The Economic and Financial Crimes Commission on Monday arraigned a firm, Renocon Properties Development Limited, and its Managing Director, Babatunde Morakinyo, for allegedly failing to report in writing to the anti-graft agency transactions in the total sum 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.
Prosecuting counsel Ebuka Okongwu 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 the commencement of trial and remanded the defendant in EFCC custody after refusing an oral application for bail by defendant’s counsel.