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Fani-Kayode, Usman, arraigned over N4.9 billion money laundering charges

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Fani-Kayode, Usman, arraigned over N4.9 billion money laundering charges

Former Minister of Aviation, Femi Fani-Kayode, will be in prison custody until at least July 1st, when his bail application will be heard. This followed his arraignment on Tuesday before a Federal High Court in Lagos over allegations that he and three others laundered N4.9 billion.

Others who were charged alongside Fani-Kayode were Nenadi Usman, a former finance minister; Danjuma Yusuf; and a company – Joint Trust Dimension Nig. Ltd. Fani-Kayode, who served as the Director of Media and Publicity in the campaign organisation of former President Goodluck Jonathan, and his co-accused pleaded not guilty to the 17-count charge bordering on unlawful retention, unlawful use and unlawful payment of money.

The judge ajourned the case to July 1 for hearing of the bail applications by the accused persons.

The accused were alleged to have committed the offences between January and March 2015. On counts one to seven, they were alleged to have unlawfully retained about N3.8 billion which they “reasonably ought to have known formed part of the proceeds of an unlawful act of stealing and corruption.’’ On counts eight to 14, the accused were alleged to have unlawfully used about N970 million which they “reasonably ought to have known formed part of an unlawful act of corruption.’’

Meanwhile, on counts 15 to 17, Fani-Kayode, together with a man, Olubode Oke, still at large, were alleged to have made cash payments of about N30 million in excess of the amount allowed by law without going through a financial institution.

Besides, Fani-Kayode, was alleged to have made payments to one Paste Poster Co. (PPC) of No. 125, Lewis St., Lagos, in excess of amounts allowed by law.

The offences, according to the EFCC, contravene the provisions of Sections 15 (3), (4), 16 (2), (b) and 16 (5) of the Money Laundering (Prohibitions) (Amendment) Act, 2012.

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