Two significant legal instruments, namely the Anti Money Laundry and Credit Reference Bureau Acts have become the necessary tools introduced by the Central Banks and implemented by the various Commercial Banks in the country to checkmate the activities of various financial institutions in the country. This includes Capital and Financial Markets. But it would appear that some Executives of   some financial institutions in the country are trying to do a test case of these legal instruments to determine their effectiveness. Some foreign Banks officials who are trying to outsmart the process are getting themselves entangled in the process and are now responding to questions at the Trans-Organized Crime Unit, popularly known as (TOCU) for short. One high profile Bank Official who got himself sweated few days back at this State Division is the Managing Director of the United Bank of Africa.

Full of arrogance and pomposity, the UBA Managing Director, Mr. Ndubuisi Ejiofor has refused talking to the Standard Times when he was called upon to explain why he was detained for considerable hours at TOCU last Wednesday and had his passport and all traveling documents seized pending further investigation that has to do with the opening of an account allegedly meant for the transfer of huge funds from unknown destinations for clean-ups in Sierra Leone.

Mr. Philip Oduoza, the Chief Executive Officer (CEO) of UBA in Nigeria may not have received the news about the detention of one of his Senior employees with joy and happiness and as a result of that, contacts were reportedly made between Nigeria to Sierra Leone and the services of the Nigeria High Commissioner, Ambassador, Eyo Asoquo was secured to contain the scandal and prevent possible criminal charges against the senior Bank Official.

Whether the High Commissioner would be able to put and prevent the scandal relating to the alleged crime of Anti Money Laundering allegedly committed against the State by a foreign bank and senior official is left with the office of the Attorney General and Minister of Justice to determine as the law of this land is presumed not to be a respecter of persons but of principles.

Several contacts and telephone conversations are reportedly criss-crossing between the Diplomatic Office of Nigeria and the Office of the Attorney General and Minister of Justice, all geared towards piping down any legal approach that would embarrass Mr.Ndubuisi Orgifor and his team of foreign Nigerian workers knowledgeable about the establishment of the account.

The Head of Banking Supervision of the Central Bank, Mr. Dainkey whose Division initially picked up, what could be referred to as a “mafia account” wasted no time to officially report what was discovered. Penalty in the form of dismissal/termination was slammed on the key players, but the account continues to serve the test of time and purpose for which it was established until officials of TOCU got wind of it and subsequently invited Mr. Ndubuisi Ejiofor to Murray Town where the Office of the Trans-Organized Crime United is located.(Read how the powers of TOCU has been hijacked to save the skin of the UBA Managing Director, and how diplomatic maneuvering is becoming an obstacle to sanity and the implementation of the Anti Money Laundering Act—next edition)

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