LunagisthubCourt Reveals Shocking Details of ₦640 Million Cash Withdrawal
A recent court case has shed light on a staggering ₦640 million cash withdrawal made by Abdulsalami Hudu, the 3rd defendant in the case. The withdrawal was made in just six days, from July 31 to August 6, 2019, through 64 transactions of ₦10 million each.
A Compliance Officer from the bank testified in court, confirming the massive withdrawal and explaining the bank’s procedures. The witness stated that as a Compliance Officer, she is allowed to work in any branch and reported to the Wuse 2 branch of her office in Abuja on the day of the transaction.The witness confirmed that a customer can withdraw any amount of money, provided the mandate is correct.
The bank requests the purpose of the transaction and the relationship for high-volume transactions.
The Compliance Officer is not responsible for the day-to-day management of the account but can provide information on transactions.
The case highlights the need for transparency and accountability in financial transactions. The massive withdrawal raises questions about the source of the funds and the purpose of the transaction.
This case serves as a reminder of the importance of financial regulations and the need for banks to monitor transactions closely. It also underscores the critical role of Compliance Officers in ensuring that financial institutions operate within the bounds of the law.
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