Interpol seeks to unravel puzzle of Sh25bn ‘laundered’ from Nigeria

Interpol seeks to unravel puzzle of ‘laundered’ Sh25bn

 What you need to know:

• Investigations reveal that money was wired into Kenya from Nigeria between October and November 2020.
• Three Nigerians, suspected to enjoy the backing of a powerful politician, and two Kenyans wired the cash in US dollars and Euros.

For more than two months, Kenyan authorities have been investigating a string of cash transfers from Nigeria without realising that they may hold the key to unlocking the whereabouts of Sh20 billion at the centre of local and international suspected money laundering rings.

Investigations by Interpol have revealed that more than Sh25 billion was wired into Kenya from Nigeria between October and November 2020.

A source privy to the matter has since confidentially disclosed that three Nigerians suspected to enjoy the backing of a powerful Kenyan politician and two Kenyans wired the cash in US dollars and Euros to Kenyan banks through multiple companies registered locally with shared ownership and suspect addresses.

Court papers indicate that the Assets Recovery Agency (ARA), which is investigating three companies over Sh5.6 billion — a quarter of the actual amount that entered Kenya — does not know the magnitude of its probe.

Local and international investigators have gathered a lot of information on the companies involved and their owners, but one question lingers: Where did the Sh20 billion go to?

On April 5, ARA obtained court orders freezing Sh5.6 billion in six bank accounts…