EFCC arraigns firm, MD over $1.29m, N46m transactions

THE Economic and Financial Crimes Commission on Monday arraigned a firm, Renocon Properties Development Limited, and its Managing Director, Babatunde Morakinyo, for alleged failure to report in writing to the anti-graft agency transfers  of total sums of $1.29m and N46m into the company’s account.

The six counts filed by the EFCC against Morakinyo and Renocon Properties Development Limited border on money laundering.

They were arraigned before Justice Rilwan Aikawa at the Federal High Court in Lagos.

Morakinyo was accused of failing to report in writing to the EFCC four single transfers of $1m, $290,703, N16m and N30m into the bank account of Renocon Properties Development Limited.

The EFCC said the transactions were made between 2013 and 2015.

The prosecution said Morakinyo and Renocon Properties Development Limited contravened Section 10(1) of the Money Laundering (Prohibition) Act 2011.

The defendants pleaded not guilty.

Check Also

Osun Guber: Tribunal Adjourns Hearing Till Next Week

. Osun State Election Petitions Tribunal has fixed October 13 for the hearing of all …

Birthday: Oyetola Greets Akinrinade, Describes Him As A Patriot

Osun State Governor, Adegboyega Oyetola has joined other eminent Nigerians to celebrate General Ipoola Alani …

Ogun Govt Gifts Tobi Amusan N5m, House, Makes Her State Ambassador

World champion, Tobi Amusan, has become a Youth Ambassador in Ogun State to serve as …

Leave a Reply

Your email address will not be published.