Cash Transfer A ‘Legitimate’ Operation, Union Banks Reacts To EFCC’s Seizure Of Its $2.8m At Airport

Union Bank has replied the Economic and Financial Crime Commission (EFCC) on the $2.8m intercepted at Akanu Ibiam Airport in Enugu State saying cash transfer a ‘legitimate’ operation.

The anti-graft agency had discovered the cash at the Enugu airport on Friday with two suspected money launderers.

Names of the suspects according to the EFCC are Ighoh Augustine and Ezekwe Emmanuel, allegedly working for a company: Bankers Warehouse, were nabbed based on intelligence report.

However, report surface from the EFCC 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.

In several 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”.

Link to tweet