The Economic and Financial Crimes Commission, EFCC, has arraigned a Senior Advocate of Nigeria, SAN, and former Attorney-General and Commissioner for Justice, Lagos State, Olasupo Shasore, on 14-count charges bordering on money laundering to the tune of N159,700,000.00 and $60,000.
Shasore was arraigned on Friday, November 4, 2022, alongside his company, Middlesex Investment Ltd, before Justice I.E. Ekwo of the Federal High Court Abuja.
TheFact Daily reports that Shasore was arraigned for failing to develop a programme to combat money laundering and other illegal acts, including failing to designate a compliance officer as specified under Section 9(a) of the Money Laundering Prohibition Act, 2011 (as amended).
He was also accused of failing to comply with the money laundering act by submitting to the Federal Ministry of Industry, Trade and Investment a declaration of activities of his company.
According to one of the counts, Shasore, as director of Middlesex Investment Limited and signatory to the company’s bank account, sometime between the 3rd and 11th day of September 2014, aided the said Middlesex Investment Limited in failing to report to the EFCC, a single lodgement transaction of the sum of N60, 000,000.00 from Mandivera Global Resources Limited, into Middlesex Investment Limited’s account domiciled in Guaranty Trust Bank Plc, with account number 0005659394, as required under Section 10(1)b of the Money Laundering Prohibition Act 2011(as amended), thereby committing an offence under Section 18(a) of the said Money Laundering (Prohibition) Act, 2011(as amended) and punishable under Section 16 (2)(b) of the same Act.
Another charge accused Shasore, director of Middlesex Investment Limited and signatory to the company’s bank account, of aiding the said Middlesex Investment Limited in failing to report to the EFCC a single transfer transaction of the sum of $30,000 from the bank account of the company domiciled in Guaranty Trust Bank Plc to his personal account, sometime between 26th and 3rd September 2019, as required under Section 10 (b) of the Money Laundering Prohibition Act 2011(as amended), thereby committing an offence under Section 18(a) of the said Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 16(2)(b) of the Same Act.
He pleaded “not guilty” when the charges were read to him, prompting prosecution counsel, Bala Sangha, to pray the court for a trial date and remand of the defendant in a correctional facility.
Defense counsel, Wole Akoni, SAN, however, urged the court to admit the defendant to bail.
Justice Ekwo adjourned the matter to March 13, 14, 15, 16, and 17, 2023 for commencement of trial, and further adopted the bail conditions granted the defendant by the Federal High Court, Lagos Judicial Division.
The court had earlier granted the defendant bail in the sum of N50, 000,000.00 (Fifty Million Naira only) with one surety in like sum. The surety must be a serving Director or Permanent Secretary in the service of the Federation or Lagos State Government, and is required to produce two copies of a recent passport photograph and evidence of payment of tax clearance, while the defendant was ordered to deposit his international passport with the registrar of the court.