Close button
The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp
x

EFCC re-arraigns Malabu, others over alleged laundering of $875.7m

Related

The Economic and Financial Crimes Commission (EFCC), yesterday, re-arraigned Malabu Oil and Gas Limited, Aliyu Abubakar and six others, before Justice I.E. Ekwo of the Federal High Court sitting in Abuja on 67 amended charges bordering on laundering of $875,740,000.

The other six defendants include Rocky Top Resources Limited; Megatech Engineering Limited; Novel Properties and Development Company Limited; Imperial Union Limited, and Carlin International Nigeria Limited.

EFCC counsel, Bala Sanga, told the court that he was ready with the amended charges and for the eight defendants to take their pleas.

x

Among others, the EFCC alleged that:
• Malabu Oil and Gas Limited, Seidougha Munamuna (at large), Amaran Joseph (at large) and Douzia Loya Etete (at large), in August 2011, in Abuja, took control of $401,540,000 paid from the Federal Government’s Escrow Account No: 0041451493 IBAN 30CHAS609242411492 with JP Morgan Chase Bank in London into account 2018288005 of Malabu Oil and Gas Limited domiciled with First Bank of Nigeria Limited, when they reasonably ought to have known that the funds formed part of an unlawful activity and thereby committed an offence contrary to Section 15(2) (d) of the Money Laundering Prohibition Act.

• the defendants in August 2011, in Abuja, also took control of $400,000,000 aid from the Federal Government Escrow account with JP Morgan into the account No. 1005552028 of Malabu Oil and Gas Limited domiciled with Bank PHB Plc (Now Keystone Bank Limited, Account No. 3610042472), when they reasonably ought to have known that the funds formed part of an unlawful activity and thereby violated provisions of the Laundering Prohibition Act 2011(as amended);

• the defendants, in August 2013, in Abuja, took control of $74,200,000.03 paid from the Federal Government’s Escrow Account with the JP Morgan into the account No. 1005552028 of Malabu Oil and Gas Limited domiciled with Bank PHB Plc (Now Keystone Bank Limited Account No.3610042472), when they reasonably ought to have known that the funds formed part of an unlawful activity.

The defendants pleaded not guilty to the 67 charges.

Thereafter, Sanga prayed the court to grant a date for commencement of trial.

Justice Ekwo adjourned the matter to September 10, 2020 and permitted the defendants to continue with their existing bail.

x


Receive News Alerts on Whatsapp: +2348136370421

No comments yet