Dauda Lawal, an Executive Director in charge of Public Affairs at the First Bank of Nigeria, has been arrested by the Economic and Financial Crimes Commission (EFCC) for allegedly helping former Nigeria Petroleum Minister, Diezani Alison-Madueke, launder about $55million.

At the time of reporting, Mr. Lawal is in EFCC cutody.

Dauda Lawal

A source at the agency in Lagos said Mr. Lawal has confessed to laundering $25 million for the oil minister, but investigators said he's yet to disclose in full how much was involved.

A First Bank source told SaharaReporters that the bank was not involved in handling the cash for which Mr. Lawal was arrested, claiming he acted in his "private capacity" as a long-time friend of the former minister who is now in London.

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