Wema Bank Denies N1.7bn Money Laundering Allegation

The allegation of money laundering and bribery involving members of Wema Bank has been debunked.

The allegation was denied by the bank in a statement issued on Sunday.

Earlier the bank was accused of being involved in money laundering to the tune of N1.7 billion, and a case was instituted in a Lagos magistrates court in February 2022.

However, the case, which had Isaac Adewole, the managing director of Shibahwells Energy, and Kingsley Ananwude, a staff member of Wema Bank, as defendants, was struck out over “lack of merit”.
Speaking on the development, the bank said its attention was drawn to recent reports on the allegation, adding that the reports were false, lacked merit, and aimed to malign its workers.

“The bank wishes to state categorically that there is no merit in the article, and it is a malicious publication against members of our staff and the bank’s customer,” the statement reads.

“The said allegations are being peddled by an aggrieved third party, who voluntarily released his property to be used as part of the collateral to secure a loan obtained by the bank’s customer.
“Specifically, on Tuesday, March 15, 2022, the case no. MIK/B/6/2022–Commissioner of Police vs. Adewole Isaac and Kingsley Ananwude, for alleged stealing and money laundering involving N1.7 billion was struck out by Magistrate A.O. Layinka of the Magistrates Court, Ikeja, and the defendants discharged following the legal advice from the office of the director of public prosecution (DPP), Lagos State that no prima facie case has been established against the defendants.

“We urge the general public to ignore the false information being circulated. The bank has already engaged its solicitors to institute appropriate legal action.”