Wema denies money laundering, bribery allegations against employee

Wema Bank Plc has described as malicious allegations of money laundering and bribery against its employee, saying media reports were orchestrated by an aggrieved third party.

Wema had been accused of involvement in money laundering to the tune of N1.7 billion. A case was instituted at a Lagos magistrates’ court earlier in the year. However, the legal action, which had the Managing Director of Shibahwells Energy, Isaac Adewole, and a staff member of the bank, Kingsley Ananwude, as defendants, was struck out.

In a statement, the bank said “there is no merit” in the media publication and that the reports targeting its employee and customer are malicious.

“The said allegations are being peddled by an aggrieved third party, Timi Popoola, 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 & Kingsley Ananwude, for alleged stealing and money laundering involving N1.7 billion was struck out by Magistrate A.O. Layinka (Mrs.) 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,” the bank said.