Operatives of the Force Criminal Investigation Department (ForceCID), Alagbon, Ikoyi-Lagos, have arraigned a businessman, Subair Mohammed, before a Lagos Federal High Court, for allegedly laundered the sum og N60, 480 million.

Subair was arraigned before the court presided over by Justice Ambrose Lewis-Allagoa, alongside his firm, West Atlantic Ports Limited, on a two count-charge of conspiracy and laundering of the mentioned sum, which the operatives claimed to be proceeds of illegal acts.

The prosecutor, Mr. Henry Obiazi, while arraigning the businessman and his firm, told the court that they allegedly committed the offences sometimes in January 2022.

Obiazi further told the court that the defendants fraudulently obtained the said sum of N60.480 million, from one Ibrahim Mutali and his company, Property of Lighthill Investment Company Limited, who were alleged to be engaging in criminal conduct.

He told the court that the defendants’ alleged illegal acts, contravened sections 18 and 17(a) of the Money Laundering (prohibition) Act. 2011, and punishable under the same Act.

However, the defendant denied the allegations and pleaded not guilty to the charges.

Based on his not guilty plea, the prosecutor asked the court for a trial date, and equally, urged the court to remand the defendant in the custody of the Nigerian Correctional Services (NCoS), till the determination of the charges against him and his company.

But lawyer to the defendant, Emmanuel Achukwu, SAN, informed the court that he had filed his client’s bail application and same has been served of the prosecutor.

The senior lawyer urged the court to admit his client to bail in the most liberal terms, saying that his client is a first time offender, who will not jump bail, if granted.

The prosecutor, when asked by the court if he is opposed to the defendant’s bail application, responded and said that he leave it to court’s discretion.

Upon the parties submissions, Justice Lewis-Allagoa, admitted bail to the defendant in the sum of N100 million with one surety in like sum.

The judge also ruled that the surety must be a Grade Level 14, in the government establishment and that the surety must be a landed property owner within the court’s jurisdiction.

The matter has been adjourned to July 5, for commencement of trial.

Charges against the businessman and his company reads: “That you Subair Mohammed ‘m’ and West Atlantic Ports Ltd. Sometimes in January 2022 in Lagos within the Jurisdiction of this Hon. Court did conspired together to commit felony to wit; retention of proceeds of criminal conduct and thereby committed an offence punishable under section 18 of the Money Laundering (prohibition) Act. 2011.

“That you Subair Mohammed ‘m’ and West Atlantic Ports Ltd., Sometimes in January, 2022 in Lagos within the jurisdiction of this Hon. Court did retains the sum of Sixty Million, Four Hundred and Eighty Thousand Naira (N60, 480, 000) proceeds of crime or illegal Act of obtaining money by false pretenses on behalf of one Ibrahim Butali ‘m’ and Property of Lighthill investment company Ltd, knowing or suspecting that the said Ibrahim Butali to be engaged in criminal conduct or has benefited from a criminal conduct and thereby committed an offence punishable under section 17 (b) of the Money Laundering (prohibition) Act, 2011.”