The attention of the Bank has been drawn to recent reports in the media on money laundering and bribery allegations on certain customer’s transactions. The publication went ahead to mention the names of certain Wema Bank management staff to be allegedly involved in the said transaction.

The Bank wishes to state categorically that there is no merit in the article, and it is a malicious publication against members of our staff and the Bank’s customer.

The said allegations are being peddled by an aggrieved 3rd party, Timi Popoola, who voluntarily released his property to be used as part of the collateral to secure a loan obtained by the Bank’s customer.

Specifically, on Tuesday March 15, 2022, the case no. MIK/B/6/2022–Commissioner of Police vs. Adewole Isaac & Kingsley Ananwude, for alleged stealing and money laundering involving N1.7billion was struck out by Magistrate A.O. Layinka (Mrs.) of the Magistrates Court, Ikeja and the defendants discharged following the Legal Advice from the Office of the Director of Public Prosecution (DPP), Lagos State that no prima facie case has been established against the defendants.

We urge the general public to ignore the false information being circulated. The Bank has already engaged its solicitors to institute appropriate legal action.

Signed

Wema Bank

Marketing Communications & Investor Relations