The Economic and Financial Crimes Commission(EFCC) filed charges against businesswoman Saadatu Ramalan-Yaro. This is coming on Monday, two weeks after her initial arraignment in Lagos State.
The businesswoman was charged with money laundering totalling more than N140 billion. She appeared before Justice Obiora Egwuatu of the Federal High Court in Abuja. Ramalan-Yarois was charged with failing to submit the business’s actions as required by her role. She was the director of Tsami Babi Resources Limited, a recognised non-financial business.
Ramalan-Yaro allegedly made an N100 billion deposit into the business’ Zenith Bank account without telling the Ministry of Commerce, according to the EFCC.
According to Section 16(2)(b) of the Money Laundering Prohibition Act of 2011 (as modified), the accused’s actions violate Sections 5(1)(a) and 16(1) of that law.
Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a recognised non-financial entity, were charged with money laundering totalling N40 billion in the second accusation. The prosecution’s attorney consequently asked for a start date for the case after the accused entered a not-guilty plea.
Justice Egwuatu further approved 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 family, the defendant was also obliged to submit her international passport to the court.
cc: Punch Ng
