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Court Quashes N1.7 bn Money Laundering Charge Against MD, Shibahwells Energy; Isaac Adewole, Kingsley Ananwude

Court Quashes N1.7 bn Money Laundering Charge Against MD, Shibahwells Energy; Isaac Adewole, Kingsley Ananwude

19 April, 2022

A Lagos Magistrates Court sit­ting at Ogba, Ikeja, has struck out money laundering charges brought against Isaac Ade­wole, MD, Shibahwells Energy, and a staff of Wema Bank Plc, Kingsley Ananwude, for lack of merit.

The presiding, Magistrate A.O. Layinka (Mrs.) dis­charged the defendants and struck out the charges follow­ing the legal advice from the Office of the Director of Pub­lic Prosecution (DPP), Lagos State, that no prima facie case had been established against them.

It would be recalled that the defendants were arraigned in court on February 9, 2022, in Charge No. MIK/B/6/2022– Commissioner of Police vs. Adewole Isaac & Kingsley Ananwude, for alleged steal­ing and money laundering involving N1.7 billion.

After pleading not guilty, the court granted the defen­dants bail and then adjourned the case till March 15, 2022, for trial.

On Tuesday March 15, 2022, when the case was mentioned in court, Magistrate Layin­ka (Mrs.) discharged the de­fendants and struck out the charges for lack of merit, re­lying on the legal advice from the Office of the DPP, Office of the Attorney General of Lagos State and Ministry of Justice.

In the legal advice signed by the DPP of Lagos State (a copy of which was sighted by our correspondent), the DPP after an extensive review of the du­plicate case file provided by the police authorities, stated that the defendants were arrested based on rumours by one Timi Popoola and nothing more.

The DPP further stated that there is insufficient evidence to predicate the offences upon which a criminal charge was brought before the court.

 


Further investigations into the case by our correspondent revealed that the criminal charge of alleged stealing and money laundering involving N1.7 billion were at the in­stance of one Timi Popoola.