The Economic and Financial Crimes Commission (EFCC), has arraigned a former director of Bank PHB (now Keystone), Funmi Adenmosun, before the Federal High Court, Lagos over alleged money laundering amounting to N26.6 billion.
Adenmosun was arraigned alongside his company, Home Trust Savings and Loan Limited and a private company, Rare Properties and Development Limited.
They were arraigned before the court presided over by Justice Daniel Osiagor, on a 10-count charge bordering on Conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
Earlier, EFCC prosecutor, Mr. Rotimi Oyedepo informed the court of the 10-count charge dated January 5, 2020 and urged the court to direct that the charge be read to the defendants.
Following the reading of the charge, Adenmosun pleaded not guilty to all 10-count charge.
Following the defendant’s plea of not guilty, the prosecutor, Oyedepo, asked the court for a trial date and urged the court to remand him in custody of the Nigerian Correctional Services (NCoS), till the determination of the charge.
However, Adenmosun’s lawyer, Mr. Wale Adesokan (SAN) informed the court that a bail application dated January 13, 2022, has been filed and same has been served on the prosecution. He urged the court to hand over Adenmosun to him assuring the court that he would always attend to his case.
But, Justice Osiagor refused the request and granted him bail in the sum of N250 million with two sureties.
Court ordered that one of the sureties must be a grade level 15 officer in either federal or state ministry, while the other surety must be a blood relation of the defendant.
The court further directed that he should be remanded in EFCC custody pending the perfection of his bail application. Whle adjourned the matter till February 25 and Mar. 4, 2022 for commencement of defendant’s trial.
Some of the charges against the defendant reads: “That you, Funmi Adenmosun and Home Trust Savings and Loan Limited and Rare Properties and Development Limited sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to ronvect the toil sum of N26, 600, 000, 000 (Twenty Six Billion, Six Hundred Million Naira} which sum you reasonably ought to have known forns part of proceeds of Fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 18(a) of the Money laundering Prohibition Act, 2011 as amended and punishable under section 15 (2) (b) of the same Act
“That you Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 8 day of November , 2007, in Lagos within the Jurisdiction of this Honourable Court indirectly transferred the sum of N450,000,000.00 (Four Hundred and Fifty Five Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011, as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited on or about the 9″ day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N610,000,000,00 (Six Hundred and Ten Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2017 as amended and punishable under section 15 (3) of the same Act.
” That you, Funmi Adenmosun and Home Trust Savings and Loan Limited, on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N702, 000, 000.00 (Seven Hundred and Two Million Naira} to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby commitied an offence contrary to section 15 (2} (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N702, 000, 000. 00 (Seven Hundred and Two Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Launderina. Prohibition Act, 2011 as amended and punishable undef section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 13th day of November, 2007, within the Jurisdiction of this Honourable Court indirectly transferred the sum of N706,000,000.00 (Seven Hundred and six million) to Rare Properties and Development Limited which you reasonably ought to have known forms part of the proceeds of fraudulent Conversion of the funds raised from the subscriber to the private placement conducted in the name of investment & Allied Assurance Plc and you hereby committed an offence contrary to section 15 (2)(4) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same act, .
” That you, Rare Properties and Development Limited on or about the 13th day of November, 2007 in Lagos, within the Jurisdiction of this Honourable Court retained the sum of N706,000,000.00 (Seven hundered and Six Million Naira) which sum you reasonsbly ought to have known forms part of the proceeds of fraudulent Conversion of the funds raised from the subscriber to the private placement conducted in the name of investment & Allied Assurance Plc and you hereby committed an offence contrary to section 15 (2)(4) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same act,
“That you Funmi Adenmosun and Home Trust Savings and Loan Limited between 14 day of November and 31st day of Decernter 2007, wage, in ing jurisdiction of this Honourable Court indwecthy teanaforred the aggregate wen of N12, 572,001,080.00 (twelve billion, Five Hundred and Seventy Two Millon, One Thousand, eighty Naire) which you reaonably ought to have known forms part of the proceeds of fraudulent Conversion of the funds raised from the subscribers to the private placement conducted in the name of lnvestments & Allied Assurance Plc and you hereby committed an offence contrary 10 section 35 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishabie Under the same Act.
