EFCC squeeze bank MD over alleged Diezani’s $115 m cash

Hamilton Nwosa
Writer
new-diplomat default image
new-diplomat default image

Ad

Nsukka Catholic Diocese Grieves Loss of Bishop Emeritus Francis Okobo at 89

By Abiola Olawale The Catholic community in Nsukka, Enugu State has been engulfed by tears following the passing of Most Rev. Dr. Francis Emmanuel Ogbonna Okobo, Bishop Emeritus of the Nsukka Catholic Diocese. It was gathered that Okobo passed away on Friday, August 29, 2025, at the age of 89. The revered cleric, who served…

Anticipation as Tottenham Accelerates Transfer Chase for Atalanta’s Ademola Lookman

By Abiola Olawale English football club, Tottenham Hotspur is reportedly intensifying negotiations to sign Atalanta’s star forward Ademola Lookman as the summer transfer window approaches its September 1 deadline. It was gathered that Lookman, a 27-year-old Nigerian international, has reportedly caught the eye of Tottenham. Lookman is also reportedly eager to return to the Premier…

Oil Prices Aren’t Likely To Rise Anytime Soon

Analysts surveyed by Reuters expect Brent Crude to average $67.65 per barrel and WTI Crude to average $64.65 per barrel this year, with slight adjustments from previous forecasts. Factors contributing to the subdued oil price outlook include rising supply from OPEC+ and non-OPEC+ producers, slowing demand growth post-summer, and uncertainties from U.S. trade policies. Major…

Ad

….Money suspected to have been used to bribe INEC officials

 

 

Managing Director of a leading Nigerian commercial bank has been detained by the Economic and Financial Crimes Commission, EFCC, for allegedly helping former Petroleum Minister, Diezani Allison-Madueke to launder $115 million cash. Nigerian ex-petroleum resources minister Diezani Alison-Madueke  The bank chief executive was taken into EFCC custody three days ago for presiding over the receipt of such huge cash and helping to distribute it to beneficiaries two days to the last general elections.

The bank CEO is said to have violated extant law by not reporting the receipt and warehousing of the cash to the Nigerian Financial Intelligence Unit, NFIU, as required by law. Diezani is said to have summoned the bank chief to her Abuja home and told him to prepare to receive foreign currency running into billions of Naira from four companies and to convert it to Naira and pay them to designated beneficiaries on her behalf. A day after the instruction from her, four companies stormed the bank with various amounts of cash and were promptly received by the bank. A breakdown of the funds given by the EFCC shows that Actus Integrated paid in $17,884, Northern Base Gas Company, $60m; Midwestern Oil and Gas, $9.5m; and Laitan Adesanya, $1.35million. Diezani on her part, allegedly lodged $26 million cash into the same account same day.

It was learned that shortly after paying in the cash, Diezani’s son, Ugonna, approached the detained MD and furnished him with the list of beneficiaries of the cash as instructed by his mother. Vanguard was told that although the detained bank chief complained that he would not have enough time to cash in Naira to effect the immediate distribution of the money as instructed by the then minister, she asked him to use every available cash to pay the beneficiaries and use the Dollar as collateral.

A top official of the commission confirmed to our source last night that the man had made useful confessions to operatives. The source did not, however, say when the bank official would be charged to court or if he would refund the money to the government. Diezani could not be reached for comments last night.

Ad

X whatsapp