Associates of ex-CBN Gov, Aminu Yaro and wife forfeit N120 Billion to FG

Aminu Yaro and his wife, Saadatu Yaro, close associates of the former Central Bank Governor, Godwin Emefiele, have agreed to forfeit N120 billion to the Federal Government.

The Yaros reportedly struck a plea bargain with the Economic and Financial Crimes Commission (EFCC) to avoid criminal prosecution.

According to a source familiar with the situation, the couple chose to forfeit the substantial amount to have the charges against them dropped.

“Yes I can tell you for free that that Emefiele’s accomplices Aminu Yaro and his wife, Saadatu Yaro forfeited N120 billion as plea bargaining,”. The source hinted this medium.

It was learnt that the Sarkin Hausawa of Lagos, Alhaji Aminu Yaro, his wife Saadatu Ramallan Yaro, generated the funds through a foreign exchange differential fraud scheme facilitated by Emefiele.

According to the sources, Emefiele grossly abused the privileges of the office by making quick cash from forex differential fraud with the help of the Sarkin Hausawa of Lagos, Yaro and his wife.

“This is a case of forex differential fraud involving the CBN governor, Godwin Emefiele.

“The governor sells forex to various individuals at the official rate on paper. He has an understanding with the individuals that they will sell at the black market rate when the CBN credits the banks of the individuals that buy the forex. When they sell, the difference will be paid into the account of Aminu Yaro on behalf of Emefiele,” one of the sources said.

“So far, about N70 billion has been traced to the account in the course of the investigation.”

Sources squealed that Saadatu Ramallan Yaro was a signatory to the company account where the funds were deposited.

Recall that the EFCC charged Saadatu Ramallan Yaro and her company before Justice Obiora Egwuatu of the Federal High Court, Abuja, with money laundering offences totalling 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 new generation bank, in violation of her duties as a director of a designated non-financial business.

Arraigned alongside Tsami Babi Resources Limited, one of the counts against the defendants reads, “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.”

Another count reads, “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 is accused alongside M.A.Y Fine Fragrance Limited, a designated non-financial Institution, of money laundering offences totalling N40 billion.

One of the counts reads, “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.”

The defendants pleaded not guilty to the counts.