The Lagos Zonal Directorate 1 of the Economic and Financial Crime Commission (EFCC) has convicted Onatayo Pelumi of money laundering involving funds totalling about ₦132 million. Justice Osiagor of the Federal High Court in Lagos convicted Onatayo. He was convicted on all five charges of retaining proceeds of unlawful activities in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.
The convict reportedly retained various sums of money in the said accounts between January 2023 and June 2026. He was sentenced 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 a fine option of N300,000 on each count. The terms of imprisonment are to run concurrently.
The court ordered the forfeiture of his two properties and N8 million to the Federal Government. The said money 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.
