Diamond Bank, Staff In $1m Money Laundering Scandal
The Economic and Financial Crimes Commission (EFCC) has arraigned the duo of Sada Adamu and Babatunde Faro, an employee of the Uzoma Dozie’s led Diamond Bank Plc, before Justice Nnamdi Dimgba of the Federal High Court sitting in Maitama, Abuja on a 4-count charge of money laundering, false declaration of assets and fraud to the tune of $1million.
Adamu was alleged to have made cash payment of the said sum being an amount exceeding the stipulated N5million threshold stipulated by law, to Faro who processed it without following the law.
The offence is a breach of Section 1(a) of the Money Laundering Act, 2011 as amended and punishable under Section 15(2) (b) of the same Act.
One of the counts reads:
“That you, Sada Adamu, on or about the 2nd day of March 2015 in Abuja within the jurisdiction of this Honorable Court made a cash payment of One Million US Dollars being an amount exceeding Five Million Naira to Babatunde Faro without going through a financial institution and thereby committed an offence contrary to Section 1(a) of the Money Laundering Act 2011 as amended and punishable under Section 15(2) (b) of the same Act.”
The accused persons pleaded not guilty when the charges were read to them.
In view of their plea, counsel to EFCC, S. A. Ugwuebulam, asked the court for a date to commence trial.
However, W. Y. Maman and W. T. Iorshe representing Adamu and Faro respectively prayed the court to grant the accused persons bail pending trial.
Justice Dimgba, in his ruling on Friday, adjourned to November 14, 2016 for ruling on the bail application and ordered the accused persons to be remanded in Kuje prison.