Aminu Yaro and his wife, Saadatu Ramallan Yaro, are at the center of a multi-billion naira fraud scheme that has attracted significant attention.
The couple, closely associated with former Central Bank Governor Godwin Emefiele, has been implicated in an elaborate foreign exchange differential fraud operation, allegedly facilitated by Emefiele himself.
Their involvement in the fraudulent activities has led to the forfeiture of a staggering sum of N10 billion to the Federal Government as part of a plea bargain with the Economic and Financial Crimes Commission (EFCC).
The Yaros’ actions have raised questions about corruption and illicit financial activities, drawing scrutiny from authorities and the public alike.
A source familiar with the case revealed that the Yaros surrendered the significant amount to avoid prosecution. “Yes, I can confirm that Emefiele’s associates, Aminu Yaro and his wife Saadatu Ramallan Yaro, forfeited N120 billion as part of a plea bargain,” the source disclosed.
According to sources, Emefiele exploited his position as CBN governor to engage in forex differential fraud, with Yaro and his wife playing key roles.
“This is a case of forex differential fraud involving CBN governor, Godwin Emefiele. The governor would sell forex to individuals at the official rate but had an arrangement with them to sell at the black market rate once the CBN credited their bank accounts. The difference in rates would then be paid into Aminu Yaro’s account on behalf of Emefiele,” one source explained.
Investigations have traced approximately N70 billion to Yaro’s account as part of the scheme.
The Witness reports that Saadatu Ramallan Yaro was also a signatory to the company account where the funds were deposited.
On May 22, 2023, the EFCC charged her and her company, Tsami Babi Resources Limited, before Justice Obiora Egwuatu of the Federal High Court, Abuja, with money laundering offences involving over N140 billion.
As a director of Tsami Babi Resources Limited, Yaro was accused of failing to report activities of the company, which led to the unlawful deposit of more than N100 billion into the company’s bank account. One of the charges stated, “That you, Saadatu Ramallan Yaro, being a Director of Tsami Babi Resources Limited, between 5th July 2021 and 20th April 2022, failed to submit a declaration of the company’s activities, during which time N20.96 billion was deposited into the company’s account.”
Another count accused Yaro and Tsami Babi Resources Limited of failing to report transactions amounting to N17.62 billion, violating the Money Laundering Prohibition Act.
In addition to these charges, Saadatu Ramallan Yaro faces a separate 12-count charge of money laundering offences totalling N40 billion, with accusations related to her company, M.A.Y Fine Fragrance Limited.
The defendants have pleaded not guilty to all charges.
