Ramallan Yaro, Company, Arraigned For Laundering N140bn

One Saadatu Ramallan Yaro was arraigned before Justice Obiora Egwuatu of the Federal High Court, Abuja, on separate charges of money laundering to the tune of over N140 billion. 

She was arraigned by the Economic and Financial Crimes Commission, EFCC on Monday, alongside Tsami Babi Resources Limited.

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, by not making submissions of activities of the company to the Ministry of Commerce.

One 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”.

In the second 12-count charge, Yaro was charged for money laundering to the tune of N40 billion, alongside M.A.Y Fine Fragrance Limited, also a Non-financial Institution.

She had pleaded “not guilty” to all the charges read to her and 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.

A bail was granted to the defendant in the sum of N100m with two sureties in like sum.

According to the judge, one of the sureties must be a public servant and the other a relation. 

Egwuatu further said the defendant is to further deposit her international passport with the court and the case was adjourned till July 12 and 13, 2023 for commencement of trial.