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$700m Money Laundering Charge: Stanbic Bank, Others Get Adjournment



The absence of Justice Taiwo Taiwo of the Federal High Court, Abuja, on Wednesday, stalled the trial of Stanbic Bank IBTC, former Managing Director, Pipelines and Products Marketing Company (PPMC)’s wife, Mrs Ochuko Momoh among others.

The News Agency of Nigeria (NAN) reports that the bank, Ochuko and the others were on March 9, arraigned before Justice Taiwo by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Also arraigned were Energopol Nigeria Limited, Blaid Construction Limited and Blaid Farms Limited on a 22-count charge which was later reduced to 13 counts.

However, the 1st defendant in the new charge, Haruna, who is Momoh’s husband, is said to be at large.

NAN reports that Justice Taiwo, on July 15, adjourned the matter until Oct. 28 after Mrs Jane Asuquo, an ICPC’s witness, had given her evidence-in-chief.

Asuquo told the court that Haruna used his wife to launder the agency’s 700 million dollars.

She alleged that the act was perpetrated between 2012 and 2015 when Haruna  was the MD of the agency.

However, at the resumed hearing, Justice Taiwo was not in court.

The matter was second of the 11 cases scheduled on the cause list.

The court’s registrar informed that the judge, who sat during the annual vacation of the Federal High Court, had proceeded on leave.

The News Agency of Nigeria (NAN) reports that the Federal High Court annual vacation, which began on July 27, ended on Sept. 28.

The court, however, fixed Dec. 7, Dec. 8 and Dec. 11 for hearing in the matter. (NAN)

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