A businessman, Isaac Adewole, and a banker, Kingsley Ananwede, on Wednesday appeared before an Ikeja Chief Magistrates’ Court in Lagos State for alleged N1.7 billion fraud and money laundering.
They are facing four-count charge of conspiracy, money laundering, concealing or failing to report felonies and resisting public officers.
The defendants, however, pleaded not guilty.
The prosecutor, Inspector Lucky Ihiehie, 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 Limited, to launder the sum through one of the country’s old generation banks.
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 detailed investigation into fraudulent and money laundering activities involving Shibahwells Energy Limited, which belongs to him, and the Bank,” he said.
The prosecutor submitted that Adewole had between January 28, 2021 and July 18, 2021 through Shibahwells Energy Limited with his bank account fraudulently received transactions on different dates.
He said: “On January 18. 2021 via transaction ID No: M35660, Adewole received the sum of N630,000,000 from Messrs Bean Energy Limited.
“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.
“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 Limited, all totalling N1,784,811,000.”
Adewole said that the alleged offences contravened Sections 98, 117, 332 and 411 of the Criminal Law of Lagos State, 2015.
NAN reports that 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, 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.
She adjourned the case until March 15 for hearing.