The Economic and Financial Crimes Commission (EFCC), 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 $1.29 million and N46 million 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 State.
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Morakinyo was accused of failing to report in writing to the EFCC four single transfers of $1 million, $290,703, N16 million and N30 million 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.
