EFCC arraigns businesswoman, company over N140bn money laundering charges

By Marvellous Gbadegesin On May 23, 2023

EFCC, arraigns , fraud — EFCC arraigns 2 men over alleged N2.8bn fraud

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned Saadatu Ramalan-Yaro, a businesswoman, for the second time in Lagos State, two weeks after her first arraignment.

The businesswoman was brought before Justice Obiora Egwuatu of the Federal High Court in Abuja on charges of money laundering amounting to over N140 billion. In the first charge, a 25-count charge, the defendant is accused of failing in her duty as director of Tsami Babi Resources Limited, a Designated Non-financial Business, to make submissions of activities of the company that enabled financial transactions into the company’s account with a new generation bank to the tune of over N100billion to the Ministry of Commerce.

Arraigned alongside Tsami Babi Resources Limited, one of the counts against the defendants reads, “that you, Saadatu Ramallan Yaro, being a Director Of Tsami Babi Resources Limited, a Designated Non-Financial Institution, between 5th July 2021 and 20th day of April 2022, in Abuja 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 N20,967,535,184.00(Twenty Billion, Nine Hundred and Sixty-seven Million, Five Hundred and Thirty-Five Thousand, One Hundred and Eighty-Four Naira was deposited into the Company’s account No.1216254641 domiciled in Zenith Bank Plc and you thereby committed an offence contrary to sections 5(1) (a), 16(1) of the Money Laundering Prohibition Act 2011 (as amended) and punishable under section 16 (2)(b) of the same Act”.

Another count reads; “That you, Tsami Babi Resources Limited, a Designated Non-financial Institution, in the year 2021, in Abuja within the jurisdiction of this Honorable Court, failed to submit to the Ministry of Commerce, a declaration of activities of the said company within which period the total sum of N17,623,756, 150.00( Seventeen Billion, Six Hundred and Twenty-three Million, Seven and Fifty-six Thousand, One Hundred and Fifty Naira) was deposited into the company’s account No. 1017359121 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”.

In the second 12-count charge, Ramallan-Yaro is charged alongside M.A.Y FINE FRAGRANCE LIMITED, a Designated Non-financial Institution for money laundering to the tune of N40 billion Naira.

One of the counts reads, “That you, M.A.Y FINE FRAGRANCE LIMITED, a Designated Non-financial Institution, between the 19th day of May and the 9th day of August 2022, in Abuja within the jurisdiction of this Honourable court, failed to submit to the Special Control Unit Against Money Laundering, a declaration of your activities within which period the total sum of N15,761,938,147.00( Fifteen Billion, Seven Hundred and Sixty-one Million, Nine Hundred and Thirty-eight Thousand, One Hundred and Forty-seven Naira) was deposited into your account No.1222868021 domiciled in Zenith Bank Plc and you thereby Committed an offence contrary to Sections 6(1) (a), 19(1) (f) of the Money Laundering(Prevention and Prohibition )Act, 2022 and Punishable under section 19(2)(b) of the Same Act.”

The defendant pleaded “not guilty” to all the charges when they were read to her.

Prosecution counsel Faruk Abdullah, prayed the court to set a date for the prosecution to open its case against the defendant.

However, the defence counsel, J.B Daudu, SAN, prayed the court to grant the defendant bail.

Justice Egwuatu granted the defendant bail in the sum of N100m with two sureties in like sum. One of the sureties must be a public servant and the other a relation. The defendant is to further deposit her international passport with the court.

The judge adjourned till July 12 and 13, 2023 for the commencement of trial.