February 5, 2009
Once again, Nigerians are in for a brain-shattering charade. Sometime late December, 2008, Mr Jim Ovia, one of the "whiz-kids " of the Nigerian banking sector and one of those who organized the shares for former president Olusegun Obasanjo in the Transcorp scandal, was supposedly arrested by the Economic and Financial Crimes Commission (EFCCT) in connection with a N3.5 billion money laundering operation involving his bank, Zenith Bank and some officials of the Rivers State government. The Attorney-General, Mr Michael Aondoakaa immediately ordered Ovia’s ‘release’ and the man continued circulating in his dizzy circles, while four members of staff of his bank are now being arraigned at the Federal High Court, Port Harcourt. The Rivers State government officials involved are supposedly at large, yet the most notorious “Harrison Ba Princewill” is no other than Chief of Staff to the Rivers State Governor, Nyesom Wike, who reportedly used the fake name “Harrison Ba Princewill” to open one of the accounts (No 601-091-6587). This account which was opened on March 27, 2008 without any form of identification and necessary information for that purpose had before the end of the next month been credited with more than N3.5 billion!
The EFCC has supposedly charged Wike for money laundering, but it does not look as though it is prepared to prosecute the case against him effectively. Rotimi Amaechi accused the EFCC of bias and vows to stand by his Chief of Staff. The man is still the Governor’s Chief of Staff. Amaechi did not deem it fit to suspend him until the outcome of the case. Like a pack of wolves, the Rivers State Government officials involved are closing rank, while all the others, apart from Wike and Magnus Abbe have been mysteriously declared at large, even as they parade the Port Harcourt metropolis in broad daylight!
This case is in court and, like the rest of Nigeria, SaharaReporters will follow proceedings. But there are questions that we need not overlook. How come such huge amount of money gets lodged in an account with no identification or supporting information within one month and Jim Ovia and the top echelon of Zenith Bank, with all their claims to setting international standards, did not know anything about this? Who exactly are these people that are being tried? Since when have they been given responsibility to oversee transactions of the magnitude mentioned here with no higher official exercising oversight responsibilities, especially as the money was coming in and being disposed in very suspicious circumstances? Considering the charge and the likely punishment, which would be nothing more than a slap on the wrist (following the Lucky Igbinedion example), isn’t this a case of some fall guys being pushed forward to take the flak (with good reward, of course), while the criminal bosses ride out of town with their loot intact? Why are relatively junior officers of the bank being charged under Section 10 of the Money Laundering (Prohibition) Act 2004 when the higher duty to report such a transaction within seven days to the EFCC clearly rests on the higher authorities at the bank? Even if these chaps are supposedly compliance officers, what guarantees did they have under Section 15 of the Act, especially if the bank or higher authorities at the bank were actually in collusion with the launderer? Why is no one asking Ovia and Zenith Bank why they themselves are not adhering to the know-your-customer and know-your-customer’s –business provisions of the Money Laundering (Prohibition) Act 2004? Is this charade of a trial not further waste of public fund?
SaharaReporters is watching this closely and will make a fuller report in due course. For now, let’s watch the abracadabra that is unfolding in the name of the EFCC doing its job.
Meanwhile, below are the charges.
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