The Economic and Financial Crimes Commission, on Friday arraigned a former director of Bank PHB (now Keystone), Funmi Adenmosun, before a Federal High Court, sitting in Lagos for alleged N26.6 billion money laundering.
Adenmosun was arraigned alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development Limited.
They were arraigned before Justice Daniel Osiagor of on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
Earlier, EFCC prosecutor, Rotimi Oyedepo informed the court of the 10-count charge dated January 5, 2020 and urged the court to direct that the charge be read to the defendants.
Following the reading of the charge, Adenmosun pleaded not guilty to all 10-count charge.
In view of his non-guilty plea, the prosecutor, Oyedepo requested for a trial date and urged the court to remand him in custody of the Nigerian Correctional Services (NCoS), till the determination of the charge.
However, Adenmosun’s lawyer, Wale Adesokan (SAN) informed the court that a bail application dated January 13, 2022, has been filed and same has been served on the prosecution. He urged the court to hand over Adenmosun to him assuring the court that he would always attend to his case.
But, Justice Osiagor refused the request and granted him bail in the sum of N250 million with two sureties.
Court directed that one of the sureties must be a grade level 15 officer in either federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction.
The court further directed that he should be remanded in EFCC custody pending the perfection of his bail application.
The matter has been adjourned to February 24th, 25th and March 4, 2022 for hearing.
Some of the charges against the defendant reads: “That you, Funmi Adenmosun and Home Trust Savings and Loan Limited and Rare Properties and Development Limited sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to convert the total sum of N26,600,000,000 (Twenty Six Billion, Six Hundred Million Naira} which sum you reasonably ought to have known forms part of proceeds of fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 18 tab of the Money laundering Prohibition Art, 2011 as amended and punishable under section 15 (2)(b) of the same Act.
“That you Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 8th day of November, 2007, in Lagos within the Jurisdiction of this Honourable Court indirectly transferred the sum of N450,000,000.00 (Four Hundred and Fifty Five Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited or about the 8 day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N450,000,000.00 (Four Hundred and Fifty Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 {2} (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited, on or about the 9th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N610,000,000.00 (Six Hundred and Ten Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (b} of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited on or about the 9th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N610,000,000,00 (Six Hundred and Ten Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2017 as amended and punishable under section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited, on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N702, 000,000.00 (Seven Hundred and Two Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 {2} (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N702, 000,000. 00 (Seven Hundred and Two Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering. Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 13th day of November, 2007, within the Jurisdiction of this Honourable Court indirectly transferred the sum of N706,000,000.00 (Seven Hundred and six million naira) to Rare Properties and Development Limited which you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscriber to the private placement conducted in the name of investment & Allied Assurance Plc and you hereby committed an offence contrary to section 15 (2)(4) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same act.
“That you, Rare Properties and Development Limited on or about the 13th day of November, 2007 in Lagos, within the Jurisdiction of this Honourable Court retained the sum of N706,000,000.00 (Seven hundred and Six Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent Conversion of the funds raised from the subscriber to the private placement conducted in the name of investment & Allied Assurance Plc and you hereby committed an offence contrary to section 15 (2)(4) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same act.
“That you Funmi Adenmosun and Home Trust Savings and Loan Limited between 14 day of November and 31st day of December 2007, wage, in jurisdiction of this Honourable Court. the aggregate wen of N12, 572,001,080.00 (twelve billion, Five Hundred and Seventy Two Millon, One Thousand, eighty Naira) which you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of investments & Allied Assurance Plc and you hereby committed an offence contrary 10 section 35 (2) (b) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under the same Act.
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