Lagos Businesswoman Ramalan-Yaro, Company Arraigned By EFCC For N140bn Fraud
A Lagos businesswoman, Saadatu Ramalan Yaro has been charged to court by the Economic and Financial Crimes Commission, EFCC on Monday. This is her second arraignment with the first being two weeks ago.
The businesswoman who is charged for money laundering to the tune of over N140 billion was arraigned before Justice Obiora Egwuatu of the Federal High Court in Abuja. Her offense is not fulfilling her responsibilities as the director of Tsami Babi Resources Limited, a designated non-financial business, by not submitting the company’s activities.
According to the EFCC, Ramalan-Yaro deposited the sum of N100 billion into the company’s account at Zenith Bank without informing the Ministry of Commerce.
The act committed by the defendant 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.
Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a designated non-financial institution, in a second charge was also accused of money laundering to the tune of N40 billion. The accused pleaded not guilty, and the prosecution and counsel requested a date for the commencement of the case.
A bail was requested for the defendant by her counsel and which was granted by Justice Egwuatu, with trial adjourned to July 12 and 13, 2023.
The bail conditions include that the defendant deposit her international passport with the court and provide two sureties, one a public servant and the other a relative, in addition to a bail amount of N100 million
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