EFCC arrests, arraigned Lagos businesswoman over alleged N140 billion fraud

A businesswoman in Lagos, Saadatu Ramalan-Yaro, has been apprehended and arraigned before Justice Obiora Egwuatu of the Federal High Court in Abuja over an alleged fraud of N140 billion Naira.

Naija News learnt that it was the second time the woman was arraigned by the Economic and Financial Crimes Commission (EFCC) on money laundering charges.

At the latest arraignment coming two weeks after the first, the Nigeria anti-graft agency accused Ramalan-Yaro 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 EFCC stated that Ramalan-Yaro deposited N100 billion into the company’s account with Zenith Bank without informing the Ministry of Commerce.

Naija News understands that the act reportedly 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.

At the court on Monday, the defence counsel, a Senior Advocate of Nigeria (SAN), reportedly 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.