The Economic and Financial Crimes Commission, EFCC, arraigned Funmi Ademosun before Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, on a 10-count allegation of conspiracy and money laundering totaling N26.6 billion on Friday.
He was charged along with two other organizations, Home Trust Savings and Loan Limited and Rare Properties and Development Limited.
One of the counts reads: “That you, FUNMI ADEMOSUN and HOME TRUST SAVINGS and LOANS LIMITED, and RARE PROPERTIES AND DEVELOPMENT LIMITED, sometime in 2007 in Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to convert the total sum of N26, 600,000.000( Twenty-six Million, Six Hundred Million Naira), which sum you reasonably ought to have known form part of proceeds of fraudulent conversion of proceeds of private placement raised from the public in the name of Investment & Allied Assurance Plc and you thereby committed an offence contrary to Section 18(a) of the Money Laundering Prohibition Act 2011 as amended, and punishable under Section 15(2) of the same Act.”
Another count reads: “That you, FUNMI ADEMOSUN and HOME TRUST SAVINGS AND LOAN LIMITED, on or about the 8th day of November 2007 in Lagos, within the jurisdiction of this Honourable Court, indirectly transferred the sum of N450,000,000.00( Four Hundred and Fifty Million Naira) to Rare Properties and Development Limited , which sum you reasonably ought to have known form part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investment & Allied Assurance Plc and you thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering Prohibition Act, 2011 as amended, and punishable under Section 15(2) of the same Act.”
He pleaded not guilty to the charge when it was read to him.
In view of his plea, the prosecution counsel, Rotimi Oyedepo, asked for a trial date and also prayed the Court to remand the defendant in a Correctional Centre.
However, counsel to the defendant, Wale Adesokan, SAN, informed the court that a bail application dated January 13, 2022 had been filed and served on the prosecution.
He urged the Court to admit the defendant to bail, assuring that “he will always attend to his case.”
Justice Osiagor granted the defendant bail in the sum of N250m, with two sureties.
One of the sureties must be a Grade Level 15 officer either in the Federal or State Ministry, while the other must be a blood relation of the defendant.
The Judge further directed that the defendant be remanded in the EFCC custody pending the perfection of his bail terms.
The case was adjourned till March 3 and 4, 2022 for hearing.