A Federal High Court sitting in Ilorin has remanded the former Group Executive Director of Harmony Investments and Property Development Company Limited, Adebayo Sanni, in the custody of the Economic and Financial Crimes Commission (EFCC) over an alleged N32.1 million money laundering case.

Sanni was arraigned by the EFCC on a seven-count charge bordering on money laundering, contrary to Section 15(2)(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012, and punishable under Section 15(3) of the same Act.

According to the anti-graft agency, the defendant allegedly committed the offences in 2018 while serving as Group Executive Director of Harmony Investments and Property Development Company Limited.

The EFCC alleged that Sanni processed an allocation letter for a property in Galadimawa, Abuja, in favour of one Nasiru Mahmoud without following due process. He was also accused of directing one Akinwunmi Akinola to sell the property and return the proceeds through his friends and family members.

Investigators further alleged that part of the proceeds was delivered to the defendant in cash, while the money realised from the sale was not remitted to Harmony Investments but was instead diverted for personal use.

One of the charges stated that Sanni allegedly laundered N19,901,500 in March 2019 through the Guaranty Trust Bank account of one Oliyide Ayodele in an attempt to conceal the illicit origin of the funds.

At the hearing, EFCC counsel, Sesan Ola, urged the court to fix a date for trial and remand the defendant pending the commencement of proceedings.

Counsel to the defendant, I.O. Atofarati, appealed to the court to grant his client bail.

After listening to submissions from both parties, Justice Abimbola Awogboro adjourned the matter until today for a ruling on the bail application and ordered that the defendant be remanded in EFCC custody pending the decision.