The Economic and Financial Crimes Commission has arraigned a firm, Renocon Properties Development Limited, and its Managing Director, Babatunde Morakinyo, over an 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 anti graft agency arraigned Morakinyo and Renocon Properties Development Limited before Justice Rilwan Aikawa at the Federal High Court in Lagos in a six count charge bordering on money laundering.
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.
The judge adjourned till October 15, 2020 for commencement of trial.