. …Bank management’s complicity suspected
…9Bank keeps mum
A fraud of monumental proportion has quietly rocked one of Nigeria’s leading financial institutions, Zenith Bank PLC, in recent times.
This was consequent upon the allegation that Saadatu Ramallan Yaro, a staff member of the bank and wife of Aminu Yaro, the Sarkin Hausawa of Lagos, laundered N70 billion and forfeited N120 billion to the federal government as part of a plea bargain to drop pending criminal charges against her.
But how she could have consummated that sleaze single-handed is a subject of interest of an investigation by THE CONCLAVE.
Months after, effort by this medium to find out the level of complicity of the management of Zenith Bank in the sleazy deal, if there was any, has fallen through due to refusal by officials of the Bank to respond to some specific questions in accordance.
THE CONCLAVE reached out to the former Managing Director, Ebenezer Onyeagwu, on September 26, 2024, to respond to the question of his awareness or otherwise of his staff member, Saadatu’s activities while he was in the saddle.
He had yet to respond to the messages sent to his two WhatsApp numbers as of press time.
The background to the story was how Saudatu and her husband allegedly connived with former CBN Governor, Godwin Emefiele, to grossly abuse the privileges of office by making quick cash from forex differential fraud.
About N70 billion was traced to Zenith Bank account that Saadatu operated in the course of the investigation.
Saadatu was a signatory to the company account where the funds were deposited.
EFCC arraigned Saadatu Ramallan Yaro and her company with the appropriate charges before Justice Obiora Egwuatu of the Federal High Court, Abuja, for money laundering offences totaling over N140 billion on May 22, 2023.
Yaro is also a director of April 1616 Investment Limited and Amsamay Limited.
In a 25-count charge, she was accused of failing to report Tsami Babi Resources Limited’s activities, enabling transactions exceeding N100 billion into the company’s account with a Zenith Bank, in violation of her duties as a director of a designated non-financial business.
Read the charges as reproduced below in extenso:
“That you, Saadatu Ramallan Yaro, being a Director of Tsami Babi Resources Limited, a designated non-financial institution, between 5th July, 2021 and 20th day of April, 2022, in Abuja within the jurisdiction of this Honourable Court, failed to submit to the Ministry of Commerce, a declaration of activities of the said company within which period the total sum of N20,967,535,184.00 (Twenty Billion, Nine Hundred and Sixty-seven Million, Five Hundred and Thirty Five Thousand, One Hundred and Eighty-Four Naira was deposited into the Company’s account No.1216254641 domiciled in Zenith Bank Plc and you thereby committed an offence contrary to sections 5(1) (a), 16(1) of the Money Laundering Prohibition Act 2011 (as amended) and punishable under section 16 (2)(b) of the same Act.
“That you, Tsami Babi Resources Limited, a Designated Non-financial Institution, in year 2021, in Abuja within the jurisdiction of this Honorable Court, failed to submit to the Ministry of Commerce, a declaration of activities of the said company within which period the total sum of N17,623,756,150.00 (Seventeen Billion, Six Hundred and Twenty-three Million, Seven and Fifty-six Thousand, One Hundred and Fifty Naira) was deposited into the company’s account No. 1017359121 domiciled in Zenith Bank Plc and you thereby committed an offence contrary to sections 5(1)(a), 16(1)(f) of the Money Laundering Prohibition Act, 2011, as amended and punishable under section 16(2)(b) of the same Act.”
In a separate 12-count charge, Saadatu Ramallan-Yaro was also accused alongside M.A.Y Fine Fragrance Limited, a designated non-financial institution, of money laundering offences totaling N40 billion.
One of the counts read, “That you, M.A.Y Fine Fragrance Limited, a designated non-financial institution, between 19th day of May and 9th day of August, 2022, in Abuja within the jurisdiction of this Honourable court, failed to submit to the Special Control Unit Against Money Laundering, a declaration of your activities within which period the total sum of N15,761,938,147 (Fifteen Billion, Seven Hundred and Sixty-one Million, Nine Hundred and Thirty-eight Thousand, One Hundred and Forty-seven Naira) was deposited into your account No.1222868021 domiciled in Zenith Bank Plc and you thereby Committed an offence contrary to Sections 6(1) (a), 19(1) (f) of the Money Laundering (Prevention and Prohibition ) Act, 2022 and Punishable under section 19(2)(b) of the Same Act.”
Industry watchers are of the view that Saadatu couldn’t have laundered that huge fund without the knowledge of the management of the bank, then under Ebenezer onyeagwu.
THE CONCLAVE contacted Ayoola Ayoola Kusimo of the corporate communication department of the bank, with specific questions via sms and WhatApp through his two telephone numbers on Thursday, November 7, 2024.
He had yet to respond as of press time more than 24 hours after, suggesting a deliberate policy by the bank to keep mum on the sensitive matte
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