The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission has secured the conviction of Onatayo Pelumi for money laundering involving funds totalling about 132 million naira.
Justice Osiagor of the Federal High Court in Lagos convicted Pelumi on five counts of retaining proceeds of unlawful activities in accounts held with Guaranty Trust Bank and Zenith Bank. The charges alleged that he retained various sums in the accounts between January 2023 and June 2026 while knowing that the money formed part of the proceeds of unlawful activities.
On the first count the court sentenced him to three years of imprisonment with an option of a fine of 300000 naira. On each of the remaining four counts he was sentenced to five years of imprisonment with an option of a fine of 300000 naira on each count. The terms of imprisonment are to run concurrently, so the longest period he can serve is five years if the custodial options are activated.
The court also ordered the forfeiture of two properties and 8 million naira to the Federal Government of Nigeria. The 8 million naira is held in the convict’s Zenith Bank account. The forfeited properties are a half plot of land at number 23 Michael Ayorinde Street, Abule Egba, Lagos, and a half plot of land at number 1 Yisa Street, Meiran, Lagos.
In addition the court ordered the convict to undertake seven days of community service in connection with the sentences.
The judgment follows prosecution by the EFCC Lagos Zonal Directorate 1 and adds to recent convictions secured by the commission in financial crime cases before the Federal High Court.
By A.Ikechukwu
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