THE Nigeria Police has indicted a former Governor of Kwara State, (names withheld) and some of his associates for money laundering and consequently recommended their prosecution on money laundering charges.
In a report of its Special Fraud Unit (SFU) of investigation into a petition dated 11 September 2011, addressed to the Inspector-General of Police, Joy Petroleum Ltd alleged illegal withdrawals from its accounts by the then Intercontinental Bank Plc., the Police found that the former governor and another person conspired to breach the Money Laundering Act…
The report stated thus: “Though the account is still under forensic scrutiny, the investigation has so far found the following:
- That the manner of the cash deposit into these accounts suggests the inference that they were used to launder money.
- That the cash deposits were done in a fashion designed to evade the provisions of the Money Laundering Act i.e. the cash were split to fall below the maximum cash threshold specified by the Act for the banks to report to the NFIU/CBN. 6.6.
- That while the Naira denominated account received cash lodgments in excess of N564, 592,173.61 million, the dollar denominated account received over $5 million.
- That the frequencies of the cash lodgments are unjustifiable considering the nature of the business of the company.
- That the Personal Assistant to the former governor and Deputy Managing Director and Sole Signatory to the account is found to have deposited a total cash of N86, 685,500.00 between 10th and 12th of June 2008.
- That most of the cash deposits were by two individuals.
- That the MD/CEO, a particular company of Polybag Industries Ltd has denied doing any business with that would have necessitated the flurry of Dollar cash lodgments and transfers narration in the name of Polybag Industries Ltd found in the particular company Dollar denominated account save for a one-time rent of about N13, 000, 000. 00.
- and more…