Tuesday, October 3, 2023

EFCC arraigns man for alleged N110m money laundering

The Economic and Financial Crimes Commission, EFCC, has arraigned Babatunde Morakinyo, Iretidu LTD and Tree Four Universal Concept Limited for alleged N110m money laundering scam.

The duo are under prosecution before Justice A. R. Muhammed of the Federal High Court, Abuja.

Acting spokesman of the anti-graft agency, Tony Orilade said this in a statement made available to newsmen in Abuja.


One of the charge reads: “That you, Iretidu (a Designated Non-Financial Institution(“DNFI”) and BABATUNDE Morakinyo, being Director of the said company sometimes in March, 2019 in Abuja within the jurisdiction of this Honourable Court, failed to report in writing to the Economic and Financial Crimes Commission, a single transaction of the sum of N110,000,000 (One Hundred and Ten Million Naira) carried out in the GTBank PLc account No.0025311546 operated by Iretidu Ltd as specified under Section 10(1)(b) of the Money Laundering (Prohibition) Act 2011(As Amended) and you thereby committed and offence contrary to and punishable under Sections 10(3), 16(2) (b), and 19 of the Money Laundering (prohibition) Act, 2011(AS Amended).”

But the defendant pleaded not guilty, when all the charges were read to him.


It was on this premise that the defendant, the prosecution counsel, E. E Iheanacho, prayed the court to grant a trial date and urged the accused to be remanded in custody.

Also, the Defense counsel, Mahmud Abubakar Magaji, SAN, prayed the court to grant the defendant bail.

In his ruling, Justice A.R. Muhammed granted the defendant bail in the sum of N200, 000, 000 with two sureties to stand for the first defendant.

One of the sureties, he said must be owner of a landed property in Abuja, FCT and that the value of the property must meet the bail bond of N200 million.

He added that the surety must release the original title document of the property to be kept in the custody of the Registrar of the court throughout the duration of the trial.

Further, he ordered that the second surety must be a Civil Servant in the employment of the Federal government or any of its agencies and must not be below grade level Grade Level 10 while the first defendant’s International Passport must be deposited with the chief registrar of the court.

Yet, he affirmed that the two sureties should submit their recent passport photographs with the Court Registrar and,
adjourned the case to March 27, for commencement trial.


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