A Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced four individuals for their roles in a money laundering scheme involving $5,296,691.
The convicts; Bamidele Ayodele Emmanuel, Abdullah Oriyomi Yusuf, Garuba Fathiat Funmilayo, and Gbenro Victor Ademola, were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on two-count charges bordering on money laundering, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC’s Head of Media and Publicity, Dele Oyewale, disclosed in a statement on Friday that Justice F.N. Ogazi delivered the judgment on Wednesday, August 5.
One of the charges against Bamidele Ayodele Emmanuel stated that he retained $826,691 in his Wema Bank account between January 1 and January 31, 2025, despite having reasonable grounds to know that the funds were proceeds of unlawful activities, an offence punishable under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
All four defendants pleaded guilty when the charges were read before the court.
Following their guilty pleas, the prosecution counsel, Bilkisu Buhari, reviewed the facts of the case and informed the court that investigations revealed the defendants sold their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos, where they operated their businesses.
According to the prosecution, the suspects’ identities were subsequently used to register College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited, and Fixit Hardware and Tools Nigeria Limited.
Buhari further stated that corporate bank accounts opened in the names of the companies received millions of dollars in January 2025 as part of the alleged money laundering scheme.
She urged the court to convict the defendants and impose appropriate penalties.
In his judgment, Justice Ogazi found all four defendants guilty on the second count of the charges and sentenced them accordingly.
Bamidele Ayodele Emmanuel was sentenced to four months’ imprisonment, followed by three months of community service, and ordered to forfeit N1 million to the Federal Government.
Garuba Fathiat Funmilayo received four months’ imprisonment and 15 months of community service, in addition to forfeiting N1 million to the Federal Government within 72 hours.
Abdullah Oriyomi Yusuf was sentenced to four months in prison, three months of community service, and ordered to forfeit N800,000 to the Federal Government.
Gbenro Victor Ademola was also sentenced to four months’ imprisonment, three months of community service, and directed to forfeit N700,000 to the Federal Government within 72 hours.
In addition to the sentences, the court ordered the convicts to collaborate with the EFCC in public enlightenment campaigns aimed at educating Nigerians on the dangers of indiscriminately selling or surrendering their personal information to third parties.
Court jails four over $5.3m money laundering scheme in Lagos