EFCC arraigns businesswoman Ramalan-Yaro, company over N140bn fraud in Lagos

Saadatu Ramalan-Yaro, a businesswoman, has been arraigned again over N140bn fraud by the Economic and Financial Crimes Commission(EFCC), in Lagos State, two weeks after her first arraignment.

Saadatu was brought before Justice Obiora Egwuatu of the Federal High Court in Abuja on charges of money laundering amounting to over N140 billion.

Saadatu, the director of Tsami Babi Resources Limited, a designated non-financial business, is accused of not playing her roles properly by not submitting the company’s activities.

The EFCC said that Saadatu deposited N100 billion into the company’s account with Zenith Bank without the Ministry of Commerce’s knowledge.

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.

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

The defense counsel, a Senior Advocate of Nigeria (SAN), requested bail for the defendant and it was granted by Justice Egwuatu. The trial was postponed to July 12 and 13, 2023.

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

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