Diamond Bank, Managers Arraigned over Money Laundering

The National Drug Law Enforcement Agency, NDLEA, has arraigned Diamond Bank Plc together with two of its managers, Lasisi Abayomi and Hillary Ojukwu before a Lagos Federal High Court sitting in Ikoyi, Lagos. They were docked on a six-count charge that touches on money laundering. Aside the bank and its managers, others arraigned alongside includes: Oni Oil and Gas Ltd and Mrs Lizzy Chinyere Ikenua. According to the charge signed by the prosecutor, Augustine Nwagu, it was alleged that the bank and its two managers in August 2006, within the jurisdiction of the court failed to verify the true identity of its customer; Oni Oil and Gas Limited, Chief Onoche Ikenua (now deceased) and Mrs. Lizzy Chinyere Ikenua before opening an account no. 0212010006203 in favour of the company and entering into other fiduciary relationships with it. Count 5 of the charge reads in part: “That you Hillary Ojukwu being an employee of Diamond Bank Plc, a financial institution, between August and December 2006 at Lagos within the jurisdiction of this Honourable Court aided Oni Oil and Gas Ltd, Chief Onoche Ikenua (now deceased) and Mrs. Lizzy Chinyere Ikenua to convert various sums of money (amount yet to be determined) being money derived directly or indirectly from a crime to wit: illicit traffic in narcotic drugs and you thereby committed an offence contrary to Section 17 (a) and punishable under Section 14 (a) of the Money Laundering (Prohibition) Act, 2004.” And count 6 reads: “That you Diamond Bank Plc, a financial institution, between the months of August 2006 to October at Lagos within the jurisdiction of this honourable court failed to report suspicious transactions on account no. 0212010006203 in the name of Oni oil and Gas Ltd and you thereby committed an offence contrary to and punishable under Section 6 (9) of the Money Laundering (Prohibition) Act, 2004.” But all the defendants pleaded not guilty to the charge, prompting the prosecutor to inform the court, presided over by Justice Mojisola Olatoregun Ishola, that two of his witnesses were in court and he was ready to proceed to trial. After entertaining arguments from lawyers in the matter, the trial judge granted the accused bail in the sum of N1 million each with one surety in the like sum. The matter has been adjourned till June 27, 2016, for trial.