Kazeem Owoseni
The Economic and Financial Crime Commission has apprehended and arraigned a Lagos business woman, Saadatu Ramalan-Yaro, before Justice Obiora Egwuatu of the Federal High Court in Abuja over an alleged fraud of N140 billion Naira.
Reports revealed that the business woman was arraigned by the Commission on money laundering charges, for the second time.
In the new development, which is coming two weeks after her first arraignment, the business woman, who is the Director of Tsami Babi Resources Limited, was accused of not fulfilling her responsibilities by not submitting the company’s activities.
According to the commission, Ramalan-Yaro deposited N100 billion into the company’s account with Zenith Bank, without informing the Ministry of Commerce, noting that the act committed by the accused contravenes 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.
Similarly, in another charge, Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a designated non-financial institution, were accused of money laundering amounting to N40 billion.
However, the accused pleaded not guilty, and the prosecution counsel requested a date for the commencement of the case.
The defence counsel, a Senior Advocate of Nigeria, reportedly requested bail for the defendant, which was granted by Justice Egwuatu.
However, the defendant to deposit her has been requested to drop her international passport with the court and also provide two sureties, one of whom must be a public servant and the other a relative, with a total bail amount of N100 million, as the bail condition, while the trial of the accused has been adjourned till July 12 and 13, this year.
