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National Assembly

Reps Receives Money Laundering Petition Against Commercial Bank

todayJanuary 27, 2025 11 16

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Oluwakemi Kindness

The House of Representatives has received a money laundering petition against Sterling Bank, the Central Bank of Nigeria (CBN), and Shell Petroleum in Abuja.

The petition was submitted to the House Committee on Public Petitions during a hearing in Abuja by Maiden Systems Ltd.

Speaking at the hearing, the Nigeria police said it initiated an investigation into Sterling Bank, focusing on allegations of money laundering, unauthorised deductions, and other financial irregularities involving some of its staff.

Presenting the report before the committee, the representative of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Inspectors of Police, said after intensive investigation and arrest made on the matter, the bank was found wanting.

They told the committee that after arrest were made and an extensive investigation carried out, the bank could not provide evidence to counter the allegations made against it by Maiden System Ltd.

“We were saddled with the responsibility to investigate mismanagement, fraudulent debit, and misappropriation of funds from the account of Maiden Systems Limited by Sterling Bank.

The police said it also discovered a Debt Service Repayment Account (DSRA) with debits totaling $28.3 million, which the bank could not explain.

The police recommended that Sterling Bank be held accountable for financial mismanagement, fraudulent debit, misappropriation of funds, and possible money laundering.

The Chairman of the House of Representatives Committee on Public Petition, Mike Etaba, assured both parties that the report would be studied, and justice would be served.

Written by: Democracy Radio

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