The first prosecution witness (PW1) in the ongoing trial of Kore Holdings Limited and Temitope Erinomo, On Tuesday, 11th March 2025, testified before Justice J. O. Abdulmalik of the Federal High Court in Abuja.
PW1 stated that the company failed to report its activities to the appropriate authority as required under the Money Laundering (Prevention and Prohibition) Act, 2022.
Chronicle NG reports that this disclosure was made in a statement issued by Dele Oyewale, Head of Media and Publicity for the Commission.
The EFCC is prosecuting Kore Holdings Limited on a four-count amended charge, alongside Muhammed Kuchazi (now deceased), for failing to comply with the statutory requirements to report its activities to the Federal Ministry of Industry, Trade and Investment, as well as for failing to implement programmes to combat money laundering and other illicit activities.
One of the charges reads: “That you, Kore Holdings Limited, being a Designated Non-Financial Institution and a signatory to the bank account of Kore Holdings Limited, sometime in court, failed to develop programmes to combat money laundering and establish an Internal Audit Unit to ensure compliance and effectiveness of measures, contrary to Section 16(1)(f) read together with Section 9(1)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), thereby committing an offence punishable under Section 16(2)(b) of the same Act.”
Count four states: “That you, Kore Holdings Limited, being a Designated Non-Financial Institution, and Muhammed Kuchazi (now deceased), being a director of and signatory to the bank account of Kore Holdings Limited, sometime in May 2014, in Abuja, within the Abuja Judicial Division of the Federal High Court, failed to develop programmes to combat money laundering and other illegal acts, specifically by failing to conduct regular training for employees of Kore Holdings Limited to ensure compliance and effectiveness of measures taken to enforce the Money Laundering (Prohibition) Act, 2011 (as amended), contrary to Section 16(1) read together with Section 9(1)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), thereby committing an offence punishable under Section 16(2)(b) of the same Act.”
Led in evidence by prosecution counsel Bala Sangha, Erinomo informed the court that the defendant, as a Designated Non-Financial Institution (DNFI), was obligated under the Money Laundering Act to file reports of its activities but had failed to do so.
“As a DNFI, the company is required to comply with specific reporting and compliance obligations. These include declaring its business activities, filing currency transaction reports, appointing compliance officers, establishing an internal audit system to ensure the effectiveness of compliance measures, and conducting staff training on compliance. We discovered that Kore Holdings had neither declared its activities nor submitted any reports of its business activities in accordance with the Money Laundering Act,” he stated.
Erinomo further explained that the Special Control Unit Against Money Laundering (SCUML) had reported its findings to the EFCC following a request for information on the company’s activities.
“We submitted a letter detailing our findings from the offsite inspection and reviews conducted. We confirmed that Kore is a DNFI based on its activities in consultancy and construction, and that the company had not filed any reports regarding its transactions,” he added.
The witness also revealed that Kore Holdings has affiliations with Process and Industrial Development Limited (P&ID), a company embroiled in multiple money laundering litigations and which had filed a $9.6 billion case against the Federal Government of Nigeria.
“They are affiliated with Process and Industrial Development Limited (P&ID), a company involved in a series of money laundering litigations at the time. P&ID was the same company that filed a $9.6 billion case against the Federal Republic of Nigeria,” he said.
Following the testimony, Justice Abdulmalik adjourned the case to 12th March 2025 for the continuation of the trial.
