The Economic and Financial Crimes Commission (EFCC) has arraigned four persons before the Federal High Court in Lagos over an alleged money laundering scheme involving $5.3 million.
The defendants — Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo and Gbenro Victor Ademola — were arraigned before Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi on separate two-count charges bordering on money laundering.
According to the anti-graft agency, the alleged offence involved a total of $5,296,691 and contravenes the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges against Emmanuel alleged that between January 1 and 31, 2025, he retained $826,691 in a Wema Bank account, which he allegedly ought to have known formed part of the proceeds of unlawful activities.
The EFCC alleged that the act was contrary to Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
All four defendants pleaded guilty when the charges were read to them.
Following their pleas, the prosecution counsel, Bilkisu Buhari, told the court that investigations showed the defendants admitted handing over their personal details to one Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos, where they carried out their businesses.
According to the prosecution, the personal information was used to register several companies, including College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.
The EFCC further alleged that corporate bank accounts were opened in the names of the companies and used to receive millions of dollars within January 2025.
Buhari told the court that the arrangement enabled the actual operators of the companies to remain anonymous while facilitating the movement of suspicious funds through Nigeria’s financial system.
She urged the court to convict the defendants based on their guilty pleas and impose appropriate sentences.
Justice Ogazi ordered that the defendants be remanded in a correctional facility and adjourned the matter until August 4, 2026, for judgment.
(The Whistler)