Man jailed eight years for money laundering

The Economic and Financial Crimes Commission has secured the conviction of Onatayo Pelumi for money laundering involving funds totalling about N132 million.

The EFCC disclosed this on Saturday in a statement posted on its official X account, adding that the conviction was secured by the Lagos Zonal Directorate 1 of the commission.

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 and Zenith Bank.

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The statement said, “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 N300,000 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 N300,000 fine on each count. The terms of imprisonment are to run concurrently. The court also ordered the forfeiture of two properties and N8m to the Federal Government of Nigeria. The N8m 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.”

Victor is a Senior Correspondent at Punch Newspapers’ Features Desk with over ten years of experience as a writer and blogger. He has reported on a wide range of topics, including Lagos State Government affairs and Lagos politics, blending in-depth research with engaging storytelling. Victor’s work demonstrates hands-on newsroom experience, editorial insight, and a dedication to clear, accurate, and compelling journalism.

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