EFCC arraigns director, company for alleged N140b fraud

The Economic and Financial Crimes Commission, EFCC, on Monday arraigned one Saadatu Ramallan Yaro and a company before a Federal High Court sitting in Abuja on money laundering separate charges to the tune of over N140billion.

Yaro was arraigned before Justice Obiora Egwuatu on 25-count charge and 12 counts respectively.

The anti-graft Commission in statement by its Head, Media and Publicity Wilson Uwujaren, said the defendant in the first 25-count charge, 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 N100billion to the Ministry of Commerce.

According to the statement, he was arraigned alongside Tsami Babi Resources Limited.

Some of the counts against the defendants reads, “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 N20,967,535,184.00 (Twenty Billion, Nine Hundred and Sixty-seven Million, Five Hundred and Thirty Five Thousand, One Hundred and Eighty-Four Naira 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.

“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, 150.00( Seventeen Billion, Six Hundred and Twenty-three Million, Seven and Fifty-six Thousand, One Hundred and Fifty Naira) 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,” according to the statement.

The EFCC spokesperson noted in the statement that Ramallan-Yaro is charged alongside M.A.Y FINE FRAGRANCE LIMITED, a Designated Non-financial Institution for money laundering to the tune of N40 billion in the second 12-count charge.

One of the counts reads, “That you, M.A.Y FINE FRAGRANCE LIMITED, a Designated Non-financial Institution, between 19th day of May and 9th day of August, 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 N15,761,938,147.00 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.”

According to the statement, the defendant when the charges were read to him pleaded “not guilty”.

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.

Justice Egwuatu granted the defendant bail in the sum of N100million with two sureties in like sum. 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.

The judge adjourned till July 12 and 13, 2023 for commencement of trial.