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Wema Bank, Dana Airline Fingered In Alleged Money Laundering Mess

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One of the nation’s topflight banking institutions, Wema Bank and Dana Air, owners of Sri Sai Vandana Foundation, a Non-Governmental Organisation (NGO) have been fingered in a money laundering crime and may be prosecuted by the anti-graft agency.

According to a source, the airline’s inflight donation collected between 2014 and 2018 without following due process is the bane of contention.

“The EFCC will take it up. We will investigate and prosecute the crime element once prima facie is established,” the acting spokesperson of the Economic and Financial Crimes Commission (EFCC), Tony Orilade said.

Dana started Nigeria’s Sri Sai Vandana Foundation in 1995 and commenced the inflight donation in partnership with the Sickle Cell Foundation of Nigeria. But after the airline suffered a major crash in Lagos in 2012 in which 153 persons died, it ceased the collaboration, ‘re-strategised’, and solely ran the inflight donations.

Reports also reveal how Dana through Sri Sai Vandana Foundation, got the inflight donations between January 2014 and October 2018, raking in millions of naira deposited into the Wema Bank account number 0121291839 without due registration with the Corporate Affairs Commission (CAC), a prerequisite for complying with the Special Control Unit against Money Laundering (SCUML) regulations.

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The EFCC official stated that the company will be sanctioned and that when there is a vacuum that is when we will lift the veil.

He further explained that by ‘lifting the veil’ he simply means “The company cannot run without humans. So, it is when everyone denies being members of the company that we go after the individuals.”

In line with the Money Laundering Prohibition Act, it is mandatory every Designated Non – Financial Institution, DNFI, to register with SCUML in order to legally operate in Nigeria.

Contravening the SCUML guidelines have some specific penalties, including “suspension or revocation of license, fines or imprisonment or both,” according to Sections 15 to 17 of the Money Laundering (Prohibition) Act 2011 (as amended).

Also Read:  Days After FBI Released List Of 80 Wire Fraudsters, EFCC Detains Wema Bank MD, Ademola Adebise Over Money Laundry

It stipulates a maximum of 14 years jail term for an individual but, in the case of a corporate organisation, the law says such organisation would pay “a fine of not less than 100 percent of the funds and properties acquired as a result of the offense committed” and would also have its license withdrawn.

Precisely, the law defines the unlawful act listed in subsection (2) of the Act to include “corruption, bribery, fraud, counterfeiting, and piracy of products…or any other criminal act specified in this Act or any other law in Nigeria.”

As such, Wema Bank officials involved in Dana’s account opening process may as well be prosecuted by the anti-graft agency, as soon as SCUML forwards its findings to the EFCC.

Source: ICIR

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Femi Otedola: What Manner Of Philanthropist?

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A true philanthropist gives without expecting anything in return.

There are however many who give with the main objective of scoring cheap points and playing to the gallery.

Many consider Femi Otedola a philanthropist, but what manner of philanthropist is the man?

Known to have leant a helping hand to some people in the past, his gestures have however been said to have hidden intentions.

Also Read:  Wema Bank: Loyalty War Tears Bank Apart

There have been speculations that the man’s philanthropy is targeted at creating a soft landing for him when he eventually unveils his big picture.

Known to have picked the medical bills of individuals such as former Super Eagles captain and coach, Christian Chukwu; ace broadcaster, Sadiq Daba; and more recently legendary musician, Majek Fashek; the fact that his philanthropy is only focused on known individuals has raised eyebrows.

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That the chairman of Geregu Power Plc appears not to be interested in lending a helping hand to unknown individuals has raised questions about him.

 

 

 

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Chukwuma Soludo Bounces Back

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Chukwuma Soludo’s experience confirms the fact that it doesn’t matter the number of time a man falls, as long as he can get up.

An economics professor, Soludo was once the Governor and Chairman of the board of directors of the Central Bank of Nigeria (CBN).

He, however, fell into obscurity when his tenure as Governor of CBN ended, as even the economic advice he gave while he was out of office were contested.

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Soludo however recently bounced back when he was appointed a member of the newly inaugurated Economic Advisory Council (EAC), a group which will be responsible for advising President Muhammadu Buhari on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues.

Though Soludo is just a member of the council, he returns to the thick of things after a while in hibernation.

Also Read:  Wema Bank: Loyalty War Tears Bank Apart

 

 

 

 

 

 

 

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Keystone Bank rewards its Verve card holders with free petrol

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Fastest growing financial services provider, Keystone Bank Limited in partnership with Verve International, has launched a promotion to reward its customers for using its Verve Card to purchase petrol at select Oando Petrol stations across Nigeria.

 

According to a statement by the lender on Friday, the promo tagged “Free Fuel Alert” which is open to both new and existing customers of the bank will have Keystone Bank Verve Card holders receive free extra 5 litres of petrol each time they use their verve cards to purchase a minimum of N3,000.00 and above worth of petrol between 6am – 8pm every Friday from September 20 till November 8, 2019.

 

The selected Oando Petrol Stations where the promo will run are Lagos (Maryland, Marina, Awolowo Falomo, Awolowo Fire Station, Lawanson, Alapere, Ajah, Agege Bye-Pass, Trade Fair, Fola Agoro, Ojodu Berger, Sangotedo, Ago Palace Way and Shiro Road Fadeyi) Abuja (Garki, Ahmadu Bello Way and Zone 6 Wuse) Enugu (Ogui Road), Imo (Assumpta Avenue) Kaduna (Junction Road by Stadium), Kano (Club Road 1), Oyo (Orita Mef and Iwo Road, Southbound) Portharcourt (Aba Road and 75 Transamadi) Delta (Effurun Junction) Edo, Benin – City (Akpakpava Road).

 

While Keystone Bank Limited is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers, Verve Card International is a secure debit card which allows the card-holder to conveniently meet day to day financial needs like the payment for goods and services, airtime recharge, bill payments, funds transfer amongst others.

 

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Also Read:  Days After FBI Released List Of 80 Wire Fraudsters, EFCC Detains Wema Bank MD, Ademola Adebise Over Money Laundry
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