The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Onatayo Pelumi for money laundering involving funds totalling about ₦132 million.
Pelumi was convicted by Justice Osiagor of the Federal High Court, Lagos, on five counts bordering on the retention of proceeds of unlawful activities in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.
The charges alleged that the convict retained various sums of money in the accounts between January 2023 and June 2026, knowing that the funds formed part of the proceeds of unlawful activities.
The court sentenced him to three years’ imprisonment, with an option of a ₦300,000 fine, on count One. 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 on each count. The terms of imprisonment are to run concurrently.
The court also ordered the forfeiture of two properties and ₦8 million to the Federal Government of Nigeria. The ₦8 million is domiciled in the convict’s Zenith Bank account
The forfeited properties are:
Half plot of land at No. 23 Michael Ayorinde Street, Abule-Egba, Lagos.
Half plot of land at No. 1 Yisa Street, Meiran, Lagos.
The court further ordered the convict to undertake seven days of community service in connection with the sentences.
