These are not the best of times for the Uzoma Dozie led Diamond Bank Plc. as the financial institution has been accused of money laundering by the National Drug Law Enforcement Agency (NDLEA). Diamond Bank Plc. and two of its managers, Lasisi Abayomi and Hillary Ojukwu, have been arraigned before a Federal High Court in Lagos on a six-count charge of money laundering. Charged alongside are Oni Oil and Gas Ltd and Ms. Lizzy Chinyere Ikenua.

The NDLEA accused the bank and its two managers of failing to verify the true identity of its customers, Oni Oil and Gas Ltd, Onoche Ikenua, a suspected drug baron, and his wife, Lizzy Chinyere Ikenua. The NDLEA charges that Diamond Bank without due diligence, opened account number 0212010006203 in favor of the shady company and its owners as well as entered into other fiduciary relationships with them.

NDLEA stated that Diamond Bank aided Oni Oil and Gas Ltd, Mr. Ikenua and Ms. Ikenua to convert various sums of money obtained directly or indirectly from illicit traffic in narcotic drugs. It said the defendant violated Section 14 (a) of the Money Laundering (Prohibition) Act, 2004. NDLEA also alleged that Diamond Bank failed to report suspicious transactions on account no. 0212010006203 in the name of Oni Oil and Gas Ltd, adding that the bank thereby breached Section 6 (9) of the Money Laundering (Prohibition) Act, 2004.