In the year 1998, Bukade (not a real name) in connivance with Royal Nigeria Building Society - RNBS (no real name too) and her CEO purchased $200,000 all in BTA. He left Nigeria that night for Miami and deposited the funds into his Republic Bank's account. He declared the funds as is customary upon arriving in the USA claiming he was buying stuff from Florida with it. He bought stuff valued at less than $20K and sold the rest as arranged with his friends at RNBS. Immediately after the transaction, Republic Bank insisted he closed his account with them, which he did and left Florida. When he arrived in Detroit to connect another Europe bound flight and finally to Lagos, he was stopped by agents who already confirmed the value of what he had purchased and paid for in Miami, asking him to account for the remainder. He told them that as he couldn't get the items he wanted to buy he had returned the money back to his lenders. They showed him the accounts in the then UBANY where the balance had rested. The Agents looked at him and warned him to not try it again. They would let him go this time but the next "money laundering" infraction would attract serious consequences. For him it was round-tripping, but being told he had been in a money-laundering exercise puzzled him. He promptly learned his lesson and told his collaborators in Lagos he doesn't want to be involved again. This is a true-life story without any embellishment. Bukade's luck was that 9/11 had not happened.
The years of banking consolidation in Nigeria was one of the most egregious corporate malfeasances in the Nigerian commercial and financial history. Books were cooked with abandon and many investors were fleeced with nothing more than shells they thought were banks. The rot appeared to be supported at the highest echelons of power. Remember how intercontinental Bank reconsolidated with its numerous dying brands - Gateway, Global, Equity, etc. Or how today's Polaris, then Prudent, among others, sold valueless shares to the public. Bank CEO's simply collected people's monies and ran off as it were.
The point is that the way "we dey do am" isn't the way other nations do. Until the full trial, we would never know more details than published in the indictment. Unfortunately, Allen will have to be tried for a criminal offense and it is therefore not enough to send lawyers to represent him. He has to take a plea, meaning he has to be arraigned. Given his business visibility, refusing to submit himself would be tantamount to admitting to the crime. Submitting himself, even if he is eventually, proven innocent may irreparably damage his brand. He is at a spot no one would love at this time. I wish him well!
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