EFCC arraigns businesswoman for N140bn fraud

Two weeks after her initial arraignment, the Economic and Financial Crimes Commission on Monday filed charges against businesswoman Saadatu Ramalan-Yaro in Lagos State.

The businesswoman was charged with money laundering totalling more than N140 billion and appeared before Justice Obiora Egwuatu of the Federal High Court in Abuja. She is charged with failing to submit the business's actions as required by her role as director of Tsami Babi Resources Limited, a recognised non-financial business.

Ramalan-Yaro allegedly made a N100 billion deposit into the business' Zenith Bank account without telling the Ministry of Commerce, according to the EFCC.

The act committed by the accused contravenes Sections 5(1) (a) and 16(1) of the Money Laundering Prohibition Act of 2011 (as amended), and is punishable under Section 16(2)(b) of the same Act.

Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a recognised non-financial institution, were charged with money laundering totalling N40 billion in the second accusation. The prosecution's attorney asked for a start date for the case after the accused entered a not guilty plea.

Justice Egwuatu granted the defence attorney's motion for bail for the defendant, a Senior Advocate of Nigeria (SAN). On July 12 and 13, 2023, the trial was continued.

In addition to posting a bond of N100 million and providing two sureties, one of whom had to be a government employee and the other a relative, the defendant was also obliged to submit her international passport to the court.

Source