The Economic and Financial Crimes Commission (EFCC), on Monday arraigned a businesswoman, Saadatu Ramalan-Yaro, two weeks after her initial arraignment in Lagos State.
The citizen was docked before Justice Obiora Egwuatu of the Federal High Court in Abuja on separate charges of money laundering to the tune of over N140billion.
She is accused of failing in her duty as director of Tsami Babi Resources Limited, a Designated Non-financial Business, to make submissions of the company’s activities.
The EFCC said Ramalan-Yaro made financial transactions of N100billion into the company’s account with Zenith Bank without informing the Ministry of Commerce.
The offence violated 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.
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 N40billion.
After the defendant pleaded “not guilty”, the prosecution counsel Faruk Abdullah prayed the court to set a date for the prosecution to open its case.
But defence counsel, J. B. Daudu, a Senior Advocate of Nigeria (SAN) prayed the court to grant the defendant bail.
Justice Egwuatu granted bail in the sum of N100million with two sureties and adjourned till July 12 and 13, 2023 for commencement of trial.
One of the sureties must be a public servant and the other a relation. The defendant must deposit her international passport with the court.
