A Federal High Court sitting in Lagos has convicted and sentenced Onatayo Pelumi to prison for money laundering involving funds amounting to approximately ₦132 million.
The conviction was secured by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) before Justice Osiagor of the Federal High Court, Lagos, on a five-count charge bordering on the retention of proceeds of unlawful activities in bank accounts.
According to the EFCC, Pelumi retained various sums of money in accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank 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, the court imposed five years imprisonment on each count, with an option of a ₦300,000 fine on each count. The sentences are to run concurrently.
In addition to the prison terms, the court ordered the forfeiture of ₦8 million found in the convict’s Zenith Bank account to the Federal Government of Nigeria.
The court also directed the forfeiture of two landed properties linked to the proceeds of the crime. The forfeited assets include a half plot of land located at No. 23 Michael Ayorinde Street, Abule-Egba, Lagos, and another half plot at No. 1 Yisa Street, Meiran, Lagos.
Justice Osiagor further ordered Pelumi to undertake seven days of community service as part of the sentence.
The EFCC said the conviction underscores its continued commitment to combating financial crimes and ensuring that individuals involved in money laundering and other illicit financial activities are brought to justice.
