EFCC demands Lagos businesswoman Ramalan-Yaro, company for N140bn fraud

Two weeks after her initial arraignment, the Economic and Financial Crimes Commission on Monday filed charges against businesswoman Saadatu Ramalan-Yaro in Lagos State.
The businesswoman was charged with money laundering totaling more than N140 billion and appeared before Justice Obiora Egwuatu of the Federal High Court in Abuja. She is charged with failing to submit the business’s activities as required by her role as director of Tsami Babi Resources Limited, a recognised non-financial business.

Ramalan-Yaro allegedly made a N100 billion deposit into the business’ Zenith Bank account without informing the Ministry of Commerce, according to the EFCC.

The accused’s actions violate Sections 5(1)(a) and 16(1) of the Money Laundering Prohibition Act of 2011 (as amended), and they are unlawful and punishable in accordance with Section 16(2)(b) of the same Act.

Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a designated non-financial institution, were charged with money laundering totaling N40 billion in the second accusation. The prosecution’s attorney asked for a start date for the case after the accused entered a not guilty plea.

Justice Egwuatu granted the defence attorney’s request for bail for the defendant, a Senior Advocate of Nigeria (SAN). On July 12 and 13, 2023, the trial was continued.

In addition to posting a bond of N100 million and providing two sureties, one of whom had to be a government employee and the other a relative, the defendant was also required to deposit her international passport with the court.