EFCC arraigns former Harmony Investments executive over alleged N32.1m money laundering

By Mosunmola Ayobami, Ilorin

The Economic and Financial Crimes Commission on Monday arraigned a former Group Executive Director of Harmony Investments and Property Development Company Limited, Adebayo Sanni, before Justice Abimbola Awogboro of the Federal High Court in Ilorin, Kwara State, over an alleged N32.1 million money laundering scheme.

Sanni was docked on a seven-count charge bordering on money laundering, with the alleged offences said to contravene the Money Laundering (Prohibition) (Amendment) Act, 2012.

The EFCC alleged that while serving as the company’s executive director in 2018, Sanni processed an allocation letter in favour of one Nasiru Mahmoud and later directed that the property in Galadimawa, Abuja, be sold.

According to the commission, Sanni instructed that the proceeds from the sale be returned to him through friends and family members, with part of the money allegedly paid to him in cash.

The anti-graft agency further alleged that the property was not allocated through due process and that the proceeds from its sale were neither remitted to Harmony Investments nor accounted for, but were instead diverted for Sanni’s personal use.

One of the charges accused Sanni of laundering N19.9 million in March 2019 through a Guaranty Trust Bank account belonging to Oliyide Ayodele to conceal the illicit origin of the funds.

However, Sanni pleaded not guilty to all seven counts, after which EFCC counsel Sesan Ola asked the court to fix a trial date and remand him, while defence counsel I.O. Atofarati applied for bail.

Justice Awogboro adjourned the case until July 22 for a ruling on the bail application, ordered Sanni remanded in EFCC custody, and the commission noted that it had earlier secured a final forfeiture order in 2020 over one of his properties in Ilorin through a non-conviction-based asset forfeiture proceeding.