The Economic and Financial Crimes Commission, EFCC, has arraigned a businesswoman, Saadatu Ramalan-Yaro, at the Federal High Court in Abuja over alleged N140 billion money laundering.
The businessman was arraigned on Monday over alleged money laundering, disloyalty and irresponsibility as the Director of Tsami Babi Resources Limited, as she failed to submit the company’s activities report.
Ramalan-Yaro was previously arraigned by the EFCC in court two weeks ago.
Background
According to EFCC, she deposited N100 billion into the company`s account through Zenith bank by boycotting the ministry of commerce .
This act, according to the commission, violated 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.
In the second charge, Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a designated non-financial institution were charged with money laundering to the tune of N40 billion.
Upon arraignment, The defendants pleaded not guilty to the charges against them.
Subsequently, the prosecution counsel, Faruk Abdullah, proposed that the court fix a date for the commencement of the case.
While the defense counsel, J. B. Daudu, SAN, prayed the court to grant his client bail.
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Court’s decision
Ruling on the bail application, Justice Obiora Egwuatu granted the defendants bail in the sum of N100 million.
As part of her bail condition, he ordered her to deposit her international passport with the registrar of the court and provide two sureties.
He said while one of the sureties must be a public servant, the second will be one of the defendant’s relatives.
The matter was subsequently adjourned for July 12 and 13.
