EFCC Secures Eight-Year Jail Term For Man Over N132m Money Laundering In Lagos
EFCC Secures Eight-Year Jail Term For Man Over N132m Money Laundering In Lagos
The Economic and Financial Crimes Commission (EFCC) has secured the conviction of Onatayo Pelumi for money laundering involving about N132 million.
Pelumi was convicted by the Federal High Court in Lagos on five counts bordering on the retention of proceeds of unlawful activities in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.
The EFCC Lagos Zonal Directorate 1 disclosed this in a statement announcing the conviction and sentence.
According to a statement via the X handle of the commission, the charges alleged that Pelumi retained various sums of money in the accounts between January 2023 and June 2026, knowing that the funds formed part of the proceeds of unlawful activities.
The statement said the charges bordered on the “retention of proceeds of unlawful activities” in the two banks.
Justice Osiagor sentenced Pelumi to three years’ imprisonment, with an option of a N300,000 fine, on count one.
On counts two, three, four and five, the court imposed five years’ imprisonment on each count, with an option of a N300,000 fine on each count.
The commission said the terms of imprisonment “are to run concurrently.”
The court also ordered the forfeiture of two properties and N8 million in the convict’s Zenith Bank account to the Federal Government of Nigeria.
The properties listed in the statement are a half plot of land at No. 23 Michael Ayorinde Street, Abule-Egba, Lagos, and another half plot at No. 1 Yisa Street, Meiran, Lagos.
