Court Strikes out N1.7bn Money Laundering Charge against Energy Firm MD, Banker

Court Strikes out N1.7bn Money Laundering Charge against Energy Firm MD, Banker

 

A Lagos Magistrate Court at Ogba, Ikeja, has struck out money laundering charges brought against the Managing Director of Shibahwells Energy, Isaac Adewole, and a staff member of Wema Bank Plc, Kingsley Ananwude, for lack of merit.

Magistrate A.O. Layinka discharged the defendants and struck out the charge 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 them.

The defendants were arraigned on February 9, 2022, in charge number: MIK/B/6/2022–Commissioner of Police vs. Adewole Isaac and Kingsley Ananwude, for alleged stealing and money laundering involving N1.7billion.

After pleading not guilty, the court granted the defendants bail and then adjourned the case till March 15, 2022, for trial.

When the case was mentioned in court, Magistrate Layinka discharged the defendants and struck out the charge for lack of merit after relying on the legal advice from the office of the DPP, office of the Attorney General of Lagos State/Ministry of Justice.

The legal advice signed by the DPP of Lagos State stated that after an extensive review of the duplicate case file provided by the police authorities, the defendants were arrested based on rumours by one Timi Popoola and nothing more!

The DPP further stated that there was insufficient evidence to predicate the offences upon which a criminal charge was brought before the court.

The facts of the case revealed that the criminal charge of alleged stealing and money laundering involving N1.7billion were based on a complaint made to the police by one Timi Popoola.

Popoola was also in the news sometime in February when he allegedly invited the police to settle land dispute at Peace Valley Zone in Magodo GRA Phase 2, Lagos.