EFCC Arraigns Four Over Alleged $5.3m Money Laundering in Lagos

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned four persons before the Federal High Court sitting in Ikoyi, Lagos, over alleged money laundering involving a total of $5.3 million.

The defendants, Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo and Gbenro Victor Ademola, were arraigned separately on Wednesday, July 29, 2026, before Justice F. N. Ogazi.

They were each charged with two counts bordering on money laundering, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the counts against Emmanuel alleged that he retained $826,691 in his Wema Bank account between January 1 and 31, 2025, which he reasonably ought to have known formed part of the proceeds of an unlawful act.

All four defendants pleaded guilty to the charges when they were read to them.

Following their pleas, prosecution counsel, Bilkisu Buhari, reviewed the facts of the cases before the court.

She told the court that investigations revealed that the defendants admitted giving their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market, Lagos, where they operated their respective businesses.

According to the prosecution, the defendants’ identities were subsequently used to incorporate several companies, including College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.

The companies were also allegedly used to open corporate bank accounts through which millions of dollars were received in January 2025.

The EFCC alleged that the defendants’ actions provided anonymity for the actual operators of the companies and facilitated the movement of suspicious funds through the Nigerian financial system.

After presenting the facts, the prosecution urged the court to convict the defendants and impose appropriate sentences.

Justice Ogazi subsequently remanded the four defendants in a correctional facility and adjourned the matter until August 4, 2026, for judgment.