A first prosecution witness in the trial of Malabu Oil and Gas Limited, and seven others being prosecuted by the Economic and Financial Crimes Commission, on Thursday, September 10, 2020, told a Federal High Court sitting in Abuja, that only Megatech Engineering Limited was registered with the Special Control Unit Against Money Laundering.
They were arraigned on Tuesday, September 8, 2020, arraigned on sixty –seven amended count charges, bordering on money laundering to the tune of $875,740,000. In his testimony before the court, Erinomo disclosed that, upon investigation, they found out that it is only the fourth defendant: Megatech Engineering Limited that is registered with SCUML. “Between December 31, 2019, and January 24, 2020, we received series of letters from the Economic and Financial Crimes Commission, EFCC in my office, requesting for information about the defendants.
Malabu Oil & Gas Limited and the other companies being tried by the EFCC, are classified as Designated Non-Financial Institutions. They are required to be registered with SCUML and their operations are expected to be regulated by the Unit. Erinomo explained that; “DNFIs means Designated Non-Financial Institutions, and this means, businesses that are designated under Section 35 of the Money Laundering Prohibition Act, 2011.