All eyes are on celebrities. They attract attention. They have a unique way of courting crime. And a unique way of being able to skirt justice. Not anymore. Many celebrities are in jail. Their wealth could not save them. Their high net worth connection could not stop them. Their teeming fans could not abort the system of justice. If the celebrities can lean, they should clean. If they can commit the crime, they should be ready to serve the time.
They have erred. They need redemption. Redemption begins in prison. Research has revealed that there are celebrities who may die in prison. Some of these celebrities claimed wrongful convictions. Others have taken full responsibility for their actions. These sets are waiting to re-enter society.
On the one hand
For Anselm and Opeyemi, it will take 27 months to re-enter society. These two executives are going to prison. For the duo, their redemption journey has begun. Anselm Oshionebo and Opeyemi Odeyale are founders of Ping Express US LLC. They pleaded guilty to the charges brought against them by the US Department of Justice. The fintech firm operates from Texas.
Anselm is a finance professional. He has about 20 years’ cognate experience. His LinkedIn page says he graduated with a Master’s in Accounting and Finance from Seton Hall University’s Stillman School of Business. He worked with PwC for 14 years. Opeyemi is a lawyer. He was an Assistant Vice President at Barclays Bank.
Ping facilitated the remittance of $160 million to Nigeria. Some of the funds originated from romance fraud. They agreed for failing to combat money laundering on their platform. They facilitated fraudulent money transfers. Ping customers were pinging. That is how Ping pinged its way into prison.
Business Insider Africa reported that Anselm and Opeyemi did not maintain anti-money laundering controls on Ping. Due to this laxity, its customers sent funds illegally derived to Nigeria. A statement by the US Department of Justice read inter alia, Ping outlined “its anti-money laundering policy in a memo to state regulators, claiming it would cap first-time customer transactions at $499,” cap daily transactions at $3,000, and cap monthly transactions at $4,500.
However, in plea papers, Ping admitted it allowed more than 1,500 customers to violate these rules. It assisted a customer to remit more than $80,000 in a single month. This is 17 times the purported limit,” Aside from this, the US said Ping pinged beyond its operational coverage. This means the company fished in unlicensed water. Where it is unlicensed to operate.
Within a 3-year period, Ping had remitted $167 million to Africa on behalf of its customers. Nigeria received $160 million. $7 million went elsewhere. Ping failed to verify the sources of the funds. Or its original purpose. To ascertain this, the US tried some of Ping’s top customers. They were guilty. One of them is Collins Orogun.
Collins admitted to illegally transmitting funds earned through romance fraud. The US claimed that in two years Collins received more than $1.3 million in cash. He then pinged the funds to Nigeria using the Ping platform. He is likely to spend 20 years in prison. On January 23, 2023, he will know his fate.
Anselm and Opeyemi will spend 27 months in prison. Ping’s IT Manager, Aleoghena Okhumale, got a haircut. Ping faces 5-year probation. Ping will pay a $500,000 fine.
On the other hand
Nigeria is yet to jail any managing director of a fintech firm for fraud. The closest was the closure of microloan digital lending platforms. The government agencies busted GoCash, Okash, EasyCredit, Easi Moni, KashKash, and Speedy Choice for operating illegally. That ends it.
To assert its authority, National Information Technology Development Agency (NITDA) fined Soko Loan Company, a lending platform ₦10 million. For privacy invasion.
From this side
How many fintech managing directors are in jail in Nigeria?
None yet.
Ping will go scot-free and its directors will be discharged if it operates from Nigeria, right?
I do not think so.
Tell me the difference between Nigerian and American anti-money laundering law.
I am not a fintech lawyer.
Are the two countries not members of FATF?
Nigeria is categorised by the US State Department as a country of primary concern in respect of money laundering and financial crimes.
Are you saying all eyes are on Nigeria?
