EFCC arraigns MD, firm for failure to report huge transfers

The Economic and Financial Crimes Commission (EFCC) has arraigned a firm, Renocon Properties Development Limited, and its Managing Director, Babatunde Morakinyo, for allegedly failing to report to it in writing, the transfer of $1.29m and N46 million to a company’s account.

Morakinyo and the company were arraigned on a six count charge bordering on money laundering on Monday.

In the charges filed 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 also revealed that the transactions were made between 2013 and 2015.

According to the anti-graft agency, Morakinyo and Renocon Properties Development Limited contravened Section 10(1) of the Money Laundering (Prohibition) Act 2011.

The defendants however pleaded not guilty, just as the judge adjourned till October 15, 2020 for commencement of trial.