Money Laundering: EFCC Arraigns Property Firm, MD For $1.29m, N46m

July 28, 2020
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The Lagos Zonal Office of the Economic and Financial Crimes Commission( EFCC) on Monday, July 27, 2020 arraigned a property company, Renoccon Properties Development Limited and its Managing Director, Babatunde Morakinyo for allegedly laundering the sum of $1.29million and N46million respectively.

 The property firm and its managing director were docked before Justice Rilwan Alkawa of the Federal High Court sitting in Lagos on a six-count charge bordering on money laundering. The defendants allegedly received the sum of $1.29million and N46million without notifying the EFCC ,as required under Section 5(1)(a) and 10(1)b) of the Money Laundering Act.

EFCC counsel, Ebuka Okongwu told the court that Morakinyo and his firm failed to notify the Commission in writing when four transactions: $1million, $290,703, N16million and N30million were made into the accounts of Renocoon Properties Development Limited. The transactions were allegedly made between 2013 and 2015 in violation of the provisions of the Money Laundering Act 2011. Morakinyo and his firm pleaded “not guilty” to the charges when read to them.

Defence counsel, Okechukwu Edeze sought a short adjournment to file for bail for his clients. Justice Alkawa granted his prayers and adjourned hearing for bail till Tuesday, July 28, 2020 and trial October 15, 2020.

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