Following the controversy trailing an alleged confiscation of $2.8 million from two officials of Bankers Warehouse by the men of the Economic and Financial Crimes Commission (EFCC), there have been concerns about the operation of the cash-in-transit firm.
Recall that EFCC had on Friday, December 21, announced that two men with affiliation with Bankers Warehouse and Union Bank were arrested at Akanu Ibiam International Airport with cash amount of $2.8 million.
The moved made the cash-in-transit firm write the Cental Bank of Nigeria on Sunday, December 23, alleging the anti-graft agency of an illegal confiscation of combined cash of $2.8 million, approximately over N1 billion.
With the then anonymous cash management firm now the cynosure of the media, Legit.ng highlights eight facts about Bankers Warehouse and its modus operandi.
1. Years of operation
Bankers Warehouse is not a new name to those familiar with the banking and financial institution in Nigeria. According to reports on its website, the firm has been involved in Cash-In-Transit operations since 2007. So far, it has amassed about 200 armoured vehicles.
2. Ownership and partnership
Bankers Warehouse is owned and promoted by the duo of Victor Hammond and Rotimi Oyekanmi. Hammond serves in the capacity of vice chairman and chief executive officer of the firm, while Oyekanmi is a partner of Apis Partners LLP, a company that invested in the company in 2017.
3. About Bankers Warehouse as a company
Bankers Warehouse (BW) is a financial firm that provides cash-in-transit, cash management, and cash processing services to banks and retail outlets across the country.
The term cash-in-transit or cash and valuables-in-transit refers to the physical transfer of banknotes, coins, credit cards and items of value from one location to another.
4. License of operation
Bankers Warehouse was granted the licenses to carry out both cash management and cash-in-transit operations in Nigeria on July 17, 2011.
The move came having having met the minimum capital requirements as dictated by the Central Bank of Nigeria (CBN).
5. Modus operandi
According to the company, it carries out its cash-in-transit operation across 28 states in the country using fleet for its operations.
A prospect statement on the firm's website confirmed: “We are currently undergoing an aggressive drive to roll out of cash centres in different locations of the country over the next 5 years.”
6. Company location
Bankers Warehouse operates across Nigeria but it has its headquarter in Lagos, notably AC House, Odunlami street, Lagos Island.
7. Company mission and goal
The firm said its goal is to enhance the quality of cash management services and increase the efficiency of its core business processes.
8 War with EFCC
On Friday, December 21, EFCC, an anti-graft agency arrested two of its workers at Akanu Ibiam International Airport with cash amount of $2.8 million, a development that has put both parties in the eye of the public.
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Meanwhile, Legit.ng previously reported that operatives of the Economic and Financial Crimes Commission arrested one Abbas Lakis, a Lebanese, for alleged money laundering.
A statement by commission's head, media and publicity, said Lakis was picked up at the Nnamdi Azikiwe International Airport, Abuja, following intelligence report.
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