The Economic and Financial Crimes Commission arraigned businesswoman Saadatu Ramalan-Yaro for the second time in Lagos State on Monday, two weeks after her first arraignment.
The businesswoman was charged with money laundering totaling over N140 billion before Justice Obiora Egwuatu of the Federal High Court in Abuja. She is accused of failing to fulfil her duties as director of Tsami Babi Resources Limited, a designated non-financial business, by failing to submit the company’s activities.
According to the EFCC, Ramalan-Yaro deposited N100 billion into the company’s Zenith Bank account without informing the Ministry of Commerce.
The accused’s actions are in violation of Sections 5(1)(a) and 16(1) of the Money Laundering Prohibition Act of 2011 (as amended), and they are 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.
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.