Man bags eight years imprisonment for N132m money laundering
A Federal High Court in Lagos has sentenced Onatayo Pelumi to a total of eight years’ imprisonment for money laundering involving approximately ₦132 million.
The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 1, secured the conviction on five counts bordering on the retention of proceeds of unlawful activities in accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.
The charges alleged that Pelumi retained various sums of money in the accounts between January 2023 and June 2026, knowing that the funds were proceeds of unlawful activities.
Delivering judgment, Justice Osiagor sentenced the convict to three years’ imprisonment on count one, with an option of a ₦300,000 fine. On counts two, three, four and five, he was sentenced to five years’ imprisonment on each count, with an option of a ₦300,000 fine per count.
The court ordered that the prison terms run concurrently, meaning they are to be served at the same time, resulting in an effective sentence of five years’ imprisonment if the fine options are not exercised.
The court also ordered the forfeiture of two half plots of land and ₦8 million to the Federal Government of Nigeria. The money is domiciled in the convict’s Zenith Bank account.
The properties are located at No. 23 Michael Ayorinde Street, Abule-Egba, Lagos, and No. 1 Yisa Street, Meiran, Lagos.
In addition, the court directed Pelumi to undertake seven days of community service in connection with the sentences.
The conviction underscores the EFCC’s ongoing efforts to prosecute financial crimes and recover assets linked to unlawful activities.
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