Pry Sch Teacher Held For Laundering N.5b For Son

Days after the Economic and Financial Crimes Commission, EFCC accused mothers of collaborating with their Yahoo-Yahoo sons, a case has emerged of a primary school teacher who allegedly laundered N550 million for her son.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) in a statement on Friday said it arrested, the woman, a primary school teacher, who supposedly laundered the money through a Nigerian bank.

The woman who teaches with Ozala Primary School, Abagana, Anambra State, according to the ICPC was earlier arrested in October, 2019 by ICPC and granted administrative bail, after an investigation into her financial transactions.

The investigation was consequent upon the receipt of a petition.

The petition accused her of money laundering.

Three of the bank’s staff involved were also arrested according to the ICPC statement made available to GWG.

They were alleged to have connived with the school teacher to perpetrate the fraud.

ICPC, in a series of investigation, found that the school teacher had N539.5 million in her bank account alleged to have been proceeds of money laundering from Malaysia.

She had told investigators during interrogation that the money found in her account belonged to her 24-year-old son, whose whereabouts could not be established.

A Post No Debit (PND) was placed on the account to allow the Commission to carry out further investigation, while a case of forfeiture of the suspected proceeds of crime was instituted against her in a court of law.

The teacher according to the ICPC approached another court to challenge the restriction placed on her account by ICPC, as well as ask for the enforcement of her fundamental human right.

Her fresh arrest with the bank staff and her lawyer according to the ICPC came after the bank’s staff allegedly connived with her in lifting the restriction placed on her account and the subsequent transfer of N550 million (principal sum and interest) into the account of her lawyer.

The Commission found out that the money was transferred on 4th June, 2020, the same day a court order was said to have been obtained.

The lawyer according to the ICPC claimed that the order vacating the restriction on the account was based on an out-of-court settlement with the bank which empowered his client to access her money.

The Commission also found out that the N550 million was promptly split and moved into multiple bank accounts owned by Bureau de Change operatorsand private individuals.

N340 million, in two instalments of N200 million and N140 million respectively, was allegedly moved into the bank account of a Bureau de Change operator.

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