N1.7b Fraud: Suspects let loose for want of evidence

Two suspects in a N1.7b fraud case involving Wema Bank were on Monday discharged for want of evidence by an Ikeja Magistrates' Court, Ogba.

The suspects, a businessman, Isaac Adewole and a banker Kingsley Ananwede, 

were initially arraigned at the same court on Feb. 9, 2022 for alleged N1.7 billion fraud and money laundering.

The suspects had allegedly moved the said amount of money while impersonating multinationals like Dana, Caverton and two other companies which had immediately denied any involvement in the activity. 

Magistrate A.O Olayinka adjourned the matter to March 15 for mention after the suspects pleaded not guilty and were granted bail in the sum N10m each.

When the matter was called for mention on Monday, March 15, the Magistrate noted that an advise from the Department of Public Prosecution (DPP) was just submitted to the court.

Magistrate Olayinka said the DPP advise which just came in read that the defendants should be discharged as there are no evidences against them.

She also emphasised that the decision to discharge the suspects was solely based on the DPP's advise and not the court's decision. 

It was gathered that the Area G Command were also not provided with a copy of the DPP's advise that exonerated the suspects. 

It will be recalled 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 prosecutor, Insp Lucky Ihiehie had 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 te 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.

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.