Alleged $1.29m, N46m laundering: EFCC arraigns Renoccon Properties MD, Morakinyo
The defendants were docked on Monday before Justice Rilwan Alkawa of the Federal High Court sitting in Lagos.They allegedly received the sum of $1.29million and N46million without information the EFCC, as required under Section 5 and 10b) of the Money Laundering Act.
Ebuka Okongwu, EFCC counsel, told the court that Morakinyo and his firm failed to notify the agency of four transactions. He said $1million, $290,703, N16million and N30million were made into the accounts of Renocoon Properties Development Limited. The transactions were allegedly made between 2013 and 2015 in violation of the provisions of the Money Laundering Act 2011.
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