Court jails four over $5.3m money laundering scheme in Lagos

A Federal High Court sitting successful Ikoyi, Lagos, has convicted and sentenced 4 individuals for their roles successful a wealth laundering strategy 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, connected two-count charges bordering connected wealth 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 successful a connection connected Friday that Justice F.N. Ogazi delivered the judgement connected Wednesday, August 5.

One of the charges against Bamidele Ayodele Emmanuel stated that helium retained $826,691 successful his Wema Bank relationship betwixt January 1 and January 31, 2025, contempt having tenable grounds to cognize that the funds were proceeds of unlawful activities, an offence punishable nether Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.

All 4 defendants pleaded blameworthy erstwhile the charges were work earlier the court.

Following their blameworthy pleas, the prosecution counsel, Bilkisu Buhari, reviewed the facts of the lawsuit and informed the tribunal that investigations revealed the defendants sold their idiosyncratic accusation to 1 Afeez Animashaun, who allegedly approached th...