The Lagos Zonal office of the Economic and Financial Crimes Commission, EFCC, has arraigned one Saeed Hammoud Hussain alongside his companies, S$H Concept Limited and America House Hold Limited, before Justice Mohammed Liman of the Federal High Court sitting in Ikoyi, Lagos on a three-count charge bordering on money laundering.
EFCC said the defendant was arrested on December 20, 2018, following intelligence report received by the Commission about his alleged involvement in business email compromise and money laundering.
In a post on its facebook page dated April 10, 2019 said one of the counts reads: “That you, Saeed Hammoud Hussain, S$H Concept Limited and America House Hold Limited, on or about September 2016 to April 2017, carried out a total transaction in the sum of N100,000,000.00 (One Hundred Million Naira) with one Olaoluwa Wahab Akanbi (a.k.a. Self Paid, who is still at large), without proper identification and verification of the customer and committed an offence contrary to Section 3(1) (b) and punishable under Section 16 (1) (f) (2) (b) of the Money Laundering (Prohibition) Act, 2011 as amended.
Part of the post read: “The defendant pleaded not guilty to the charge preferred against him.
“In view of his pleas, the prosecution counsel, Yerima Ahmed, asked the court for a trial date.
“He further prayed that if the defendant would be granted bail, “it should be in the most stringent terms so as to ensure that he shows up for his trial.”
“However, counsel to the defendant, Martins Okpaleke, informed the court of bail applications on behalf of his client.
“Justice Liman granted the defendant bail on self-recognizance.
“The Judge further held that the sum of N100, 000, 000.00 (One Hundred Million Naira) belonging to the defendant, which was under temporary forfeiture, be finally forfeited to the Federal Government, if the defendant fails to show up for his trial.
“Consequently, Justice Liman adjourned the case to June 12, 2019 for commencement of trial,” the post added.