Union Bank Plc has responded to a tweet sent out from the official twitter handle of the Economic and Financial Crimes Commission (EFCC) pertaining to seizure of $2.8 million belonging to the bank, on the suspicion of money laundering. The funds were seized at the Akanu Ibiam International Airport, Enugu.
#MoneyLaundering EFCC intercepts $2.8million at Akanu Ibiam International Airport, Enugu. The couriers have given useful information to investigators. >> https://t.co/5ciI0VudaS pic.twitter.com/tJhYXO0VN9
— EFCC Nigeria (@officialEFCC) December 21, 2018
EFCC’s allegation
The commission had released a statement yesterday announcing its Enugu Zonal Office had intercepted $2.8million from two people, suspected to be money launderers, at Akanu Ibiam International Airport, Enugu.
The suspects, namely Ighoh Augustine and Ezekwe Emmanuel, allegedly working for a company: Bankers Warehouse were nabbed based on intelligence report.
Upon their arrests, they were caught with consignments of two suitcases, containing $1.4 million each, totalling $2.8 million, at the departure lounge of the airport while about to board an Arik Air evening flight to Lagos.
The EFCC in the statement also disclosed that
During interrogation, the suspects confessed that they have been in the business of conveying cash for “some notable banks”, for over six years and were in the process of doing same for Union Bank Plc, located at New Market, Onitsha, Anambra State, when they were caught.
Union Bank’s response
The bank in its response maintained that the movement of cash was routine and had followed due process.
1: Movement of cash across states is routine for all banks.
— UNION BANK (@UNIONBANK_NG) December 21, 2018
2: Bankers Warehouse is licensed by CBN to provide Cash-in-Transit services
— UNION BANK (@UNIONBANK_NG) December 21, 2018
3: We are surprised by the release of a news bulletin prior to the completion of @officialefcc investigation
— UNION BANK (@UNIONBANK_NG) December 21, 2018
4: This is a legitimate and routine operation consistent with banking.
— UNION BANK (@UNIONBANK_NG) December 21, 2018
The EFCC also stated that the individuals involved would be charged to court.
Union Bank closed at ₦5.60 in yesterday’s trading session on the Nigerian Stock Exchange (NSE).
Results for the nine months ended September 30, 2018, show gross earnings increased from ₦109 billion in 2017 to ₦122 billion in 2018. Profit before tax also rose from ₦12.9 billion in 2017 to ₦14.8 billion in 2018. Profit after tax increased from ₦12.4 billion in 2017 to ₦14.6 billion in 2018.
