Two weeks after her initial arraignment, the Economic and Financial Crimes Commission on Monday filed charges against businesswoman Saadatu Ramalan-Yaro in Lagos State.
The businesswoman was charged with money laundering totaling more than N140 billion and appeared before Justice Obiora Egwuatu of the Federal High Court in Abuja. She is charged with failing to submit the business’s activities as required by her role as director of Tsami Babi Resources Limited, a recognized non-financial firm.
Ramalan-Yaro allegedly made a N100 billion deposit into the business’ Zenith Bank account without telling the Ministry of Commerce, according to the EFCC.
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.
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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 trial was adjourned until July 12 and 13, 2023.
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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