The police Special Fraud Unit (SFU) Monday arrested a former bank director, Adekunle Johnson, for laundering about N7 billion. Other charges against the suspect and several others who are currently at large, include conspiracy, forgery and stealing, which led to the liquidation of Gulf Bank Plc as reported by the Nigeria Deposit Insurance Corporation (NDIC).
Confirming the arrest, the Police Public Relations Officer, SFU, Ngozi Isintume-Agu, a Deputy Superintendent of Police (DSP), said the suspect was one of the executive members of the bank. Agu said the enormous insider abuse carried out by the suspect and several others who are still at large, eroded the bank's financial base.