Wema Bank Plc said its attention has been drawn to recent reports in the media on money laundering and bribery allegations on certain customer’s transaction. Wema Bank, while urging the general public to ignore as false the information being circulated, also noted that the bank has already engaged its solicitors to institute appropriate legal action.

The bank said in a statement debunking the claim on money laundering and bribery that “The publication went ahead to mention the names of certain Wema Bank management staff to be allegedly involved in the said transaction. The Bank wishes to state categorically that there is no merit in the article, and it is a malicious publication against members of our staff and the Bank’s customer.”

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The statement signed by Wema Bank’s marketing communications and investor relations reads: “The said allegations are being peddled by an aggrieved 3rd 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 versus Adewole Isaac & Kingsley Ananwude, for alleged stealing and money laundering involving N1.7billion 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.”

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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