When a criminal activity generates substantial profits, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.
Against the above background, in Nigeria, there is no definitive statutory definition of what constitutes a Money Laundering offence. The Anti-Money Laundering/Combating Financing of Terrorism Regulations 2009 however defines Money Laundering as the process whereby criminals attempt to conceal the origin and or ownership of property and other assets that are or were derived from a criminal activity or activities. These regulations go further to acknowledge that money laundering and terrorism financing are now a global phenomena and malaise which pose major threats to international peace and security, national development and progress, if left un-combated.
The combined provisions of the Money Laundering Act, 2004 and the Anti-Money Laundering/Combating Financing of Terrorism Regulations 2009 provide a guide on what financial activity could constitute money laundering. While there is currently before the Nigerian National Assembly the Money Laundering Act (Repeal and Re-enactment) Bill 2010 which Bill seeks to, among other things, increase the cash amount(s) or withdrawal(s) that a financial institution or a non-financial institution must statutorily report to the financial regulators, a consideration of the existing Money Laundering Law is vital to both financial institutions and non-financial institutions and their customers.
Despite the above extant laws in Nigeria, many individuals are deeply involved in money laundering atrocities. The cases of fake currencies involving Politically Exposed Persons(PEP) are very rampant. For instance, according to “Inside Sources” investigations, Hon. Elder Mathew Adegboyega Abioye, representing Ogo Oluwa/Surulere State Consistency in Oyo State, is neck-deep in money laundering illegal activities. They operates a “mini-mint” where both local and foreign currencies are being printed and released into Nigeria and Weste African economies. The Honourable operates in collaboration with Alhaji Akindele, Mr. Henry and Kareem Kamorudeen Babatunde. To provide a shield for their nefarious activities, they floated a fake company named Rashk Forever Nigeria Ltd, of which Kareem Babatunde is their Director of Finance.
In fact, Honourable Adegboye Abioye is the godfather of this cartel of currency criminals. He is the one who put down millions of naira to procure their machines and other printing materials from China. They operates under a secret cover and acquires many properties around the country and abroad. So far, it has been established that they have just printed a sum of US$1.5 million to be released illegally into the market! With what is happening in the country, most especially, the recent horror of case of rituals that was recently discovered in a forest in Ibadan, who knows if important figures like Hon. Abioye is not among those powerful individuals behind this horrible cases?
Again,”Inside Sources” can authoritatively reveal that, there is also a fake affidavit procured by Hon. Adegboyega Abioye to cover up their networks of operations. Attached herewith is a copy of the Federal High Court, Lagos sworn affidavit purportedly made by Hon. Abioye. We have conducted a search on this supposed “legal” documents and it was confirmed to be fake!
It must be reconnected that Hon. Abioye was initially elected on the platform of the Ex-Gov. Alao-Akala led-Peoples Democratic Party(PDP) before be suddenly decamped to the then Action Congress of Nigeria(ACN) before it metamorphosed to All Progressive Party(APC).
Wit the above illegal activities, one ca just imagine the damages the above illegal activities being sponsored and co-ordinated by a supposed honourable of the Oyo State House of Assembly. The following are the salient questions Nigerians and different security and law agencies like Economic and Financial Crimes Commission(EFCC), Independent Corrupt Practice Commission(ICPC), Nigeria Police, among others, must verify from Honourable Adegboyega Abioye ,thus:
(a). What is the relationship between Hon. Adegboye Abioye and an international undercover group named Worldwide International Organization?
(b). The unusual meetings that is taking place inside Excellence Hotel, Ogba, Ikeja, Lagos between him and men of Worldwide is for what?
(c). What is the level of involvement in the alleged illegal operation of a ‘mini-mint’ in which he is the owner of a huge sum US$1.5% million you are involved?
(d). Having known the criminal implications of this atrocity, do you know that it goes against many law of the Federal Republic of Nigeria, such as the Anti-Money Laundering/Combating Financing of Terrorism Regulations 2009, the Money Laundering Act, 2004, the laws that establish the EFCC and ICPC combined, the Central Bank Establishment and Operations Act of 1959, Decree 20, of 1995, among other laws.
We strongly believe that with the above available facts to substantiate the allegation, the relevant authorities will switch into action before any further damage would be done to our country.
**Investigations conducted by “Our Reporter”
