CRIME: EFCC ARRAIGNS DIRECTOR, FOUR FIRMS OVER ALLEGED MULTI-BILLION FRAUD

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Saadatu Ramallan-Yaro, a businesswoman, was charged by the Economic and Financial Crimes Commission (EFCC) with money laundering on Monday at the Federal High Court in Lagos.
In front of Justice Nicholas Oweibo was Ramallan-Yaro, Director of April 1616 Investment Limited and Amsaymay Limited, both Designated Non-Financial Institutions.

According to a statement from EFCC Head, Media & Publicity, Mr. Wilson Uwujaren, four companies—April 1616 Investment Limited; Misabs International Limited; Armada Financial Services; and Amsamay Limited—were also charged separately.

One of the counts against Ramallan-Yaro reads: “That you, Saadatu Ramallan-Yaro, being a Director of April 1616 Investment Limited, a Designated Non-Financial Institution, on or about the 3rd day of July 2020 in Lagos, failed to submit to the Ministry of Commerce a declaration of activities of the said company leading to deposit of the sum of N1.050bllion into account No. 1015006861.

“You thereby committed contrary to sections 5(1) (a), 16(1) (f) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 16 (2) (b) of the same Act..”

One of the counts against April 1616 reads: “That you, April 1616 Investment Limited, a Designated Non-Financial Institution, between 2017 and 2021, in Lagos, failed to submit to the Ministry of Commerce a declaration of your activities within which period the total sum of N42,578,881,137.00 (Forty Two Billion, Five Hundred and Seventy-Eight Million, Eight Hundred and Eighty One Thousand, One Hundred and Thirty Seven Naira,) was deposited into your account No. 1015006861.

“You thereby committed an offence contrary to sections 5(1) (a), 16(1)(f) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 16 (2)(b) of the same Act.”

One of the counts against Misabs reads: “That you, Misabs International Limited, a Designated Non-Financial institution, between 2016 and 2019 in Lagos, failed to submit to the Ministry of Commerce a declaration of your activities within which period the total sum of N1,930,054,133.26 (One Billion, Nine Hundred and Thirty Million, Fifty-Four Thousand, One Hundred and Thirty-Three Naira, Twenty-Six Kobo) was deposited into your account No. 1010090410.

“You thereby committed an offence contrary to sections 5(1) (a), 16(1) (f) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 16 (2)(b) of the same Act.”

One of the counts against Armada Financial Services reads: “That you, Armada Financial Services, a Designated Non-Financial Institution, between 5th July 2021 and 31st day of December 2021 in Lagos, failed to submit to the Ministry of Commerce a declaration of activities of the said company within which period the total sum of N1,950,000,000.00 (One Billion, Nine Hundred and Fifty Million Naira) was deposited into the company’s account No. 1017656772.

“You thereby committed an offence contrary to sections 5(1) (a), 16(1)(f) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 16 (2)(b) of the same Act.”

One of the counts against Amsamay reads: “That you, Amsaymay Limited, a Designated Non-Financial Institution, between 12th October, and 28th day of November 2020, in Lagos, retained the total sum of N1,417,198,232.25 (One Billion, Four Hundred and Seventeen Million, One Hundred and Ninety-Eight Thousand, Two Hundred and Thirty Two Naira) in your account No. 1017656772, which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to wit: fraud.

“You thereby committed an offence contrary to sections 15(2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3)of the same Act.”

They all pleaded “not guilty” to the charges.

In view of their pleas, prosecution counsel, S.I. Sulaiman, asked the court for a trial date.

Defence counsel, Richard Oma-Ahonaruogho (SAN), moved the defendants’ bail application.

Oma-Ahonaruogho also pleaded with the court to release the defendant to him pending the fulfilment of her bail conditions.

Consequently, the Judge granted the defendant bail in the sum of N10m, with two sureties in the like sum.

The sureties must be Grade Level 14 officers, with landed properties within the court’s jurisdiction.

The case was adjourned to September 28 for trial.