Sirjamo:
If you are transporting something for any organization, the proper thing to do is to have documents indicating the ownership of such item.

Ikem11:


Are u for real?

Didn't you read where it stated those guys presented all necessary documents and their ID? A good agency should have make some calls and try verifying before making it a public affair. You guys are just too blind and foolish in that Nigeria u in..

Try leave the shore of that country then u understand what life is all about and how things are done. Just listen to your thinking. Spit!

dreamwords:

Beyonce bought a car of $2.5 million for jay-z and nothing happend
This country self

Purposeciti:
One of Nigeria’s oldest financial institutions, Union Bank, on Friday night admitted ownership of a large consignment of cash which anti-graft operatives said they intercepted at the international airport in Enugu.

The Economic and Financial Crimes Commission announced in a statement Friday evening that two men were arrested at Akanu Ibiam International Airport with a combined cash of $2.8 million (over N1 billion at N360 a dollar).
The agency said the suspects mentioned their affiliation to Union Bank and Bankers Warehouse, a cash-in-transit contractor.
The anti-graft office said it was investigating the recovery as money laundering.

But Union Bank strongly denied wrongdoing, saying the practice was standard in the banking industry and its contractors were licenced by the Central Bank of Nigeria.

In a string of tweets directed at the EFCC on Friday night, Union Bank criticised the anti-graft office for being too hasty at disclosing the development to the public, “prior to the completion” of investigation.

PREMIUM TIMES learnt on Saturday from Tony Orilade, a spokesperson for the EFCC, that the money was intercepted at about 7:00 p.m. on Thursday, and it came barely a few weeks after operatives recovered about N940 million from a Lebanese and another $370,000 at Lagos Airport.
Mr Orilade said the EFCC made concerted efforts to get Union Bank to corroborate accounts of the suspects, but was frustrated for nearly 24 hours.

“We made serious efforts to get Union Bank officials in Enugu and other parts of the country to confirm details of the money, but there was no one ready to cooperate with us,” Mr Orilade said. “We then decided to count the money before the suspects and took it to the CBN in Enugu where it was deposited and records taken.”
Mr Orilade said as of 4:00 p.m. Friday, Union Bank representatives had not come around to claim the money or ask about their staff members arrested.
“It was after we released a statement to the media that they started calling and making noise,” the spokesperson said.
It was not immediately learnt whether Union Bank or Bankers Warehouse has reached out to the anti-graft office to sort out the matter.

Mr Orilade said the agency was unconvinced by Union Bank merely claiming ownership of the money on Twitter.

“Investigation is ongoing, which might prompt prosecution or no prosecution,” the EFCC chief said. “But we would like to let Nigerians know that when we see anything close to infringement of the law, we do not leave anything to chances.”


https://www.premiumtimesng.com/news/top-news/302426-union-bank-claims-ownership-of-n1-billion-recovered-by-efcc-at-enugu-airport.html

seunmsg:
There is more to this story than what Union bank is disclosing. EFCC officials are not fools, they won’t have arrested the guys and make it public if there is nothing suspicious about the movement. I suspect the money was been laundered by the bank for a particular politician. There is a law that requires all travelers to disclose cash that is above $10k; did they disclose the cash before boarding the flight? I will wait for further disclosures from EFCC before taking a categorical position.

Purposeciti:



EFCC doesn't even wish to have anyone carry good money again. they wan turn everyone to smellos.

WaffenSS:


What's hasty, reporting that a huge stash of foreign currency was nabbed from 2 people who clearly do not own the money and whose story doesn't really jive?

I like to live in a society where suspicious acts are made news.

You people are just backward and belong to the stone age

onlysose:
There lots of idiots on this page who never reason beyond the government did this or that. you are moving one billion naira without police escort or CBN official and expect efcc to be looking at you

zoedew:

You miss the point! The point is not how other banks also move cash but the propriety or otherwise of doing so in the manner now disclosed!! No armed guard. It endangers the life of the couriers and folks who share the same commercial flights with them. Folks will do anything to get at a billion Naira in forex even if they die trying! Chartered flights are better.

alezzy13:


Did you also read where EFCC said they had contacted the bank on the issue but got no response. Obviously something is shady.

KillTheZombies:
I talk am say, EFCC to dey overzealous.

See the way they criminalized the innocent guys as if they were carrying cocaine.

I'm sure they must have demanded bribe from the money to look the other way, but when those guys resisted they started criminalizing them.

How can you say someone committed money laundry by moving his money from lagos-Enugu or vice versa without completing your investigation?
If u no get sense, u beta buy

WaffenSS:


What's hasty, reporting that a huge stash of foreign currency was nabbed from 2 people who clearly do not own the money and whose story doesn't really jive?

I like to live in a society where suspicious acts are made news.

You people are just backward and belong to the stone age

dominusgai:


Sir, this is Christmas season, all banks are full to the brim from morning till night. So you have an EFCC call coming in on the last Friday to Christmas, for an issue you are thinking can wait till Saturday when you don't have customers to attend to.

You do the maths.

FarahAideed:


even after showing you IDs and letters of credence from CBN? you are shameless

WaffenSS:


What's hasty, reporting that a huge stash of foreign currency was nabbed from 2 people who clearly do not own the money and whose story doesn't really jive?

I like to live in a society where suspicious acts are made news.

You people are just backward and belong to the stone age

StevenOba:
Hmm something fishy is smelling. Hope Union banks did not cook their books before coming out to claim ownership. Why did it take them so long to come claim the money? I mean if this is a routine cash movement interstate shouldn't EFCC know about it before hand. Well, Nigeria everything and anything is possible after all election is around the corner. Let's see how it unfolds.

Naija my nigga

safetyInspector:
Please read what EFCC said before commenting. (The agency said the suspects mentioned their affiliation to Union Bank and Bankers Warehouse, a cash-in-transit contractor). And I am yet to hear of that your law that requires all travellers to declare cash possession before boarding a domestic flight. Arik doesn't do an international flight from Enugu.

ImperialYoruba:


Shut up there!

There is a standard accounting process for out and in, and for in and out, in all ledgers and accounting entries.

Money left Union Bank account somewhere and over 24hrs there is no corresponding IN to register its deposit at other end of the transfer.....should they not have raised alarm and started asking questions?

Even when EFCC said the money has been intercepted and contacted Union that released the money in its OUT transfer, should they not have responded?

They are responding on media because its PR to protect their brand....the money is illegitimate transfer.

We heard similar cover up when Ayo Oritsejafor was involved in money transfer to South Africa. Banks that were involved later did a PR cover up.

Corruption is in trouble. Buhari must get another 4yrs.

BigIyanga:

In a sane clime, carrying money is not a crime and it’s not the police that determine that money is illegal, it’s left for the court. Folks like u dont know how things work outside Naija. Also in a sane clime, EFCC would be facing govt inquirie and multiple lawsuits.

adelacuna:
This guys are good with eye service job why go public when investigation is still ongoing, government agents are stealing millions daily and no arrest has been made, even one uncle was caught receiving dollars as bribe in the north no statement was made, but because you have issues with Union bank you start blowing trumpet up and down. Una well done

ImperialYoruba:


We know how its going to end. Couple of people will be arrested and investigation into their past will reveal a long list of money laundering activities.

This is money for political campaigns to buy votes in SE. No doubt!

ImperialYoruba:


My brother, dont let them deceive you with sweet sounding terms. In case you dont know what Bankers Warehouse is its a operator of bullion vehicles. Simple! Dont let these thieves use razzmatazz words to bamboozle you.

When a large amount of money needs to transfer from one local point to another you use bullion vehicles to do the job.

Typically they are means of transporting money between banks and retail points, never between a bank to another bank.

Assuming Union bank Lagos is transferring money from its bank to retail points in East. It will transfer the money to its branch in East and from the branch bullion vehicle will deposit to the merchants.


Union Lagos transferring money via bullion couriers to East through the air is already a violation of financial crime laws.

I hope you now understand the process better than the bullshyyte offered by Union using big words to pull a smokescreen over people eyes.