The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC), Monday arraigned a businesswoman, Saadatu Ramallan-Yaro, director, April 1616 Investment Limited and Amsaymay Limited, both Designated Non-Financial Institutions, over allegation of money laundering before Justice Nicholas Oweibo of the Federal High Court sitting in Ikoyi, Lagos.
EFCC head, Media and Publicity, Wilson Uwujaren, in a press statement in Abuja, said the commission also arraigned, on separate charges, four companies: April 1616 Investment Limited; Misabs International Limited, Armada Financial Services and Amsamay Limited.
He said one of the charges against Ramallan-Yaro reads: “That you, Saadatu Ramallan-Yaro, being a director of April 1616 Investment Limited, a Designated Non-Financial Institution, on or about the 3rd day of July, 2020 in Lagos, within the jurisdiction of this honourable court, failed to submit to the Ministry of Commerce a declaration of activities of the said company leading to deposit of the sum of N1,050, 000,000 into account No.
1015006861 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.”
Similarly, one of the counts against April 1616 reads: “ That you, April 1616 Investment Limited, a Designated Non-Financial Institution, between 2017 and 2021, in Lagos within the jurisdiction of this Honourable Court, failed to submit to the Ministry of Commerce a declaration of your activities within which period the total sum of N42,578,881,137 was deposited into your account No. 1015006861 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.
In the same vein, one of the counts against Misabs reads: “That you, Misabs International Limited, a Designated Non-Financial institution, between 2016 and 2019 in Lagos, within the jurisdiction of this Honourable Court, failed to submit to the Ministry of Commerce a declaration of your activities within which period the total sum of N1,930,054,133.26 was deposited into your account No. 1010090410 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.”
