Union Bank has reacted to the seizure of $2.8 million by the Economic and Financial Commission (EFCC) at the Akanu Ibiam Airport in Enugu State.
The EFCC had intercepted the cash at the Enugu airport on Friday from two people, it said were suspected money launderers.
According to the anti-graft agency, the suspects, namely Ighoh Augustine and Ezekwe Emmanuel, allegedly working for a company: Bankers Warehouse, were nabbed based on intelligence report.
It also stated that the suspects confessed to being in the business of conveying cash for “some notable banks”, for over six years and were in the process of doing same for Union Bank Plc, when they were caught.
But in a series of tweets on Friday evening, the bank defended the movement of cash across states, describing it as a legitimate process for all banks.
It also explained that the Bankers Warehouse, is licensed by the Central Bank of Nigeria (CBN) to provide Cash-in-Transit services.
The bank, therefore, criticized the anti-graft agency for releasing a statement without “completing investigations”.
EFCC’s Alleged Arrest of Money Laundered at Enugu Airport
The story about the arrest on Friday of suspected money launderers by EFCC, and subsequent explanation by Union Bank, is a clear indication that the anti-graft agency may have to undergo more training in discharging its duties. Media trial of suspects without conducting proper investigation, let alone concluding their is poor substitute for professional incompetence and ignorance. The agency can do a lot better.