WEMA BANK MD, ADEMOLA ADEBISE FACES SACK OVER ALLEGED MONEY LAUNDERING

Call for sack of Wema bank MD, Ademola Adebise over money laundering

Ademola Adebise Managing Director of troubled Wema Bank is possibly going to be sacked for money laundering.

Wema Bank has been accused of laundering money for Bola Ahmed Tinubu, the National Leader of the All Progressives Congress (APC), and his Alpha Beta Consulting Limited, according to what Applaudnews has now gathered.

The allegation was made in a statement released on Tuesday by the Transparency Nigeria Group (TNG), which was signed by its Communications Director, Dahiru Mohammed.
The group asked that the Central Bank of Nigeria (CBN) penalize Wema Bank for allegedly breaching the apex bank’s policy.

While calling for the probe and immediate sack of the lender’s Chief Executive Officer, Ademola Adebise, Applaudnewes reports that TNG alleged that Adebise covered up massive fraud committed by Alpha Beta and other companies owned by Tinubu.

The statement reads in part: “Mr. Ademola Adebise abused his office and contravened several extant regulations of the CBN.

“He helped in the covering up a massive fraudulent scheme perpetrated by companies and proxies of All Progressives Congress (APC) candidate, Ahmed Bola Tinubu”.

Adebise failed in his fiduciary duties and allowed a powerful politician to use Wema Bank as a clearinghouse for the laundered fund.”

The group highlighted a Peoples Gazette report in which Dapo Apara, the former Managing Director of Alpha Beta, made some incriminating accusations against Wema Bank, Tinubu, and the consulting firm.

Apara explained how cash were moved in apparent money laundering from Alpha Beta to firms and individuals allegedly associated to Tinubu in a statement of claim filed in the Lagos State High Court.

According to Apara’s statement of claim, the firm has been accused of acting as a conduit for Lagos public funds to migrate into Tinubu’s political empire.
He stated that in 2017, Alpha Beta illegally sent N1 billion to The Nation’s publisher and two other printing firms, Afkar Printing Press and Lagoon Press Limited.

Tinubu has a “controlling stake” in Alpha Beta, according to Apara, who has filed a slew of corruption claims against him with the Economic and Financial Crimes Commission (EFCC).

Mr. Ademola Adebise, who is currently under pressure from the board of Wema Bank, a distressed Nigerian lender, has become acclimated to the above.

For example, in 2020, a report published exclusively by Applaud News exposed Ademola Adebise and other key executives of Wema Bank’s involvement in a massive fraud where a whopping sum belonging to a depositor suddenly developed wings and flew from his account, among other scandals.

The scandal was so messy that he and his co-conspirators spent some quality time with the Economic and Financial Crimes Commission

Despite all of the criminal actions carried out under Adebise, the tier three lender continues to suffer from chronic financial instability, much to the surprise of many. In our next publication, we’ll go into greater detail on this topic.

About the author

Abiodun Adisa is the CEO of Applaud Multimedia Services Publisher of Applaud News Magazine and Online @www.applaudnews.com.ng

Applaud News

Abiodun Adisa is the CEO of Applaud Multimedia Services Publisher of Applaud News Magazine and Online @www.applaudnews.com.ng

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