The Economic and Financial Crimes Commission (EFCC, on Monday, arraigned one Saadatu Ramallan Yaro before Justice Obiora Egwuatu of the Federal High Court, Abuja, on separate charges of money laundering to the tune of over N140 billion.
A press statement by EFCC Head, Media and Publicity, Wilson Uwujaren, in Abuja, said: “In the first charge, a 25-count charge, the defendant is accused of failing in her duty as director of Tsami Babi Resources Limited, a designated non-financial business, to make submissions of activities of the company that enabled financial transactions into the company’s account with a new generation bank to the tune of over N100 billion to the Ministry of Commerce.”
He noted that arraigned alongside Yaro, was Tsami Babi Resources Limited.
Uwujaren said one of the counts against the defendants read, “that you, Saadatu Ramallan Yaro, being a Director Of Tsami Babi Resources Limited, a Designated Non-Financial Institution, between 5th July, 2021 and 20th day of April, 2022, in Abuja within the jurisdiction of this Honourable Court, failed to submit to the Ministry of Commerce, a declaration of activities of the said company within which period the total sum of N20,967,535,184 was deposited into the company’s account No.1216254641 domiciled in Zenith Bank Plc and you thereby committed an offence contrary to sections 5(1) (a), 16(1) of the Money Laundering Prohibition Act 2011 (as amended) and punishable under section 16 (2)(b) of the same Act.”
He said another count read; “That you, Tsami Babi Resources Limited, a Designated Non-financial Institution, in year 2021, in Abuja within the jurisdiction of this Honorable Court, failed to submit to the Ministry of Commerce, a declaration of activities of the said company within which period the total sum of N17,623,756,150 was deposited into the company’s account No. 1017359121 domiciled in Zenith Bank Plc and 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.”
He said in the second 12-count charge, Ramallan-Yaro was charged alongside M.A.Y FINE FRAGRANCE LIMITED, a designated non-financial institution for money laundering to the tune of N40 billion.
According to Uwujaren, “One count of the chatges read, “That you, M.A.Y FINE FRAGRANCE LIMITED, a Designated Non-financial Institution, between May 19 and August 9, 2022, in Abuja within the jurisdiction of this Honourable court, failed to submit to the Special Control Unit Against Money Laundering, a declaration of your activities within which period the total sum of N15,761,938,147 was deposited into your account No.1222868021 domiciled in Zenith Bank Plc and you thereby Committed an offence contrary to Sections 6(1) (a), 19(1) (f) of the Money Laundering (Prevention and Prohibition) Act, 2022 and Punishable under section 19(2)(b) of the Same Act.”
He said the defendant pleaded not guilty to all the charges when they were read to her and in view of rhe plea the Prosecution Counsel, Faruk Abdullah, prayed the court to set a date for the prosecution to open its case against the defendant.
However, the Defence Counsel, J.B Daudu (SAN), prayed the court to grant the defendant bail.
Tjw sposksperson sais Justice Egwuatu granted the defendant bail in the sum of N100 million with two sureties in like sum.
Egwuatu said one of the sureties must be a public servant and the other a relation.
The defendant is to further deposit her international passport with the court, even as the judge adjourned till July 12 and 13, 2023 for commencement of trial.