EFCC arraigns Lagos Businesswoman Ramalan-Yaro and Company for N140bn fraud

Economic and Financial Crimes Commission, EFCC, has arraigned a businesswoman, Saadatu Ramalan-Yaro for the second time in Lagos State, Southwest Nigeria, two weeks after her first arraignment.

Information gathered reveals that the businesswoman was brought before Justice Obiora Egwuatu of the Federal High Court in Abuja on Monday, on charges of money laundering amounting to over N140 billion.

Ramalan-Yaro is accused of not fulfilling her responsibilities as the Director of Tsami Babi Resources Limited, a designated non-financial business, by not submitting the company’s activities.

The anti-graft agency stated that Ramalan-Yaro deposited N100 billion into the company’s account with Zenith Bank without informing the Ministry of Commerce.

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.

In the second charge, Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a designated non-financial institution, were accused of money laundering amounting to N40 billion. The accused pleaded not guilty, and the prosecution counsel requested a date for the commencement of the case.

The defense counsel, a Senior Advocate of Nigeria (SAN), requested bail for the defendant, which was granted by Justice Egwuatu.

The bail conditions required the defendant to deposit her international passport with the court and provide two sureties, one of whom must be a public servant and the other a relative, with a total bail amount of N100 million.

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