A businesswoman in Lagos, Saadatu Ramalan-Yaro, has been apprehended and arraigned before Justice Obiora Egwuatu of the Federal High Court in Abuja over an alleged fraud of N140 billion Naira.
The EFCC stated that Ramalan-Yaro deposited N100 billion into the company’s account with Zenith Bank without informing the Ministry of Commerce.
Ramallan-Yaro and M.A.Y. Fine Fragrance Limited, a designated non-financial institution, were accused of money laundering amounting to N40 billion. The accused pleaded not guilty, and the prosecution counsel requested a date for the commencement of the case.
At the court on Monday, the defence counsel, a Senior Advocate of Nigeria (SAN), reportedly requested bail for the defendant, which was granted by Justice Egwuatu. The trial was adjourned until July 12 and 13, 2023
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.