Sarumi Babafemi was arraigned on Friday by the Economic and Financial Crimes Commission (EFCC) for allegedly laundering N207 million.
Babafemi was arraigned with his companies 606 Autos Limited, 606 Music Limited; and Splash Off Entertainment Limited on five count before the Federal High Court, Lagos.
He was charged with laundering a total of N207.1m between 2013 and 2018. He was also accused of transferring N37.8m to Omojadesola Allison; N93m to Olarenwaju Oriyomi; N1.5m to Abiola Ayorinde aks ABK; N25m to Bartholomew Ezeudoka; and N50m to Amobi Uchenna.
According to the EFCC, 606 “ought to have reasonably known that such funds form part of an unlawful act, to wit: obtaining money by false pretense”.
A.B.C Ozioko, Prosecuting counsel for the EFCC, said 606 and his company acted contrary to Section 15(2)(b) of the money laundering (Prohibition) Act 2011 (as amended) and were liable to be punished under Section 15(3) of the Act.
606 and his company pled not guilty to the charges when they were read.
Dr Muiz Banire (SAN), counsel fro the defence, told Justice Chukwujeku Aneke that he had filled an application for his client’s bail and he had served it to prosecution. according to Banire, the offence was a bailable one and therefore urged the court to grand his client bail.
However, the Prosecutor, Ozioko, urged the court to decline the bail application based on the antecedents of the accused. He said the charges against the defendant were informed by intelligence from the American Federal Bureau of Investigation (FBI), and there was another charge against 606 pending before another court.
Justice Aneke adjourned the case till the 4th of November, 2019 to rule on the bail application. He however ordered that 606 be remanded in prison custody till then.