Businessman gets N50m bail for laundering $420,000

By Akin Kuponiyi

A Lagos businessman, Yakub Mohammad was on Thursday arraigned before a Federal High Court in Lagos, Southwest Nigeria for allegedly laundering $420.000 and was granted a bail of N50 million.

In a two-count criminal charge number FHC/304C/19 filed before the court by the Economic and Financial Commission legal officer, ABC Ozioko, it was alleged in count one that Mohammed, Adetubosun Samuel Adeyeri still at large and Babangida Dauda still at large sometimes in Lagos between 2012 and 2015 conspired together to take possession of $400,000 which they reasonably ought to have known that such funds formed part of proceed of unlawful activities, thereby committed an offence contrary to section18 (a) of the money laundering Act.

In the second count, Mohammed was alleged to have solely took possession of $20,000.

The accused businessman pleaded not guilty to the charge.

Consequently, based on the bail application of his counsel, the presiding judge, Justice Saliu Saidu. admitted the accused to bail in the sum of N50 million with two sureties, one of which must be a civil servant on grade level 14.

Thereafter, the case was adjourned till 14th of November, 2019 for trial to commence.