$5.2 Million Money Laundering: Court Jails Four Suspects In Lagos
Justice F.N. Ogazi of the Federal High Court, sitting in Ikoyi, Lagos, on Wednesday, August 5, 2026, convicted and sentenced four persons for their involvement in a money laundering scheme involving $5,296,691( Five Thousand, Two Hundred and Sixty Nine United States Dollars, Six Hundred and Ninety One cents)
The convicts; Bamidele Ayodele Emmanuel, Abdullah Oriyomi Yusuf, Garuba Fathiat Funmilayo, and Gbenro Victor Ademola were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a two-count charge bordering on money laundering, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges against Bamidele Ayodele Emmanuel reads: “That you, BAMIDELE AYODELE EMMANUEL, between January 1 and January 31, 2025, in Lagos and within the jurisdiction of this Honourable Court, directly retained the sum of $826,691 (Eight Hundred and Twenty-Six Thousand, Six Hundred and Ninety-One United States Dollars) in your account, No. 0126008755, domiciled with Wema Bank, which you reasonably ought to have known formed part of the proceeds of an unlawful act, and you thereby committed an offence contrary to and punishable under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The defendants pleaded guilty when the charges were read to them.
Following their guilty pleas, the prosecution counsel, Bilkisu Buhari, reviewed the facts of the cases before the court.
She told the court that investigations revealed the defendants sold their personal information to one Afeez Animashaun, who approached them at Mushin Market in Lagos, where they conduct their businesses.
Buhari further disclosed that investigations established that the defendants’ identities were used to incorporate College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited, and Fixit Hardware and Tools Nigeria Limited, and to open corporate bank accounts, which were subsequently used by those companies to receive millions of dollars in January 2025.
She urged the court to convict the defendants as charged and impose appropriate sentences.
Delivering judgment, Justice Ogazi found all four defendants guilty on the second count only out of the two counts preferred against them and sentenced them accordingly.
Bamidele Ayodele Emmanuel was sentenced to four months’ imprisonment, followed by three months of community service.
He was also ordered to forfeit ₦1 million to the Federal Government of Nigeria.
Garuba Fathiat Funmilayo received a four-month prison sentence, 15 months of community service, and was ordered to forfeit ₦1 million to the Federal Government within 72 hours.
Abdullah Oriyomi Yusuf was sentenced to four months’ imprisonment, three months of community service, and ordered to forfeit ₦800,000 to the Federal Government.
Gbenro Victor Ademola was sentenced to four months’ imprisonment, three months of community service, and ordered to forfeit ₦700,000 to the Federal Government within 72 hours.
The court also ordered the convicts to partner with the EFCC in creating public awareness and advocacy on the dangers of selling and giving out personal data to other persons indiscriminately.
