The Economic and Financial Crimes Commission (EFCC) yesterday re-arraigned a former managing director of Union Bank Plc, Barthlomew Ebong and 5 other executives of Falcon Securities Limited, a Subsidiary of Union Bank before a Federal High Court sitting in Lagos, over an alleged money laundering.
Ebong is being tried alongside Mr. Niyi Albert Opeodu, Managing Director of Falcon Securities Limited, Mr. Henry Onyemem, , Mr. Samuel Anyininuola and Falcon Securities Limited.
Mr Nkem Okolie who appears as a prosecuting witness had told the court during one of the trials that the accused were charged for criminally compromising loan facilities to themselves without security assessment and approval, even when the amount was way above the approved limit and without lawful authorization from the Central Bank of Nigeria, CBN.
According to the charge, “the alleged offences contravened section 2(3) (4) of the money laundering (prohibition) act 2004, and punishable under section 2(5) of the same act.”
However, the accused bank officers had all pleaded not guilty to the 20-count charge levelled against them.
Their recent arraignment was examined by Justice Rita Ofili-Ajumogobia who presided over the case as Justice Binta Murtala Nyako who presided over the case earlier has been transferred from the Lagos Division.
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