N119 Million Mystery: Ex-SMEDAN Boss Faces New Money Laundering Accusations

The Economic and Financial Crimes Commission (EFCC) has brought forth fresh legal proceedings against Bature Umar Masari on 22 new charges related to alleged money laundering.

Masari, the former Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), stands accused of laundering N119 million and receiving illegal gratifications, as detailed in the amended charges presented before Justice O.A. Egwuatu at the Federal High Court in Maitama, Abuja.

During the court session, Masari pleaded “not guilty” to all counts after the charges were read to him by prosecution counsel Ekele Iheanacho.

Notably, Count 19 alleges that Masari knowingly utilized N10,000,000 received in his Diamond Bank account from Rahuse Ventures Limited between June and July 2014, despite being aware that the funds were proceeds of unlawful activities. Similar accusations are made in Count 20, involving another N10,000,000 received during the same period. Both counts cite violations of the Money Laundering Prohibition Act of 2011, as amended in 2012.

Following Masari’s plea, Iheanacho applied for a trial date. Defense counsel Okechukwu Edeze requested that Masari continue on bail granted previously by Justice Okong Abang in May 2019, a plea that was not opposed by the prosecution.

Justice Egwuatu granted Masari bail under his counsel’s supervision and adjourned the case to July 16, 2024, for trial commencement.

This legal development marks another chapter in Masari’s legal journey, which began with his initial arraignment in May 2019 on similar charges. Masari’s legal troubles extend beyond the EFCC proceedings, as he faced separate accusations brought by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in September 2018. These accusations included money laundering, embezzlement, and fraudulent practices, adding complexity to Masari’s legal predicament.