x

Lagos businesswoman Ramalan-Yaro and her company face arraignment by the EFCC for alleged fraud amounting to N140 billion

 

Economic and Financial Crimes Commission on Monday arraigned Saadatu Ramalan-Yaro, a businesswoman, for the second time in Lagos State, two weeks after her first arraignment.

The businesswoman was brought before Justice Obiora Egwuatu of the Federal High Court in Abuja on charges of money laundering amounting to over N140 billion. She is accused of not fulfilling her responsibilities as the director of Tsami Babi Resources Limited, a designated non-financial business, by not submitting the company’s activities.

The EFCC stated that Ramalan-Yaro deposited N100 billion into the company’s account with Zenith Bank without informing the Ministry of Commerce.

The act committed by the accused contravenes Sections 5(1) (a) and 16(1) of the Money Laundering Prohibition Act of 2011 (as amended), and is punishable under Section 16(2)(b) of the same Act.Economic and Financial Crimes Commission on Monday arraigned Saadatu Ramalan-Yaro, a businesswoman, for the second time in Lagos State, two weeks after her first arraignment.

The businesswoman was brought before Justice Obiora Egwuatu of the Federal High Court in Abuja on charges of money laundering amounting to over N140 billion. She is accused of not fulfilling her responsibilities as the director of Tsami Babi Resources Limited, a designated non-financial business, by not submitting the company’s activities.

The EFCC stated that Ramalan-Yaro deposited N100 billion into the company’s account with Zenith Bank without informing the Ministry of Commerce.

The act committed by the accused contravenes Sections 5(1) (a) and 16(1) of the Money Laundering Prohibition Act of 2011 (as amended), and is punishable under Section 16(2)(b) of the same Act.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.

Hot this week

Ex-ACF Scribe Warns FG Against Bowing to Pressure Over Nnamdi Kanu

By Achadu Gabriel, KadunaFormer Secretary-General of the Arewa Consultative...

FG Targets Speedy Trials, Plans Decongestion of Correctional Centres

By Francis WilfredThe Minister of Interior, Dr. Olubunmi Tunji-Ojo,...

Four Arraigned Over Murder of Osun LG Chairman

Four men have been arraigned before the Federal High...

INSPIRATION:Take a Break — Find Clarity in Stillness

By Mary EwaSometimes, life feels like a race with...

Wike Commissions Wuye Engineering Infrastructure,16 years After

By Joyce Remi-BabayejuHistory was made on Tuesday when...

Ododo’s Livestock Vision Gets Boost as New Ministry Takes Over L-PRES Project in Kogi

By Noah Ocheni, Lokoja The Kogi State Government has officially...

Kaduna NNPP Suspends Chairman Over Misconduct, Appoints Acting Leader

By Achadu Gabriel, Kaduna The Kaduna State chapter of the...

Kaduna Igbo Community Honours Amb. Yerima Shettima with Traditional Title

By Achadu Gabriel, Kaduna The Eze Igbo of Kaduna, His...

Hajj 2026: Dual 23kg Luggage Policy Sparks Logistical Concerns

By Ibrahim Muhammad The newly introduced luggage policy for the...

Chinese Ambassador’s Cup: 2025 Wushu Championship Set to Hold in Abuja

The Chinese Ambassador’s Cup-Wushu Championship, also known as the...

INSPIRATION:Take a Break — Find Clarity in Stillness

By Mary EwaSometimes, life feels like a race with...

Ruben Amorim’s Bold Faith in Senne Lammens Pays Off as Rio Ferdinand Delivers Five-Word Verdict

Manchester United’s dramatic 2-1 victory over Liverpool at Anfield...

Related Articles

Popular Categories

spot_imgspot_img