The Federal High Court in Lagos has remanded the Managing Director of 606 Autos Limited, Sarumi Samusideen Babafemi in Ikoyi Prison.
The court was presided by Justice Chukwujekwu Aneke, who remanded Babafemi in prison till his bail application will be heard on Monday, November 4, 2019.
Babafemi was arraigned by the EFCC alongside three of his company; 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited on a five-count charge bordering on money laundering and conspiracy to the tune of N207.1 million.
EFCC’s A.B.C. Ozioko said Babafemi and his companies acted contrary to Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 (as amended) and were liable to be punished under Section 15(3) of the same Act.
However, the defendant and his companies pleaded not guilty when the charges were read to them.
Thereafter, the defence counsel, Dr Muiz Banire (SAN), told the court that he had filed an application for his client’s bail and had served it on the prosecution.
Banire, further told the court that the offence was bailable, and therefore urged the court to admit the defendants to bail in liberal terms.
However, Ozioko urged the presiding Judge, Justice Aneke to decline the bail application based on the defendant’s antecedents.
He told the judge that there was another charge against the defendants pending before another court.