₦airaland Forum

Agreed they are licensed to convey cash in transit, why moving cash from Enugu to Lagos? One would have expected the movement from Lagos to Enugu or Abuja to Enugu .....may be Union Bank would want to confirm the original source of the cash in transit Someone is probably mopping up dollars from the East

WaffenSS:
Look at this stupid pig with his hollow indignation

I wish I've time to talk down to you, insect, but I'd rather school your betters

You're way above your head defending this nonsense that makes me question whether you're simply genuinely daft, or an aspiring criminal

Maybe you're both

Dirty impotent swine

Fukk you and everyone who saw you today

Lol. This level of incoherence and misplaced rage can only be induced by frustration... I sincerely hope whatever is frustrating your life ends up killing you.

Now get lost.

blackky100:
When you don't know about operations it is better you don't speak about it so that you don't make a fool of your self like EFCC just did.

Some years ago banks were stopped by the Central bank for engaging in CIT movement. CIT means cash in transit. CNN licensed some CIT companies to take up this responsibilities from banks to enhance safety in cash movement and standardized the CIT operations in Nigeria. BANKERS WAREHOUSE is one of the CIT companies licensed by Central Bank who has been doing the movement for almost all the banks in Nigeria, moving cash from all location to the destination of the banks. These funds are customers funds deposited into their accounts.

Bankers Warehouse was only doing their legitimate work as licienced by the Central Bank which is in line with the law of the country. 

Why is union bank moving the cash from Enugu? Union bank has excess dollars in Enugu and the dollars is needed in another location of deficit. By Law BWL can move the cash from any location in the country to another location for any bank in Nigeria so long as the bank is registered with Bankers WAREHOUSE.

Where EFCC aired. 

24 hours is not enough before rushing to press. Did the EFCC contact the banks M.D. before doing this? Did EFCC contact the M.D. of Bankers Ware House before rushing to press? Did they contact the head of Cash Management of union bank in Lagos? Did they invite any management of union bank and bankers were house for questioning before rushing to press?

Bankers WAREHOUSE followed due procedure as laid down by the Central Bank of Nigeria in the process of cash movement. EFCC should have exhausted all means at getting to the various stake holders rushing to press.

Some months ago DSS did same thing to some banks by seizing their dollars of $2M and above also conveyed buy BANKKERS WAREHOUSE at Abuja Airport and they did not rush to presss. They did their investigation and even discovered the cash was customers cash deposited at the bank. After investigation the cash was released to the banks and the world did not hear.

PLEASE DON'T KILL BUSINESS FOR CIT COMPANIES AND DON'T EXPOSE THEIR STAFF TO RISK. INVESTIGATE PROPERLY BEFORE GOING TO PRESS.

Thanks for the education. But your tone is imposing thus forcing me to accept . Are you expecting me to agree to your loud voice when efcc is a whole body made by law and experienced . The bank should approach the law.
.
Instead of social media banter.....

Remember it's a billion here and a corporate process.
.

blackky100:
When you don't know about operations it is better you don't speak about it so that you don't make a fool of your self like EFCC just did.

Some years ago banks were stopped by the Central bank for engaging in CIT movement. CIT means cash in transit. CNN licensed some CIT companies to take up this responsibilities from banks to enhance safety in cash movement and standardized the CIT operations in Nigeria. BANKERS WAREHOUSE is one of the CIT companies licensed by Central Bank who has been doing the movement for almost all the banks in Nigeria, moving cash from all location to the destination of the banks. These funds are customers funds deposited into their accounts.

Bankers Warehouse was only doing their legitimate work as licienced by the Central Bank which is in line with the law of the country. 

Why is union bank moving the cash from Enugu? Union bank has excess dollars in Enugu and the dollars is needed in another location of deficit. By Law BWL can move the cash from any location in the country to another location for any bank in Nigeria so long as the bank is registered with Bankers WAREHOUSE.

Where EFCC aired. 

24 hours is not enough before rushing to press. Did the EFCC contact the banks M.D. before doing this? Did EFCC contact the M.D. of Bankers Ware House before rushing to press? Did they contact the head of Cash Management of union bank in Lagos? Did they invite any management of union bank and bankers were house for questioning before rushing to press?

Bankers WAREHOUSE followed due procedure as laid down by the Central Bank of Nigeria in the process of cash movement. EFCC should have exhausted all means at getting to the various stake holders rushing to press.

Some months ago DSS did same thing to some banks by seizing their dollars of $2M and above also conveyed buy BANKKERS WAREHOUSE at Abuja Airport and they did not rush to presss. They did their investigation and even discovered the cash was customers cash deposited at the bank. After investigation the cash was released to the banks and the world did not hear.

PLEASE DON'T KILL BUSINESS FOR CIT COMPANIES AND DON'T EXPOSE THEIR STAFF TO RISK. INVESTIGATE PROPERLY BEFORE GOING TO PRESS.

.
thank you.
please educate them properly.
imagine someone saying the bank to tell efcc before doing a legitimate transaction within CBN guided policy

Mind you a genuine process can be used for wrong deals..... Thats why we check and balance.....

sanpipita:
Look at the nonsense we are doing in name of anti corruption, efcc will see money rather than investigate they will quickly run to media to embarrass themselves, I'm tired of this govt

EFCC embarrassed themselves? Why are you guys the ones crying?

Lush100:
.
thank you.
please educate them properly.
imagine someone saying the bank to tell efcc before doing a legitimate transaction within CBN guided policy

When moving cash within the country you don't need EFCC approval because you are already licensed by the regulator (Central Bank of Nigeria) to carry out such function. The only time you need approval is when you want to repartraite FX. (USD, GBP, EUR) that is moving foreign currency outside the country.

The first level of Approval is Central Bank Of Nigeria. Upon obtaining CBN approval you seek further approvals from EFCC, DSS, NDLEA, NFIU. None of these bodies would grant approval without sighting CBN approval.

FX is a highly regulated market and you must play by the rules or CBN would sanction such bank hence the reason union bank made it bold to say the cash belong to them. No bank want to risk her licence.

On why the cash is being moved to Lagos rather than from Lagos to Enugu, there is higher demand for FX in Lagos than in Enugu. A bank can move fx from any part of the country, it depends on where the cash is needed.

hushshinani:
this really pained Union bank cos they couldn't come boldly to claim the money...






just beating around the bush...

They responded after 24hours. Which is fine. Such monetary transactions are clandestine. If Care isn't taken, UNION bank doesn't know the day the money will leave for security reasons. So when contacted, UNION bank won't just jump into accepting without contacting other parties to verify what is happening. let's be critical with ourselves and others. EFCC and Buhari/Jubrin just take form activity.

doctokwus:
You do a great disservice to morons by associating the thing you quoted to their group.
The thing u quoted is less than a m oron.
It's simply a matter:something that just has weight and occupies space.No brain at all exists,that's why he typed senselessly.

exactly

NessaBoo:
If the money comes back to them, how about the reputation? There's a saying, that a good name is better than gold and silver.

They have smeared the image, and tainted the character of those people without finding them guilty by a court of appropriate jurisdiction. A simple background check of those people has been enmeshed in corrupt and money laundry practices, How do you think that fairs on a prospective employer??

Please, EFCC were clearly hasty without doing full investigation.

Gud question but gonna i will answer with a question ... what happened to zenith? if zenith did not liquidate why will union bank ?? the employees of zenith that took the money to fayose n later knelt before him ... as @ today do you see them or there families protesting or complaining they are out of jobs or unemployed.
like i said efcc is not doubting the union bank staffs authentication ...the only way to stall the money is to tag it laudering so they can carry out investigation its not for campaigns or political use.

WaffenSS:
Please

You're better than this line of poor reasoning

In sane countries cash is moved in armored boxes secured in the holds of planes and accompanied by uniformed and accredited guards.

How is this emblematic of the 21st century?

We demand progress and compare ourselves to the US at the drop of a hat, but we excuse such shoddy arrangements simply because we love anything that allows us to blame the government.

Why didn't Union Bank notify the EFCC with legal documents BEFORE embarking on their misadventure?

Clearly even the airline is not aware of this arrangement.

This is dubious and absolutely unprofessional for a major bank.

ehen!!!!!

sanpipita:
Look at the nonsense we are doing in name of anti corruption, efcc will see money rather than investigate they will quickly run to media to embarrass themselves, I'm tired of this govt

The officials involved thought that it would now make them a saint working for Nigeria. How come they saw that kind of cash and they did not carry out secret and prompt investigation without going to the press. They want to tell Nigerians that APC government is working. This is not right at all. See how they paraded the guys as criminals without doing their job. These guys supposed to sue them for defamation of character.

Imortal001:
Union bank, you sure say that money no be atiku campaign bribing dollars? Let me come and be going before the atikulated atikulooter come for my head.

Even fter d clarification and intervention of regulators, u are still talking like this...

Pls go and request for refund of your school fees.

uhuns:
Mind you a genuine process can be used for wrong deals..... Thats why we check and balance.....

On the surface thats what this one appears to be. Union is going to fire some people.

We have seen this shyyte before with Zenith.

CarGuidNG:
Social media trials seem to be preferred to real investigative procedure.

Merry Christmas Nairaland!

www.nairaland.com/attachments/8347561_img20181219wa0005_jpegb000606c90c478cb938d3c507c065d55

Thanks for being very professional and prompt in 2018. Wishing you the best in 2019

maasoap:
EFCC embarrassed themselves? Why are you guys the ones crying?

Stop talking like a baby, these things comes with implications, what will any investor take us for, when they see this madness from efcc.

andyanders:
The officials involved thought that it would now make them a saint working for Nigeria. How come they saw that kind of cash and they did not carry out secret and prompt investigation without going to the press. They want to tell Nigerians that APC government is working. This is not right at all. See how they paraded the guys as criminals without doing their job. These guys supposed to sue them for defamation of character.

Its tiring why not at least investigate properly, if you notice they have been mute since union bank responded, such a shame

Our law enforcement agencies are quick to run to the press without diligent investigation. It's just irresponsible to parade people without establishing crime.

Union bank nd BW should deal with this problem permanently by suing the living daylights outta EFCC for defamation and libel!

Boss13:
Shut up - this is a routine operation by Banks in Nigeria and even in the world. Bankers warehouse is very well known within the financial institutions in Nigeria and the services they provide is cash courier. Most of the bullion vans you see actually belong to Bankers warehouse.

Stop making ridiculous statements. Also, I am ashamed of the EFCC who could have easily conveyed a meeting to address the misunderstanding before rushing to the media to embarrass themselves.

As we can rightly see, the EFCC under Magu reflects his ignorance and stupidity. Little wonder it’s a circus without any conviction.

It reflects the typical incompetent abokki style of "we're doing our job" orientation. Everything is Kai Kai zomana zomana walahi walahi die die. No sense, no tact, no finesse, no understanding. It's just the typical kill and go mentality. Like Magu, like his even more useless and terrible abokki brother that is the IGP.

It's a shame that these kinds of retarded fools dominate the security agencies. They just read interpreted letters of the law without understanding and assimilating the SPIRIT and INTENDMENT of the law. You can't blame them, because they're plain stupid. In a sane country they would be cattle rearers and peasant farmers, not security operatives.

It should be intelligence and SENSE driven.

duni04:
There is no frigging way on earth this particular money transit was legit. If these staff duly presented letters of conveyance from the Bank, there is no way the EFCC would have detained them. The press release came from the EFCC head office in Abuja! They would have done due diligence and confirmed if the transit was indeed Legitimate.
This nonsense press conference from Union bank and Bankers warehouse is an attempt to quickly legitimise an illegal transit in which they were caught! That money must not be returned to Union bank under any circumstance.
I'm waiting for another press conference from the EFCC to counter these useless claims by union bank and Bankers warehouse. If they duly presented papers for a legal transit, there is no where they would have been stopped. Except they were using union bank and Bankers warehouse cover to launder money for someone.

So you brought your stupidity to this thread?

hushshinani:
this really pained Union bank cos they couldn't come boldly to claim the money...






just beating around the bush...

in a country where every both serious ones needs to be addressed in a civic, ur likes always found favour in making caricature of it.. May u be served with the same cup of tea the day ur right will be denied and toyed with... Amen

boladez:
Our law enforcement agencies are quick to run to the press without diligent investigation. It's just irresponsible to parade people without establishing crime.

Union bank nd BW should deal with this problem permanently by suing the living daylights outta EFCC for defamation and libel!

That's the eternal burden of Nigeria, especially with the abokki morons dominating the security agencies.

The law is interested in crime and criminality, not superficiality. That's the spirit of the law, not the mere letters of it.

In civilised countries, law enforcement would be more interested in HOW did you get this money and WHAT do you want to use this money for (was it through criminality or to finance criminality?), rather than we caught you holding this money, so arrest arrest, court court, jail jail, die die!

The concept of money laundering is extremely broad and contextual. No where in the civilised world can it be a 'prosecutable' crime for you to be simply seen with money, without any evidence of involvement in criminal activity. Only in Nigeria.

And some fools here would quote money laundering laws like programmed robots.

Very unprofessional!!!
The EFCC operates a questionable system.
Nepotism has almost killed the system.
BW plc can actually leverage on this to make money.

Yet the mumutic efcc had to embarrass those guys in a bid to appear to be working.

its not today we knew how useless and vindictive efcc under buhsri is

sanpipita:
Look at the nonsense we are doing in name of anti corruption, efcc will see money rather than investigate they will quickly run to media to embarrass themselves, I'm tired of this govt

Them de try do campaign for their oga...

Helena6:
Thanks for being very professional and prompt in 2018. Wishing you the best in 2019

Thank you ma'am!

The very best to you and yours this season and in the new year!!

www.nairaland.com/attachments/8283457_20181208055417_gif59ab6b8d471b81db9cd98704fedfd8df

Hedonini:
That's the eternal burden of Nigeria, especially with the abokki morons dominating the security agencies.

The law is interested in crime and criminality, not superficiality. That's the spirit of the law, not the mere letters of it.

In civilised countries, law enforcement would be more interested in HOW did you get this money and WHAT do you want to use this money for (was it through criminality or to finance criminality?), rather than we caught you holding this money, so arrest arrest, court court, jail jail, die die!

The concept of money laundering is extremely broad and contextual. No where in the civilised world can it be a 'prosecutable' crime for you to be simply seen with money, without any evidence of involvement in criminal activity. Only in Nigeria.

And some fools here would quote money laundering laws like programmed robots.

Oga, first and foremost correct some ideas you have about law.

In the first instance the spirit of Law is orderliness in society.

Then the interest of Law Enforcement is prevention of crime.


There is no society anywhere in the world with a banking and financial system where an individual will carry $10,000 dollars in cash and if discovered that person will not be detained.

If you have a case sample please share.

These guys are caught with over $2million dollars.

In America not only will they be detained by police, FBI will be on the spot in less than 30mins and issue immediate alert to all airports, IRS police will be on the spot, Federal Police will be on the spot, Alcohol, Tobacco, Firearms & Explosives will be on the spot, K9 (Canine -Dogs) team will be on the spot, they will call for aerial support from chopper units, Homeland Security will be there.

They will send alert to media for coverage. The entire block where the money is discovered will be on siege and in lock down. Anybody not wearing a badge that moves in or out is at risk of arrest....and if they resist arrest, will be shot. Explanations and apologies will come later.

Where are my American people? Please come and testify if im lying.

We see una for tv and movies and we see how things are done. $2million cash on the streets! That signals all kind of shyyyte going down.

Mafia syndicates, foreign drug barrons, terrorist cells, bank heist...name it!


The problem we have here is we are used to money crimes and illegitimate currency flowing around that it has become our default to expect it....and we are no longer alarmed that one person has 2million dollars cash on them. In fact, as you just did, querying the audacity of law enforcement to do their job with the intercept and arrest the carrier.

I shake my head! Please keep your lawlessness here and stop using organized societies in Europe and America for model of your lawlessness.



I still cant believe it. In fact in US the CEO of Union would be handcuffed and paraded in front of camera as he heads to jail. Apologies later!


Have you heard about Enron CEO or about Madoff....people that if they were in our society would treated as untouchables?

Ohhh mehn!! He say why EFCC arrest them and then went to media. Thats perfectly in line. Kudos to EFCC jare, job well done!

But must EFCC rush to media for every thing first? Isn't media suppose to be the last stage ? Is suspect not assumed to be innocent until proven guilty again ? In my opinion the EFCC got this wrong and if this guys are truly innocent union bank and bankers warehouse should sue EFCC

Check this post out.....Criticism highly welcomed ...just use the comment box to pour out your thoughts


https://www.millitime.com/flow-the-right-track-finding-your-joy/?wpam_id=7

WaffenSS:
Union Bank is primitive

In a nation prone to theft and illicit dollar transactions including money laundering, you still went ahead and engaged scruffy looking civilians to move around millions of dollars so casually.

If the transaction was not dubious the EFCC would've been well informed.

This is election season. We all remember how a certain minister moved billions in 2 airplanefull flights to Ekiti.

There has to be a better way of moving cash, not this caveman and suspicious approach.

You are the daftest person here.

Was the cash moved by Union Bank?

I am highly ashamed sharing the same country with you.

Go and find out the services offered by BW to Financial Institutions. Ijiot!

Scandinavian02:
You are the daftest person here.

Was the cash moved by Union Bank?

I am highly ashamed sharing the same country with you.

Go and find out the services offered by BW to Financial Institutions. Ijiot!

I don't share the same country with you, pig.

It's obvious you're just a frustrated, jobless biafran. I'm not responsible for your failure in life, so blame your useless parents.

Piece of shiit.