WEMA Bank Refute’s Money Laundering And Bribery Claims

WEMA Bank Plc has been drawn to recent reports in the media on money laundering and bribery allegations on certain customer’s transaction.

Recall that the publication mentioned the names of certain Wema Bank management staff allegedly involved in the
said transaction.

The Bank in it’s reply to the claims wishes to state categorically that there is no merit in the article, and it is a malicious
publication against members of our staff and the Bank’s customer.

The said allegations are being peddled by an aggrieved 3rdparty, Timi Popoola, who
voluntarily released his property to be used as part of the collateral to secure a loan obtained
by the Bank’s customer.

Specifically, on Tuesday March 15, 2022, the case no. MIK/B/6/2022–Commissioner of Police
vs. Adewole Isaac & Kingsley Ananwude, for alleged stealing and money laundering involving
N1.7billion was struck out by Magistrate A.O. Layinka (Mrs.) of the Magistrates Court, Ikeja and the defendants discharged following the Legal Advice from the Office of the Director of
Public Prosecution (DPP), Lagos State that no prima facie case has been established against
thedefendants.

We urge the general public to ignore the false information being circulated.

The Bank has
already engaged its solicitors to institute appropriate legal action.

Signed

Wema Bank
Marketing Communications & Investor Relations