A businessman, Olayinka Oladimeji on Thursday stood before a Federal High Court in Lagos, in answer to charges bordering on alleged money laundering.
Oladimeji is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside a company Aquila Asset Management Ltd, a financial institution, before Justice Chukwujekwu Aneke.
The defendants are standing trial on a seven-count charge bordering on alleged failure to report within seven days, single lodgment of funds in their account, running into millions of naira.
They however, pleaded not guilty to the charges.
The prosecutor, Mr Henry Anasoh, alleged that the offence was committed between March 16, 2023 and March 24, 2023 in Lagos.
On March 16, 2023, they were alleged to have concealed a single lodgment of funds in the sum of N500 million and N20 million into their Access bank account number 0006080588, without reporting such lodgment to the Nigerian Financial Intelligence Unit within seven days as provided by law.
On March 17, 2023, they were alleged to have failed to report a single lodgment of funds in the sum of N19.5 million, into their account without disclosing the same to the Nigerian Financial Intelligence Unit.
Again, on March 23, 2023, the defendants were alleged to have also failed to report single bulk lodgments of money in tranches of N 512 million, N91 million, N100 million and N112 million, into their account without reporting the same to the Nigerian Financial Intelligence Unit.
The offences contravened the provisions of sections 11(1)(b) and punishable under the provisions of section 11(3) of the Money Laundering Prohibition Act 2022.
Justice Aneke has adjourned the case until April 28, for ruling on the bail application. (NAN)
