Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have quizzed the duo of Abdulkadir Muhammed Usman, a Bureau De Change operator, and a banker, Masa Olumense, for alleged money laundering and making and receiving cash payment in excess of the stipulated threshold for individuals to the tune of $2.5 million.
The duo were alleged to have made and received cash payments of $2,598,900, which is an equivalent of about N3,638,460,000.
Usman and Olumense did this without going through a financial institution, which is contrary to Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The Commission is on the trail of other suspects linked to the alleged fraud who are currently at large.
More details here...
