Man jailed eight years for money laundering
The EFCC has secured the conviction of Onatayo Pelumi for laundering N132m. He was sentenced to eight years in prison by a Federal High Court in Lagos. Read More: https://punchng.com/man-jailed-eight-years-for-money-laundering/
Onatayo Pelumi has been sentenced to eight years in prison for money laundering, according to the Economic and Financial Crimes Commission (EFCC). The charges, which span from January 2023 to June 2026, involved retaining about N132 million in unlawful proceeds in bank accounts with Guaranty Trust Bank and Zenith Bank. Justice Osiagor of the Federal High Court in Lagos convicted Pelumi on five counts, each carrying a three-year sentence with an option for a N300,000 fine.
The sentences on counts two, three, four, and five run concurrently. The court also ordered the forfeiture of two properties and N8 million to the Nigerian government. The forfeited properties include half plots of land at Nos. 23 Michael Ayorinde Street and 1 Yisa Street in Lagos. Additionally, Pelumi must perform seven days of community service.
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