities of the bank.

“That you Ojo Oladipupo “M” and others now at large on the same date, time and place in the aforementioned magisterial district did intentionally attempt to offer the station officer A/P No: 143699 ASP Jonathan Egwemi monetary reward in order to reframe him from carrying out a detail investigation into the fraudulent and money laundering activities of your organization i.e WEMA Bank Nigeria Plc and thereby committed an offence contrary to and punishable under section 64 of the criminal laws of Lagos State of Nigeria,” one of the charges read.

SaharaReporters had reported how N1.7billion were fraudulently moved to account number 0122367964, domiciled in the financial institution and operated by Adewole.

Multiple sources familiar with the fraud said Adewole, who is also the Managing Director of Shibawells Energy Limited, approached the bank in 2018 for a loan to boost his oil trading business using his neighbour’s assets as collateral.

Granting the loan to the pastor, the financial institution opened an account for him where the money was paid.

The account was, however, used to illegally move N1.7billion from the bank in 2021 to multiple accounts operated by top staff members and their proxies.

“He used his neighbour’s house for collateral of the loan which was granted to him and promised to return it within six months. But three years after, the man approached him for his house document, that was when he told him of the fraudulent act. He said the bank paid N1.7billion into the account using different multinational companies like Dana Airlines, Caverton Helicopter and two others, one N300million, one N270million, one N600million and like that, it’s only one of the transactions that they didn’t put a name there,” a policeman involved in the case had told SaharaReporters.

“Guess what they do after, they now moved that N1.7billion from Adewole’s account into different bank accounts in tranches. Like the one I told you —N600million, they immediately put it in another account in form of N150million, N100million, N100million, N90million. The pastor’s account is known as Shibawells Energy Limited. The one for Dana that they moved N160million to, that was how they did it too, they immediately sent it to another account in smaller units as well.

“So the pastor approached the bank instead of the police. The top management staff involved called him and asked him what he wanted, they now ended with an agreement that the bank would give him an extra loan of N1.5billion and he agreed. Remember I told you this man is the Managing Director of Shibawells Energy Limited, a company that does supply aviation fuel. So we realised it was well planned and the names of Dana, Caverton and others were intentionally used to cover up the fraud so people won’t notice. We also realised in our investigation that this money was given to the banks by the CBN and these top officials had to use an account to move it out and use it for something else.

“He has a partner, we called him and realised he wasn’t aware of the transaction. He was shocked, he realised the statement presented to him was forged to hide the fraudulent transaction.”

According to Adewole’s statement of account obtained by SaharaReporters, on January 28 2021 via transaction ID No: M35660, he received the sum of N424,811,000 from Caverton, N160,000,000 from Dana and N630,000,000 from Beam Energy, all with the same transaction number.

On June 18, 2021 via transaction ID No: M104031, the pastor received the sum of N300,000,000 via NIP transfer from an undisclosed account source.

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

When contacted, a source at Dana Air said the airline didn’t do any transaction with Adewole nor his company, Shibawells Energy Limited.

“If I tell you we aren’t aware of this case, then I’m lying, the police some time ago invited us and we were surprised that the company’s name was used for such a fraudulent transaction. It will be wrong for me to share our bank statement with you but such a transaction wasn’t authorised by us,” a source at Dana Air told SaharaReporters.

“We weren’t involved in such a deal, only the bank management can tell you why they use Dana’s name for the transaction. Go to the bank tomorrow and send money to anyone and use Dana as the sender they won’t stop you from doing that. Jokes apart, if we have that kind of amount, my brother, we don’t have any problem,” the source added.

In January 2022, a group, Transparency Nigeria Group, asked the Central Bank of Nigeria to dismiss the Chief Executive Officer of Wema Bank, Ademola Ademise, over alleged fraud.

The group in a statement by Dahiru Mohammed, its Communications Director, alleged that Ademise had grossly abused his office as CEO of the bank and contravened several extant regulations of the CBN.

According to the group, Wema Bank, under Ademise’s watch, covered up a massive fraudulent scheme perpetrated by companies and proxies of the National Leader of the All Progressives Congress, Bola Tinubu.

Calling for his immediate removal, TNG said, “In doing this, Mr Ademise failed in his fiduciary duties and allowed a powerful politician to use Wema Bank as a clearing house for laundered funds.”

The group referred to a story dated November 23, 2020 by Peoples Gazette where bank records showed that Ocean Trust Limited, a company linked to Tinubu, shuffled billions of naira between its accounts with Wema Bank.

The newspaper documented the transaction between January and June 2019 on how Ocean Trust summarily moved N16.4billion from its operations accounts into a fixed deposit account all domiciled in Wema Bank.

This was after the court case involving Dayo Apara, a former Managing Director of Alpha Beta, a company partially owned by Tinubu.

Ocean Trust was specifically mentioned in Apara’s court documents as one of the firms allegedly used to siphon funds from Alpha-Beta, the controversial Lagos tax contractor.

According to the report, Alpha Beta has received billions of naira from the Lagos treasury since Tinubu was governor.

Apara claimed the firm received N150billion in the past 15 years from Lagos.

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Absence Of Oba Otudeko, Bisi Onasanya, Others Stalls Arraignment Over N12.3Billion Fraud As Otudeko’s Lawyer Protests In Court

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40 mins ago

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January 20, 2025

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The counsel for Oba Otudeko, Chairman of Honeywell Group, who is facing charges of a N12.3 billion fraud, appeared before a Federal High Court in Lagos on Monday to protest the charge.

Mr. Bode Olanipekun (SAN) informed the court that he was protesting because the charge had not been served on Otudeko or the two other individuals charged alongside him, the News Agency of Nigeria reports.

Olanipekun informed the court that, despite not being served with the charge, the defendants were shocked to learn about the planned arraignment through the media when the story broke last Thursday.

The 13-count charge was filed by the Economic and Financial Crimes Commission (EFCC) against Oba Otudeko, former Managing Director of FirstBank Plc. Olabisi Onasanya, and former Honeywell board member Soji Akintayo.

Olanipekun is the counsel for the three defendants.

They were charged alongside the company, Anchorage Leisure Ltd.

 

The EFCC alleges that the defendants obtained the sum under false pretenses.

 

According to the EFCC, the four committed the fraud in tranches of N5.2billion, N6.2billion, N6.150billion, N1.5billion and N500million, between 2013 and 2014 in Lagos.

 

The 13-count charge, filed by EFCC counsel, Bilikisu Buhari, on January 16, 2025, further claimed that the defendants used forged documents to deceive the bank.

Specifically, count 1 accused the defendants of conspiring “to obtain the sum of N12.3Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-TECH DYNAMIC LINKS LIMITED and Stallion Nigeria Limited, which representation you know to be false.”

 

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V TECH DYNAMIC LINKS LIMITED which representation you know to be false.”

 

The 3rd count alleged that the defendants, between 2013 and 2014 in Lagos, obtained N6.2billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

 

In the 4th count, they were accused of conspiring to spend the N6.15billion, out of the monies.

According to the Commission, the offences contravened Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and was punishable under Section 1(3) of the same Act.

Counts 5 reads: “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”

Meanwhile, Otudeko had reportedly fled Nigeria ahead of his scheduled arraignment on fraud charges.

 

According to TheCable Newspaper, Otudeko’s exit from the country is linked to the mounting legal pressures and financial disputes he is facing.

The newspaper reported that the businessman left the country via one of the land borders.

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Loan controversy: Bisi Onasanya’s lawyer condemns media trial….Judge adjourns case to February 13

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1 hour ago

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January 20, 2025

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In line with his resolve to defend himself and clear his name, Dr. Bisi Onasanya through his lawyer, Adeyinka Olumide-Fusika, SAN, at a session at the Federal High Court Lagos on Monday, January 20, 2025, demanded the service of proof of evidence and summons.

Onasanya, a chartered accountant and a former Group Managing Director of First Bank is defending himself against a controversial loan that allegedly occurred at First Bank 12 years ago. The retired banker is refuting the allegations alongside three others namely former Chairman of the bank, Chief Oba Otudeko, a former board member of Honeywell, Soji Akintayo, and a firm, Anchorage Leisure Ltd.

At a hearing at the Federal High Court in Lagos on Monday, Fusika condemned the media trial his client had been subjected to, saying he was not formally invited by the EFCC or served a notice of the charge.

He expressed surprise at seeing news stories in major newspapers linking Dr Onasanya to a trial on loan controversy during his time as First Bank Group Managing Director without prior notification.

“My Lord, it is concerning that my client has been unduly exposed to media trial without being formally served. This is a procedural anomaly that undermines his right to a fair hearing and personal dignity,” Olumide-Fusika said.

The prosecuting counsel, Rotimi Oyedepo, denied any involvement by the EFCC in the media coverage of the case.

He stated that the commission had not issued a press statement and suggested that journalists may have obtained information through other means.

“My Lord, we disassociate ourselves from any media reports,” Oyedepo said.

The EFCC also applied for an ex parte motion to issue a bench warrant for the defenders’ arrest and sought permission to serve them through substituted means, alleging they had evaded service.

Olumide-Fusika opposed the motion, arguing that his client had always been available and had not evaded service. Demonstrating his determination to clear his name, the senior lawyer prayed to the court to have the EFCC serve the charge and the proof of evidence in the open court.

“This application is unwarranted and speculative. My client has neither avoided service nor absented himself from this matter. The claims of the prosecution are baseless. Since I am here and my client is ready to go ahead with this case, I ask to be served the charge and the proof of evidence here in the court,” Olumide-Fusika argued.

Justice Chukwujekwu Aneke, who presided over the case, dismissed the EFCC’s motion for substituted service on Onasanya since he has accepted to be served in the open court.

The judge consequently ordered that the EFCC serve Olumide-Fusika the charge and proof of evidence in open court.

The EFCC complied with the directive, and Olumide-Fusika who confirmed the receipt of the document extracted a confirmation from the prosecution counsel that the proof of evidence submitted is exhaustive and there wouldn’t be an addendum. The defence counsel said EFCC’s confirmation should be on record, insisting that his client was ready to defend himself and clear his name.

Justice Aneke adjourned the case to February 13, 2025.

It will be recalled that Onasanya, through his Communication Advisor, Mr Michael Osunnuyi, had earlier dismissed allegations, describing the claims as baseless and an attempt to tarnish Onasanya’s stellar reputation for professionalism, integrity and humaneness.

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Abuja-Lagos Super Highway Project faces threat as two consortiums engage in battle for FG’s nod

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1 hour ago

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January 20, 2025

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AEC Unity Network Limited, the officially recognised concessionaire for the Abuja-Lagos Super Highway and High-Speed Train projects, has denied any association with an entity known as AEC-Geofocus Consortium (Geofocus).

AEC Unity Network clarified that Geofocus has no role in the planning, financing, construction, or operation of the 470-kilometer superhighway and high-speed rail projects, which are part of President Bola Tinubu’s Renewed Hope agenda to boost national infrastructure.

In a statement released on Sunday, the company emphasised that it is the sole concessionaire authorized by the Federal Government of Nigeria, having received approvals from the Federal Ministry of Works, the Federal Ministry of Finance, and the Infrastructure Concession Regulatory Commission (ICRC).

Barrister Ayodeji Ademola, legal consultant for AEC Unity Network, said in the statement that AEC-Geofocus has no basis whatsoever to make any claim in relation to the Super Highway project, having not been part of its conception from the onset.

In the statement, AEC Unity Network reaffirmed that it is the sole concessionaire authorised by the Federal Government of Nigeria to design, finance, construct, operate, and maintain the 470-kilometer superhighway and high-speed rail linking Abuja and Lagos.

According to the statement, the company’s approvals are from the Federal Ministry of Works, the Federal Ministry of Finance, and the Infrastructure Concession Regulatory Commission (ICRC).

The reaction by the AEC Unity Network may have been informed by media publications credited to one Engineer Mutiu Yinka Idris, who asserted that AEC-Geofocus was in charge of the project for the federal government.

Idris, who claimed to be Director of Operations for AEC-Geofocus, had in the publication described the company as a consortium of engineers, planners, and investors that had successfully attracted $16 billion from Middle Eastern investors, with additional interest from European financial institutions and the World Bank.

He had also claimed that the financial framework was designed to minimize government expenditure, safeguard public funds, and prevent cost overruns through an efficient risk-sharing mechanism.

Idris had assured stakeholders of a grand project flag-off before February 2025, reiterating AEC-Geofocus’ commitment to delivering world-class infrastructure.

“The $16 billion project will be led by AEC-Geofocus, a consortium of engineers, planners, and investors, and plans have been concluded to commence it by February this year, 2025,” Idris had asserted.

He said that the Lagos-Abuja corridor, spanning approximately 500 kilometers, will connect Lagos, Ogun, Oyo, Osun, Kwara, Kogi, and Niger states before reaching Abuja, under a design, Build, Finance, Operate, and Maintain (DBFOM) model.

But in its sharp reaction, AEC Unity Network expressed surprise at the emergence of AEC-Geofocus out of the blue to make claims on a project it was never part of.

Part of the statement read: “We emphatically state that AEC Unity Network Limited has no relationship whatsoever with AEC-Geofocus Consortium or Geofocus. Any claims made by Geofocus regarding involvement in the projects are ‘spurious and false.’”

“We categorically state that AEC Unity Network Limited has no relationship whatsoever with Engineer Mutiu Yinka Idris or Geofocus.”

“These fraudulent claims are completely at variance with our proposed infrastructure plans and are intended to confuse and defraud unsuspecting stakeholders,” the statement added.

The statement by Engineer Mutiu Yinka Idris, who claimed involvement in the projects on behalf of Geofocus in several media outlets and amplified on social media, is baseless and an attempt to mislead the public.

The company warned investors and the public to disregard any media advertisements or reports from Geofocus, describing them as unauthorized and misleading.

AEC Unity Network stated that its project is still in the planning stages, with no concurrent developments on the same corridor by any other entity.

To prevent confusion and potential fraud, AEC Unity Network urged local and foreign investors to verify information only through its official channels and avoid engaging with Geofocus on matters relating to the Abuja-Lagos Super Highway and High-Speed Train projects.

This infrastructure initiative, which includes a direct expressway and rail connection between Abuja and Lagos, is expected to enhance transportation efficiency and foster economic growth.

AEC Unity Network reiterated its commitment to transparency and professionalism, urging the public to engage only through its official channels for accurate information about the projects.

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