Wema Bank Debunks Timi Popoola’s Money Laundering Allegation 

Wema Bank has debunked a publication which alleged money laundering and bribery on certain customer transactions in which some of its management staff were mentioned.

The bank in a statement on Sunday said there was no merit in the article which is described as malicious against members of its staff and the Bank’s customers.

“The said allegations are being peddled by an aggrieved third 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’, the bank stated in a statement released by its Marketing Communications & Investor Relations unit.

The statement went on to state that the case has been struck out by Magistrate A.O Layinka since March 15 adding that it has notified its solicitors to institute appropriate legal action.

“Specifically, on Tuesday, March 15, 2022, case no. MIK/B/6/2022–Commissioner of Police vs. 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 were discharged following the Legal Advice from the Office of the Director ofPublic Prosecution (DPP), Lagos State that no prima facie case has been established against the defendants”.

The bank urged the general public to ignore the false information being circulated. 

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