A compliance officer with Zenith Bank Plc, Mr. Teslim Ajuwon, highlighted before the Federal High Court in Lagos on Wednesday several N10m cash withdrawals made in 2015 by a former Minister of Aviation, Chief Femi Fani-Kayode, from his account domiciled in the bank.
According to Ajuwon, the lawful cash withdrawal limit for an individual is N5m, while a corporate body cannot lawfully make cash withdrawal above N10m.
The compliance officer, however, explained that whenever a customer exceeds the cash withdrawal threshold, such a customer would be surcharged certain amount by the bank, after which the transaction would be deemed to be legal.
Ajuwon appeared as a prosecution witness on Wednesday before the Federal High Court in Lagos, where Fani-Kayode and three others are being prosecuted for allegedly laundering a total of N4.9bn.
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