The Economic and Financial Crimes Commission (EFCC) Monday arraigned a firm, Renocon Properties Development Ltd, and its Managing Director, Babatunde Morakinyo, for allegedly laundering $1.29million and N46million.
The EFCC told Justice Rilwan Aikawa of the Federal High Court in Lagos that the duo received the sum without notifying the Commission, as specified under sections 5(1)(a) and 10 (1)(b) of the Money Laundering Act.
In six counts on a charge marked FHC/L/94c/2020, EFCC counsel Ebuka Okongwu alleged that Morakinyo failed to report in writing four single transfers of $1m, $290,703, N16m and N30m into his firm’s bank account.
The court heard that the transactions were made between 2013 and 2015 and that they contravened Section 10(1) of the Money Laundering (Prohibition) Act 2011.
The defendants pleaded not guilty.
Their counsel, Mr. Okechukwu Edeze, applied for a “short adjournment” to enable him file a bail application.
Justice Aikawa upheld his prayer and adjourned till Tuesday for hearing of the bail prayer.
He fixed October 15 for commencement of trial.