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Sterling Bank Embroiled in Money Laundering Scandal

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By Gloria Ikibah
The Nigeria police has formally accused Sterling Bank of alleged money laundering, fraudulent deductions and other financial crimes by its staff.
This was the report presented by Nigeria Police Force to the House of Representative Committee on Public Petition during the hearing of a petition by MidenĀ  Systems Ltd against Sterling Bank, Central Bank of Nigeria (CBN) and Shell Petroleum on Tuesday in Abuja.
Naijablitznews.com reports that Miden System Ltd., had witten a petitioned to the Committee on the alleged mismanagement, fraudulent debit, and misappropriation of funds from its account domiciled with Sterling bank.
Presenting the report before the committee, representative of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Superintendent of Police said after intensive investigation and arrest made on the matter, the bank was found wanting.
According to the police, after arrest was made and an extensive investigation carried out, the bank could not provide evidence to counter the allegations made against it by MidenĀ  System Ltd.
He said: “We were saddled with the responsibility to investigate mismanagement, fraudulent debit, and misappropriation of funds from the account of MidenĀ  Systems Limited by Sterling Bank.
ā€œIn the course of our investigation, findings emerged about the issue of non-issuance of statement of account, fraudulent debit, and misappropriation of funds. More importantly, MidenĀ  Systems Limited raised the issue of accounts. There are four accounts operated by Sterling Bank Plc for MidenĀ  Systems Limited. Two are U.S. dollar accounts, while two are Nigeria NGN accounts.
“Major remittance is coming to the account of MidenĀ  Systems Limited, to be signed with Sterling Bank, and Shell Petroleum Development Company Limited. Now, we have cutting records from Shell over the period 2017 up to 2020. Shell failed, this is our finding, Shell failed to supply the financial reports for 2021, 2022, 2023, and 2024.
“Now, having regard to the complaint of MidenĀ  Systems that it was denied the statement of account, we interfaced with an account officer, who gave us in writing that the company is being furnished with the statement of account. And I asked how, he said electronically, or by short message service, But there is no proof. Thereā€™s no proof to debunk that aspect of the allegation.
“Secondly, we discovered from the statement of account generated by the bank, not provided by the petitioner, or its counsel, or any third party. These are accounts and statements of account generated by the bank. Ordinarily, before an investigator, we did not just call for a statement of account to just look at it and dump it.
“We looked at it holistically and saw the grey areas where there were discrepancies or where there are questions to be raised.ā€
CSP Amison explained, “we discovered a Debt Service Repayment Account (DSRA) where money is being used to service the loan.
“The loan offer as of 2012 was $30 million. We need to understand it was restructured in 2017, with capital and interest to arrive at US$30 million.
“Having regard to the account, we, a team of detectives, started seeing debits, debits from MidenĀ  System account for loan repayment. And we took it upon ourselves to ask the account officer that first came before us to explain the loan repayment but he said it was a mere narration adopted while applying funds to the company’s loan account. We found this very vague and ambiguous.
“We discovered that about US$28.3 million was debited from this company’s account for loan repayment but thereā€™s no explanation.
“Particularly, on the 29th, September 2016, the sum of US$2,413,000 was debited from the company’s account. Account number 00148517716 for loan repayment with reference FT16271UZYO. On 14th, November 2016, the sum of US$1.256 million was equally debited from this same account for loan repayment.
“While on the 16th of January 2017, the sum of US$28,302,140.59 was debited from the company’s account for loan repayment. And like I said, we’ve waited for the bank to provide account officers who have managed this account to throw more light on this. It is not our document.
“It is their own document. The facts are before them. If somebody has managed that account before and is no longer an account officer, they could call them, provide names since they are no longer in the bank.
“One of the account officers specifically wrote that the outstanding balance was about US$27.25 million, while the executive director gave us a figure of over US$30 million. That is to say, nothing has been paid, nothing has been debited to clear the loan.
“We equally discovered what the bank captured in the statement of account, in-branch transfer, account to account. And we asked, what does the bank or the account officers mean by in-branch transfer, account to account?
“We have come up with the recommendation that, since the bank has failed to provide evidence for itself to debunk the allegation raised by Miden Systems , evidence as used so far from their own statement of account corroborates the offences alleged. Financial mismanagement, Fraudulent debit, misappropriation of funds and more importantly, when funds are being moved that way, if you go deeper, money laundering. We could not even go deeply towards the petitioner raising their petition”, he stated.
In response, the Committee Chairman, Rep. Mike Etaba assured both parties that the report will be studied by the Commitee and justice served.
“At the committee level, we will look at the Police report and I assure us that justice will prevail,ā€ Etaba assured.
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Ex- Lagos Speaker Obasa Returns to Abuja in Bid to Reignite Political Career

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By Kayode Sanni-Arewa

The embattled ex- Speaker of the Lagos State House of Assembly, Mudashiru Ajayi Obasa, made a quiet return to Abuja Sunday evening, fueling speculation about his desperate bid for reconciliation and a political lifeline.

Sources at the Nnamdi Azikiwe International Airport confirmed to our correspondent that Obasa arrived under the cover of darkness, without the usual entourage of aides or security detail that once accompanied him during his tenure as the third most powerful figure in Lagos politics.

Obasaā€™s arrival in the nationā€™s capital comes on the heels of a failed attempt to meet with President Bola Tinubu in the United Arab Emirates. The ex-Speaker, who was impeached on January 13 after a majority of lawmakers voted to remove him, was reportedly hoping for an audience with the President to salvage his political future.

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The former Speakerā€™s recent travels have taken him to multiple international destinations. On January 8, he flew to Atlanta, Georgia, with a group of loyal lawmakers and the ousted Clerk of the House, Olalekan Onafeko, alongside a woman known as ā€œMadam Speaker.ā€ However, sources reveal that Obasa left his supporters stranded in various locations around the globe as he sought to save his own skin, further alienating those who once stood by him.

Obasaā€™s impeachment, which saw more than two-thirds of the House vote for his removal, marked a significant shift in the Lagos Assembly. His successor, Rt Hon Mojisola Meranda of Apapa 1, was swiftly elected by 32 members, signaling the successful overthrow of Obasaā€™s political reign.

Obasa, the former strongman of Agege and Lagos politics is facing a plethora of challenges post-impeachment. He is reportedly seeking a reprieve from EFCC and ICPC investigations and hoping for a political compromise. His legal consultant has advised that his impeachment is constitutionally valid, urging him to accept the Houseā€™s decision and issue a public statement acknowledging the development.

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Gunmen abduct Amotekun officer, 3 others in Ekiti

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By Kayode Sanni-Arewa

There was confusion in Ikere Ekiti on Monday as unknown gunmen reportedly kidnapped a member of the South West Security Outfit, popularly called Amotekun, Mr. Thomas Aruleba, along with his wife and two children.

The incident occurred on Sunday evening along Ijare Road in Ikere Ekiti while they were returning from their farm.

It was gathered that the Amotekun officer and his family had taken a driver to the farm to transport timber needed for building his house.

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Unfortunately, the driverā€™s vehicle broke down while carrying the timber. The Amotekun officer and his family decided to return home to bring a mechanic to fix the vehicle. On their way back, the gunmen attacked them and marched them into the bush.

The kidnappers have contacted the victimsā€™ family and demanded ā‚¦10 million for their release.

A family member who spoke to Newsflash Nigeria, Mr. Johnson, revealed that the kidnappers initially demanded ā‚¦10 million but later reduced the ransom to ā‚¦5 million after pleas from the family.

Mr. Johnson stated that the family has reported the case to the police and other security agencies, as well as to the chairmen of the two local government councils in the community.

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Meanwhile, the Chairman of Ikere West LCDA, Hon. Rufus Olorufemi, said that after receiving information about the distressing incident, he swiftly mobilized security teams to take action. The operation is ongoing to ensure the safety and security of the community.

According to a press release issued by the chairmanā€™s media aide, the security team successfully apprehended four suspected kidnappers in the bush along with their motorcycles. During the arrest, they were found with incriminating items, including:

Indian hemp
Various types of ropes
A motorcycle
Charms
One of the security staff reportedly confronted one of the kidnappers, expressing dismay at their actions. The kidnapper responded with a shocking remark: ā€œI think you have your way of stealing with your pen; this is my way. Let me be.ā€

The investigation is ongoing, and security forces have been instructed to prevent anyone from taking pictures of the kidnappers to avoid compromising the investigation, the chairman said.

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Trump Administration Lifts Ban on Immigration Arrests in Schools, Churches, and Hospitals

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By Kayode Sanni-Arewa

US immigration authorities will be able to arrest migrants at schools, churches and hospitals after the Trump administration overturned policies banning immigration enforcement from so-called ā€œsensitive areasā€.

Immigration and Customs Enforcement (Ice) and Customs and Border Protection had been restricted from doing so for more than a decade. The US Department of Homeland Security, which oversees both agencies, said in a statement: ā€œCriminals will no longer be able to hide in Americaā€™s schools and churches to avoid arrest.

ā€œThe Trump Administration will not tie the hands of our brave law enforcement, and instead trusts them to use common sense,ā€ the statement said.

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The directive was one of two issued on Tuesday from Benjamine Huffman, the acting secretary of the Department of Homeland Security.

The second directive reinstates with immediate effect so-called ā€œexpedited removalā€ nationwide.

Under this authority, US Ice can quickly deport any undocumented person arrested inside the country who canā€™t prove they have been here continuously for more than two years.

The changes come as Donald Trumpā€™s administration executes a major crackdown on immigration in the US.

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The president signed a slew of executive actions on Monday that included cutting off access to an app that facilitated the entry of hundreds of thousands of people as well as suspending the refugee system and promoting greater cooperation between Ice and local and state governments.

Administration officials vowed to immediately begin rounding up people in the US illegally, as part of the presidentā€™s promise to carry out ā€œmass deportationsā€.

Trumpā€™s border czar, Tom Homan, said in an interview late on Monday that immigration agents would fan out across the United States on Tuesday to arrest and deport undocumented people.

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