A Lagos-based businesswoman Saadatu Ramalan-Yaro, was on Monday dragged before Justice Nicholas Oweibo of the Federal High Court in Ikoyi over alleged money laundering.
The embattled business woman, who is the Director of April 1616 Investment Limited and Amsamay Limited, was arraigned by the Economic and Financial Crimes Commission (EFCC).
Ramalan-Yaro, was charged to court alongside the two companies; Misabs International Limited and Armada Financial Services.
The EFCC told the court that the defendant’s company failed to submit to the Ministry of Commerce a declaration of activities of the company leading to the deposit of N1,050,000,000 in its Zenith Bank account on July 3, 2020.
In another count, the anti-graft agency said, “April 1616, between 2017 and 2021 in Lagos, failed to submit to the Ministry of Commerce a declaration of activities for the total sum of N42,578,881,137 deposited into the same Zenith Bank account.”
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On its part, the second company, Misabs, failed to submit to the Ministry of Commerce a declaration of N1,930,054,133.26 in another Zenith Bank account between 2016 and 2019 in Lagos.
Similarly, the third company, Armada, between July 5 and December 31, 2021, in Lagos, also failed to submit to the Ministry of Commerce a declaration of N1,950,000,000 deposited into the company’s Zenith Bank account.
Also, the fourth company, Amsaymay Limited, between October 12 and November 28, 2020, in Lagos, allegedly retained the sum of N1,417,198,232 in its Zenith Bank account.
The offences violated Sections 5(1)(a) and 16(1)(f) of the Money Laundering Prohibition Act 2011, as amended, and are punishable under Section 16(2)(b) of the same act.
The defendants pleaded “not guilty” to the charges, after which the prosecution counsel, S. I. Sulaiman, asked the court for a trial date.
The defence counsel, Richard Oma-Ahonaruogho (SAN), moved the bail application for Ramalian-Yaro.
The judge granted the defendant bail in the aggregate sum of N10 million, with two sureties who must be Grade 14 officers with properties within the jurisdiction of the court.
The case was adjourned until September 28, 2023, for trial.