Court Jails Four Over $5.2 Million Money Laûndering Scheme in Lagos

The Federal High Court in Lagos has convicted and sentenced four persons for their involvement in a money laundering scheme involving more than $5.2 million.

Justice Friday Ogazi delivered the judgment after the defendants pleaded guilty to charges brought against them by the Economic and Financial Crimes Commission (EFCC).

The convicts were identified as Bamidele Emmanuel, Abdullah Yusuf, Funmilayo Garuba, and Gbenro Ademola. They were separately charged with two counts of money laundering under the Money Laundering (Prevention and Prohibition) Act, 2022.

According to the EFCC, the defendants’ personal details were used to register four companies College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited, and Fixit Hardware and Tools Nigeria Limited. Bank accounts opened in the companies’ names allegedly received a total of $5,296,691 in January 2025.

One of the charges against Emmanuel alleged that he retained $826,691 in a Wema Bank account between January 1 and 31, 2025, despite allegedly knowing that the funds were proceeds of unlawful activities.

Following their guilty pleas, EFCC prosecutor Bilkisu Buhari urged the court to convict and appropriately sanction the defendants.

The court convicted all four on the second count. Emmanuel was sentenced to four months in prison, three months of community service, and ordered to forfeit N1 million. Garuba received four months in prison, 15 months of community service, and was ordered to forfeit N1 million within 72 hours.

Yusuf was sentenced to four months in prison, three months of community service, and ordered to forfeit N800,000, while Ademola received four months in prison, three months of community service, and was ordered to forfeit N700,000 within 72 hours.

The judge also directed the convicts to work with the EFCC on public awareness campaigns against selling or sharing personal information for company registration or banking purposes.