N1.7bn money laundering: Court quashes charge against business man, banker

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

The court discharged the defendants and struck out the charge following the Legal Advice from the Office of the Director of Public Prosecution (DPP), in  Lagos State that no prima facie case has been established against the two.

It will be recalled that the defendants were arraigned on February 9, 2022, in a charge delineated MIK/B/6/2022: Commissioner of Police vs. Adewole Isaac & Kingsley Ananwude, for alleged stealing and money laundering involving the sum of N1.7billion.

After pleading not guilty, the court had granted the defendants bail and adjourned the case for trial. At the resumed hearing of the suit,  Magistrate Layinka discharged the defendants and struck out the charge for lack of merit, relying on the Legal Advice from the Office of the DPP, Office of the Attorney General of Lagos State/Ministry of Justice.

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In the Legal Advice signed by the DPP of Lagos State, the DPP after an extensive review of the duplicate case file provided by the police authority stated that the defendants were arrested based on rumours by a man identified as 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.

Further investigations revealed that the criminal charge of alleged stealing and money laundering involving N1.7billion and the media hysteria that followed were at the instance of Timi Popoola.

It will be recalled that the same Timi Popoola in a similar fashion sometime in February 2021, used the police to settle what was alleged to be personal scores with a man identified as Ayobami Olubiyi, the Chairman of Peace Valley Zone in Magodo G.R.A Phase 2, Lagos.

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