Court Remands Businessman Over Alleged N700m Money Laundering

Justice Alexander Owoeye of the Federal High Court in Lagos has remanded a businessman, Osaretin Osagiede, in the custody of the Ikoyi Custodial Centre for allegedly laundering N700 million.
Justice Owoeye ordered that Osagiede be kept behind bars after he was arraigned before him by the Economic and Financial Crimes Commission (EFCC) on six counts of conspiracy and money laundering.
The EFCC prosecutor, Hannatu Kafarnaisa, had told the judge that the defendant conspired with one Zachariah Lorshe, who is currently at large, to receive and hold funds suspected to be proceeds of illegal activities.
At the commencement of proceedings, Kafarnaisa urged the court to proceed with the arra...