The Federal High Court in Lagos has found four individuals guilty and sentenced them for their participation in a money laundering operation exceeding $5.2 million.
Justice Friday Ogazi issued the ruling after the defendants admitted guilt to charges filed by the Economic and Financial Crimes Commission (EFCC).
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The convicted individuals are Bamidele Emmanuel, Abdullah Yusuf, Funmilayo Garuba, and Gbenro Ademola. They faced two counts of money laundering under the Money Laundering (Prevention and Prohibition) Act of 2022.
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As per the EFCC, the personal information of the defendants was utilized to establish four companies: College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited, and Fixit Hardware and Tools Nigeria Limited. Allegedly, bank accounts created in the names of these companies received a total of $5,296,691 in January 2025.
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One of the counts against Emmanuel claimed he held onto $826,691 in a Wema Bank account during January 2025, while being aware that the money was obtained through illegal means.
After their guilty pleas, EFCC prosecutor Bilkisu Buhari requested the court to impose appropriate sentences on the defendants.
The court found all four guilty on the second count. Emmanuel was sentenced to four months in prison, required to complete three months of community service, and ordered to forfeit N1 million. Garuba received a similar four-month prison sentence, along with 15 months of community service and a forfeiture of N1 million within 72 hours.
Yusuf was also sentenced to four months in prison, mandated to complete three months of community service, with a forfeiture of N800,000. Ademola received the same four-month prison term, three months of community service, and was ordered to forfeit N700,000 within 72 hours.
Additionally, the judge instructed the convicts to collaborate with the EFCC on public awareness initiatives aimed at discouraging the sale or sharing of personal information for business or banking registrations.
