UAD Petitions EFCC, Demands Probe Into Hon. Tunji Akinosi’s N1.4 Billion Cash Inflow

The United Action for Democracy (UAD), a pro-democracy and anti-corruption civil society organisation has urged the Economic and Financial Crimes Commission (EFCC) to immediately investigate and prosecute a House of Representatives member, Hon. Olatunji Abayomi Akanni Akinosi, over alleged money laundering related offences.

The UAD, in a recent petition it wrote to the EFCC’s Chairman, also urged the anti-graft agency to freeze the accounts of the lawmaker representing Ado-Odo/Ota Federal Constituency, Ogun State.

UAD said its petition was supported by documentary financial intelligence and transaction records indicating unusually large and complex financial flows across multiple bank accounts linked to the ruling All Progressives Congress (APC) lawmaker and associated corporate entities.

The UAD, in its petition, a copy which was made available to Sunday Independent, also indicated that copies of financial transaction documents and banking summaries of the lawmaker were attached to this petition as ‘Annexures’.

The rights group, which quoted several laws as legal basis for its petition, alleged that “Financial records attached to this petition indicate that Hon. Akinosi maintains multiple accounts across several Nigerian commercial banks.”

Some of the banks, it said, included Guaranty Trust Bank (GTBank); Zenith Bank; United Bank for Africa (UBA); First City Monument Bank (FCMB); Access Bank; Jaiz Bank and Ecobank.

It said: “These accounts reportedly include personal accounts, joint accounts, and corporate accounts linked to entities associated with the lawmaker.

“The following companies have been identified as linked to the subject of this petition: Abolak Integrated Enterprises; Abolas Engineering Services Ltd; and Zashow Motor Company.

UAD maintained that the ownership structure and financial activities of these entities require investigation to determine whether they have been used for concealment of illicit funds, contract kickbacks, proxy transactions and laundering of proceeds of corruption.

Suspicious Financial Flows

According to UAD, “Analysis of financial data indicates aggregate inflows estimated at approximately ₦1.46 billion across the identified accounts.

“Significant inflows include: Over ₦730 million in a GTBank account; over ₦272 million in another GTBank account; approximately ₦268.9 million in a UBA account

“The concentration of large deposits within a limited number of accounts, combined with the multiplicity of accounts across several banks, suggests financial layering patterns commonly associated with money laundering schemes.”

Major Depositors

UAD said in the petition signed by its General Secretary, Comrade Kuunle Wizeman Ajayi, “The attached financial records also reveal large deposits ranging between ₦10 million and ₦78 million from several individuals and corporate entities including: Manasa Multi Concept; Seplat Petroleum Development Company; Nurudeen Oladunjaye Olaleye; and various engineering, consulting, and logistics companies.

“These transactions raise legitimate concerns regarding possible undue influence, contract kickbacks, political financing through proxies, or other illicit financial arrangements.”

Public Interest And Accountability

The rights group noted that Hon. Akinosi currently occupies a sensitive public office as a Member of the House of Representatives, a position that carries fiduciary and ethical obligations under Nigerian law.

It stressed: “The magnitude and complexity of the financial flows identified raise serious questions regarding compliance with asset declaration requirements and the legality of the sources of these funds.

“Where a public official is unable to reasonably explain wealth disproportionate to lawful income, such wealth may constitute the unexplained assets subject to investigation and forfeiture under Nigerian anti-corruption laws.”

The petition, which was accompanied by several documents, mostly transactional reports, bank account transaction extracts

These documents, UAD stated, contain financial intelligence and banking transaction evidence requiring forensic investigation by the EFCC.

Prayers

It stated: “In the interest of transparency and the rule of law, the United Action for Democracy respectfully requests that the EFCC immediately commence a comprehensive investigation into the financial activities of Hon. Olatunji Abayomi Akinosi.

“Obtain certified bank records from all financial institutions linked to the subject.

“Trace the origin and destination of all suspicious financial inflows.

“Investigate the beneficial ownership and financial activities of Abolak Integrated Enterprises, Abolas Engineering Services Ltd, and Zashow Motor Company.

“Invite and interrogate the subject and all major depositors connected with the suspicious transactions.

“Freeze any accounts or assets reasonably suspected to contain proceeds of unlawful activity pending investigation.

“Conduct full asset tracing and lifestyle audit to determine whether the subject possesses unexplained wealth.

“Refer any breaches relating to asset declaration to the Code of Conduct Bureau for further action.

“Prosecute the subject in a court of competent jurisdiction if sufficient evidence establishes offences including money laundering, illicit enrichment, abuse of office, corrupt gratification and financial concealment

“Recover and forfeit to the Federal Government of Nigeria any assets proven to be proceeds of corruption.”

Concluding, the rights group stressed that Nigeria’s democratic system requires that public officials be held accountable to the highest standards of transparency and integrity.

“The allegations and financial records attached to this petition warrant immediate and thorough investigation by the EFCC in order to uphold the rule of law and restore public confidence in governance.

“The United Action for Democracy stands ready to cooperate with the Commission by providing additional information where necessary.”

Daily Independent