EFCC Re-indicts Masari, ex-SWEDAN boss for alleged N119m money laundering

Written By: Godstime Silas

The Economic and Financial Crimes Commission (EFCC) has re-indicted the former Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bature Umar Masari, before Justice O.A. Egwuatu of the Federal High Court in Abuja. This re-arraignment follows Masari’s alleged involvement in money laundering and gratification to the tune of N119,507,080 (One hundred and nineteen million, five hundred and seven thousand, eighty naira).

According to the EFCC, Masari committed these offences between 2014 and 2015. The charges against him include using funds reasonably believed to be proceeds of unlawful activities, contrary to the Money Laundering Prohibition Act 2011 as amended. Specifically, Counts 19 and 20 of the charge sheet accuse Masari of using the sum of N10,000,000.00 (Ten million naira) paid into his Diamond Bank Plc Account No. 002688674 by Rahuse Ventures Limited, despite knowing that the funds were proceeds of unlawful activities.

After the charges were read to him, Masari pleaded not guilty to all the charges. Despite concerns about the availability of his sureties, the court allowed Masari to remain on the bail previously granted in 2019 and adjourned the case to July 16, 2024, for trial commencement. The EFCC’s re-arraignment of Masari is a continuation of its efforts to combat financial crimes and hold public officials accountable for their actions.”

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