The Economic and Financial Crimes Commission has arrested the Managing Director and Chief Executive Officer of a top bank in Nigeria, and some officials for allegedly receiving $115m from a former Minister of Petroleum Resources, Diezani Alison-Madueke.
It was alleged that the bank CEO during the build up to the 2015 election got called in by Diezani to help the ex-minister handle some cash which was to be distributed to some election groups and officials.
The bank CEO is accused of not reporting the receipt and warehousing of the cash to the Nigerian Financial Intelligence Unit, NFIU, which is a breach of law.
Four companies were said to have come into the bank the next day with cash which the bank received and stored.
Diezani on that same day allegedly lodged $26 million cash into the same account.
The EFCC reported that the companies involved were: Actus Integrated, Northern Base Gas Company, Midwestern Oil and Gas and Laitan Adesanya. They were reported to have paid $17,884, $60m, $9.5m, $1.35million respectively
Reports also alleged that Diezani’s son Ugbonna Madueke served as middle man between his mother and the executive and provided information which the executive was to act on.
According to reports, the Bank Executive has so far provided some useful information in the case, helping EFCC with their investigation.