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EFCC indict firm MD over $1.29m money laundering charges

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The Economic and Financial Crimes Commission, on Monday arraigned the Managing Director of Renocon Properties Development Limited, Mr. Babatunde Morakinyo for failing to report in writing the transfers of $1.2 million and N46 million to the agency.

The EFCC filed a six count charge against Mr. Morakinyo.

The anti graft agency said the transfers were made between 2013 and 2015. And accused the MD and his firm of violating section 10(1) of the Money Laundering (Prohibition) Act 2011.

Mr. Morakinyo and his firm have since pleaded not guilty.

The judge has adjourned the case till October 15, when the trial will commence.

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