The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) has arraigned a businesswoman, Saadatu Ramallan-Yaro, who is the Director of April 1616 Investment Limited and Amsaymay Limited, both designated non-financial institutions, on alleged money laundering before the Federal High Court sitting in Ikoyi, Lagos.
Also arraigned on separate charges on Monday, May 8, before Justice Nicholas Oweibo were four companies – April 1616 Investment Limited, Misabs International Limited, Armada Financial Services, and Amsamay Limited.
One of the charges against Ramallan-Yaro read: “That you, Saadatu Ramallan-Yaro, being a Director of April 1616 Investment Limited, a Designated Non-Financial Institution, on or about the 3rd day of July, 2020 in Lagos, within the jurisdiction of this Honourable Court, failed to submit to the Ministry of Commerce a declaration of activities of the said company leading to deposit of the sum of N1,050,000,000.00 into account No. 1015006861 domiciled in Zenith Bank Plc., and you thereby committed an offence contrary to sections 5(1) (a), 16(1) (f) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 16 (2) (b) of the same Act.”
One of the counts against April 1616 read: “That you, April 1616 Investment Limited, a Designated Non-Financial Institution, between 2017 and 2021, in Lagos within the jurisdiction of this Honourable Court, failed to submit to the Ministry of Commerce a declaration of your activities within which period the total sum of N42,578,881,137.00 was deposited into your account No. 1015006861 domiciled in Zenith Bank Plc., and you thereby committed an offence contrary to sections 5(1) (a), 16(1)(f) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 16 (2)(b) of the same Act.”
One of the counts against Misabs read: “That you, Misabs International Limited, a Designated Non-Financial institution, between 2016 and 2019 in Lagos, within the jurisdiction of this Honourable Court, failed to submit to the Ministry of Commerce a declaration of your activities within which period the total sum of N1,930,054,133.26 was deposited into your account No. 1010090410 domiciled in Zenith Bank Plc., and you thereby committed an offence contrary to sections 5(1) (a), 16(1) (f) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 16 (2)(b) of the same Act.”
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One of the counts against Armada Financial Services read: “That you, Armada Financial Services, a Designated Non-Financial Institution, between 5th July 2021 and 31st day of December 2021 in Lagos, within the jurisdiction of this Honourable Court, failed to submit to the Ministry of Commerce a declaration of activities of the said company within which period the total sum of N1,950,000,000.00 was deposited into the company’s account No. 1017656772 domiciled in Zenith Bank Plc., and you thereby committed an offence contrary to sections 5(1) (a), 16(1)(f) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 16 (2)(b) of the same Act.”
One of the counts against Amsamay read: “That you, Amsaymay Limited, a Designated Non-Financial Institution, between 12th October, and 28th day of November 2020, in Lagos within the jurisdiction of this Honourable Court, retained the total sum of N1,417,198,232.25 in your account No. 1017656772 domiciled in Zenith Bank Plc., which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to wit: fraud and you thereby committed an offence contrary to sections 15(2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3)of the same Act.”
However, they all pleaded “not guilty” to the charges.
Following their pleas, the prosecution counsel, S.I. Sulaiman, asked the court for a trial date.
The defence counsel, Richard Oma-Ahonaruogho, SAN, moved the bail application for the defendants.
Oma-Ahonaruogho also pleaded with the court to release the defendant to him pending the fulfilment of her bail conditions.
The presiding judge, however, granted the defendant bail in the aggregate sum of N10 million with two sureties in like sum.
Justice Oweibo ordered that the sureties must be Grade Level 14 officers, with landed properties within the jurisdiction of the court.
The judge, therefore, adjourned the case till September 28, 2023, for trial.
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