According to the Act of 2011, money laundering occurs when a person in or outside of Nigeria directly or indirectly conceals or disguises the origin of any fund or property.
The Federal Government has introduced several sanctions and Act to curb money laundering offences. The recent amendment to the Act 2011 was in March.
The bill requires banks and other financial institutions to disclose any single transaction or deposit worth more than N5 million for an individual and N10 million for a corporation.
However, despite all these amendments, Wema Bank was being charged with money laundering of about N1.7 billion.
Here are the 3 biggest money laundering busts in Nigeria.
1. Folasade Oke – N13 billion
In 2017, in the Flat 7B Osborne Towers, Ikoyi, Lagos, the Economic and Financial Crimes Commission (EFCC) uncovered $43, 449, 947, £27,800, and N23, 218 in iron cabinets and jute bags.
Following an ex parte plea filed by Rotimi Oyedepo, counsel of the EFCC, Justice Sadu issued the forfeiture order on the flat.
On May 5, 2017, Oyedepo disclosed that the flat is owned by Folashade, the wife of a former Director-General of the National Intelligence Agency, Ayo Oke.
Between August 25 and September 3, 2015, she allegedly paid $1.658 million in cash for the flat in the name of a company called Chobe Ventures Limited.
Ayodele Oke Jr., her son, was believed to be a director in the corporation.
Oke was also reported to have paid $700,000, $650,000, and $353,700 in cash to Sulah Petroleum and Gas Limited, a Bureau de Change operator, who eventually changed the money to N360, 000,000 and delivered it to Fine and Country Limited for the property purchase.
2. Mompha – N6 billion
Earlier this year, social media celebrity Ismaila Mustapha also known as Mompha was arraigned by the Economic and Financial Crimes Commission over alleged N6 billion money laundering.
The eight-count accusation includes conspiracy to launder money earned through illicit activity as well as laundering money obtained through illegal behavior.
Retention of illegal proceeds, use of property resulting from an unlawful act, possession of a document embodying a false pretense, and failing to disclose assets and properties are among the other charges.
3. Funmi Ademosun – N26.6 billion
Funmi Ademosun, a Lagos businessman, is being investigated for a purported N26.6 billion investment fraud.
In January, the Economic and Financial Crimes Commission’s Lagos Zonal Command arrested Ademosun on a 10-count charge of conspiracy and money laundering involving N26.6 billion.
Home Trust Savings and Loan Limited and Rare Properties and Development Limited were charged alongside him.
They were apprehended for conspiring to convert a total of N26.6 billion, which they should have known was part of the proceeds of a fraudulent conversion of proceeds of a private placement raised from the public in the name of Investment & Allied Assurance Plc.
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