EFCC charges Lagos businesswoman Ramalan-Yaro, company for N140bn fraud.
Two weeks after her first arraignment, Lagos State’s Economic and Financial Crimes Commission arraigned businesswoman Saadatu Ramalan-Yaro again on Monday.
Money laundering charges of over N140 billion were brought against the businesswoman before Justice Obiora Egwuatu of the Federal High Court in Abuja. As director of Tsami Babi Resources Limited, a designated non-financial business, she is accused of not submitting the company’s activities.
Ramalan-Yaro deposited N100 billion into the company’s Zenith Bank account without informing the Ministry of Commerce, according to the EFCC.
The accused’s act violates 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).
Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a designated non-financial institution, were charged with N40 billion in money laundering in the second charge. The prosecution requested a trial date after the defendant pleaded not guilty.
Justice Egwuatu granted bail to the defendant’s Senior Advocate of Nigeria (SAN) defence counsel. July 12 and 13 were set for the trial.
The defendant had to deposit her international passport with the court and provide two sureties, one of whom had to be a public servant and the other a relative, for N100 million bail.