Shibawells Energy Ltd named in N1.7bn fraud, money laundering, Wema Bank indicted

Businessman Isaac Adewole and banker Kingsley Ananwede have been arraigned in the Ikeja Chief Magistrates’ Court for N1.7 billion fraud and money laundering.

The defendants are facing trial on a four-count charge of conspiracy, money laundering, concealing or failing to report felonies and resisting public officers.The defendants, however, pleaded not guilty.

Prosecutor Lucky Ihiehie told the court that the defendants laundered more than N1.7 billion and concealed fraudulent activities.

Mr Ihiehie alleged that Mr Adewole used Shibawells Energy Ltd. to launder the money with Wema bank account numbers 0122367964 and 0122554405.

He added that the second defendant, who worked with the bank, concealed the alleged fraud and money laundering.

The prosecutor further mentioned that Mr Adewole and others at large resisted and obstructed police detectives attached to Area ‘G’ police command during an investigation.

“Adewole stopped the police from carrying out a detailed investigation into fraudulent and money laundering activities involving Shibahwells Energy Ltd., which belongs to him, and Wema Bank,” the cop told the court.

The prosecutor submitted that Mr Adewole had, between January 28, 2021, and July 18, 2021, through Shibahwells Energy Ltd. with account number 0122367964 domiciled with Wema Bank Plc, fraudulently received transactions on different dates.

“On January 18, 2021, via transaction ID No: M35660, Adewole received the sum of N630,000,000 from Messrs Bean Energy Ltd. On January 28, 2021, via transaction ID No: M35660, he received the sum of N424,811,000 from Caverton and N160,000,000 from Dana with the same transaction number,” added the prosecutor. “On June 18, 2021, via transaction ID No: M 104031, he received the sum of N300,000,000 via NIP transfer from an undisclosed account source.”

According to the prosecutor, Mr Adewole also received, on June 18, 2021, via transaction ID No: M104031, N270,000,000 from Messrs Morrifoil Oil and Gas Ltd., all totalling N1,784,811,000.

He told the court that the alleged offences contravened sections 98, 117, 332 and 411 of the Criminal Law of Lagos State, 2015.

Section 117 attracts a three-year jail term or a fine of N200,000 for resisting public officers, while section 332 attracts seven years’ imprisonment for money laundering.

The Chief Magistrate, A.O. Layinka, admitted the defendants to bail of N10 million each and two sureties each in like sum.

Mrs Layinka ordered that the sureties must have a landed property within the court’s jurisdiction.

She also said the sureties must have proof of five years’ tax payment to the Lagos government.

She adjourned the case until March 15 for a hearing.

(NAN)

Attah Aaron

Attah Aaron has spent over six years with Idoma Voice. He writes on religion and health.

Recent Posts

Soaring rice prices threaten Christmas celebrations for Nigerian families

Rice, a staple for Christmas celebrations in Nigeria, has become a luxury this year. Soaring…

1 day ago

Panic as Stage collapses during Odumodublvck’s performance at Lagos concert

Panic erupted on Saturday at a concert in Lagos when the stage collapsed during Odumodublvck’s…

1 day ago

2025 Budget: FG allocates ₦6.36bn for renovation of Tinubu, Shettima’s official quarters

The Federal Government of Nigeria has allocated ₦6,364,181,224 billion for the refurbishment and rehabilitation of…

1 day ago

Black Market Dollar to Naira Exchange Rate Today 22nd December 2024

The black market dollar to naira exchange rate for today, 22nd December 2024, can be…

1 day ago

NNPC debunks shutdown rumors, confirms fuel loading at Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the 60,000 barrels per…

1 day ago

‘We have to find a way’ – Guardiola laments after defeat to Aston Villa

Manchester City finds itself in unprecedented turmoil, with relegation-level form showing little sign of improvement.…

1 day ago