Court Dismisses N1.7billion Money Laundering Charge Against Firm’s MD

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A Lagos Magistrates Court sitting at Ogba, has struck out money laundering charges brought against the Managing Director (MD) Shibahwells Energy, Isaac Adewole, and a staff of Wema Bank Plc, Kingsley Ananwude for lack of merit.

Magistrate A.O. Layinka (Mrs.) discharged the defendants and struck out the charge following the Legal Advice from the Office of the Director of Public Prosecution (DPP), Lagos State, indicating that no prima facie case was established against them.

The defendants were arraigned on February 9, 2022, in charge marked MIK/B/6/2022.

Commissioner of Police v. Adewole Isaac & Kingsley Ananwude, for alleged stealing and money laundering involving N1.7billion.

After pleading not guilty, the court granted the defendants bail and then adjourned the case till March 15, 2022, for trial.

On Tuesday March 15, 2022, when the case was mentioned, Magistrate Layinka discharged the defendants and struck out the charge for lack of merit after relying on the legal advice.

The legal advice signed by the DPP, said after an extensive review of the duplicate case file provided by the police, the defendants were arrested based on rumours by one Timi Popoola and nothing more.

The DPP further stated that there is insufficient evidence to predicate the offences upon which a criminal charge was brought before the court.