With the sum of One Billion, Seven Hundred Million Naira (N1.700, 000,000.00) only credit balance in his account, Isaac Adewole could easily pass as a successful businessman by all standards, this is before the source of the funds becomes a subject of intense scrutiny by the Nigerian Police Force.
Adewole is currently facing charges of money laundering before an Ikeja Chief Magistrate Court. His alleged accomplice, according to the charge, Kingsley Ananwede, a staffer of Wema Bank, was said to have been aware of the details of the questionable inflows into the accounts but declined to report the same to appropriate authorities.
Adewole is charged alongside Ananwede in a four-count charge of conspiracy, money laundering, concealing or failing to report felonies and resisting public officers.
The duo are to prove their innocence before a Chief Magistrate Court presided over by Mrs A.O. Layinka.
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When the businessman and the banker were docked, they pleaded not guilty to the charge.
Presenting the case before the court, Lucky Ihiehie, a Police Inspector, told the court that the defendants laundered more than One Billion, Seven Hundred Million Naira (N1.700, 000,000.00) only and concealed their fraudulent activities.
Ihiehie alleged that Adewole used his company, Shibawells Energy Limited to launder the sum 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 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 Limited which belongs to him, and Wema Bank,” he said.
The prosecutor submitted that Adewole had, between 28, January, 2021, and 18, July, 2021, through Shibahwells Energy LImited, with account number 0122367964 domiciled in Wema Bank Plc, fraudulently received transactions on different dates.
“On 18 January, 2021, via transaction ID No: M35660, Adewole received the sum of N30, 000, 000 from Messrs Bean Energy Limited.
“On 28, January, 2021, via transaction ID No: M35660, he received the sum of M424, 811, 000 from Caverton and N160, 000, 00 from Dana with the same transaction number.
“On 18, June, 2021, via transaction ID No: M104031, he received the sum of N300, 000, 000 via NIP transfer from an undisclosed account source.
“Adewole also received, on the same 18 June, 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.
The Chief Magistrate, Mrs A.O. Layinka, admitted the defendants to bail in the sum of N10 million each and two sureties each in like sum.
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 Lagos State Government.
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