By Adebola Muili
A Federal High Court in Lagos has sentenced Onatayo Pelumi to eight years’ imprisonment for money laundering involving about ₦132 million, while ordering the forfeiture of two properties and ₦8 million to the Federal Government.
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), which secured the conviction, disclosed on Saturday that Pelumi was sentenced by Justice Osiagor after being convicted 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 Pelumi 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.
On count one, the court sentenced him to three years’ imprisonment, with an option of a ₦300,000 fine. 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 court, however, ordered that the prison terms run concurrently, meaning the sentences would be served at the same time rather than consecutively.
Beyond the custodial sentences, the court ordered the forfeiture of ₦8 million held in the convict’s Zenith Bank account to the Federal Government.
It also ordered the forfeiture of two properties linked to the case. They are half a plot of land at No. 23 Michael Ayorinde Street, Abule-Egba, Lagos, and another half plot of land at No. 1 Yisa Street, Meiran, Lagos.
In addition, the court directed Pelumi to undertake seven days of community service in connection with the sentences.
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