Abuja, Nigeria – The ongoing trial of Kore Holdings Limited has brought to light the company’s alleged failure to comply with regulatory requirements under the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution’s first witness, Temitope Erinomo, testified before Justice J. O. Abdulmalik of the Federal High Court, Abuja, stating that Kore Holdings did not properly report its activities to the relevant authorities.
The Economic and Financial Crimes Commission (EFCC) has charged Kore Holdings Limited with four counts, alleging that the company neglected its legal obligations to report business transactions to the Federal Ministry of Industry, Trade, and Investment.
The late Muhammed Kuchazi, a former director of the company, was also initially named in the case.
During his testimony, Erinomo, who was led in evidence by EFCC counsel Bala Sangha, explained that Kore Holdings, as a Designated Non-Financial Institution (DNFI), was required to file reports detailing its business activities.
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However, investigations revealed that the company had failed to submit mandatory reports, develop anti-money laundering programs, or train its employees on compliance measures.
“We found out that Kore has not made a declaration of its activities, and has also not made any report of its business activities in accordance with the Money Laundering Act,” Erinomo stated.
According to him, the Special Control Unit against Money Laundering (SCUML) reported these compliance failures to the EFCC after conducting inspections and reviews of Kore Holdings’ operations.
One of the key revelations from Erinomo’s testimony was Kore Holdings’ alleged affiliation with Process and Industrial Development (P&ID), a company embroiled in high-profile money laundering litigation and a $9.6 billion legal battle against the Federal Government of Nigeria.
“They have an affiliation with Process and Industrial Development Limited, P&ID, which was involved in a series of money laundering litigation at that time,” Erinomo told the court.
Following Erinomo’s testimony, Justice Abdulmalik adjourned the trial to March 12, 2025, for further proceedings.
