National Assembly’s Members Caught Up In Massive Money Laundering Scheme
24th Jan. 2016
N226,07 million was withdrawn by Members of the Public Accounts Committees in the 7th Senate and House of Representatives in violation of the Money Laundering Act 2011.
Accordig to Premium Times, members of the committee and their representatives, legally responsible for ensuring probity and accountability in the nation’s financial system, violated the Money Laundering (Prohibition) Act 2011 during their five-year tenure.
It would be recalled that it forbids any “person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding- (a) N5,000,000.00 or its equivalent, in the case of an individual; or (b)N10,000,000.00 or its equivalent in the case of a body corporate.”
Despite the same people had participated in the enactment of the law, they simply defied the provisions repeatedly withdrawing huge sums of money. Altogether, members of the committees made 139 withdrawals totalling N1,45 billion from the two accounts, some of which breached the provisions of the Act.
The Money Laundering Act reads in part: “Any Financial Institution or Designated-Financial Institution that fails to comply with the above provision by making the appropriate compliance report to the regulatory authorities commits an offence and is liable on conviction to a fine of not less than N250,000 for an individual and not more than N1,000,000 for a body corporate, for each day during which the offence continues.”
At that time the Senate Committee was headed by Ahmed Lawan, a ranking senator, currently representing Yobe North Senatorial District.
Other members of the Senate Committee were Abdul Ningi (Vice Chairman), Olubumi Adetunbi, Abdulminin Hassan, Yusuf Musa, Umaru Dahiru, and Ayo Akinyelure, Domingo Obende, Nwagu Igwe and Barata Ahmed.
Solomon Adeola, was the chairman of the House Committee, he was representing Alimosho Federal Constituency of Lagos State. He is currently senator representing Lagos West Senatorial District. There were 41 other members of the committee.
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