Lagos Court Jails One for Money Laundering, Four Bureau de Change Operators for Illegal Forex Trading.
Justice Akintayo Aluko of the Federal High Court, sitting in Ikoyi, Lagos, on Thursday, July 30, 2026, convicted and sentenced one Sunmonu Olasunkanmi Thaoban to four years’ imprisonment for money laundering.
Sunmonu was arraigned by the Lagos Zonal Directorate 1 of the EFCC on a two-count charge bordering on money laundering.
One of the counts reads:
“That you, Sunmonu Thaoban Olasunkanmi, sometime in 2023, in Lagos and within the jurisdiction of this Honourable Court, whilst acting as a middleman, indirectly disguised the origin of the sum of ₦16,000,000 (Sixteen Million Naira), being illicit gains accrued from your unlawful act, by converting same to a black G-Wagon Jeep, 2018 model, with chassis number 1C4HJWEGJL893461, which vehicle forms part of the proceeds of your unlawful activity, and you thereby committed an offence contrary to Section 18(2)(a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The defendant pleaded guilty to both count charges.
Following his guilty plea, the prosecution counsel, H. U. Kofarnaisa, reviewed the facts of the case and urged the court to convict and sentence him accordingly.
Justice Aluko found Sunmonu guilty and sentenced him to four years’ imprisonment, with an option of a ₦1.8 million fine.
The court also ordered the forfeiture of the convict’s black G-Wagon Jeep and mobile device to the Federal Government of Nigeria.
In a related development, the court also convicted and sentenced four Bureau de Change (BDC) operators to 12 months’ imprisonment each for engaging in illegal foreign exchange transactions.
The convicts, Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud, and Muhammed Musa, were prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, on separate one-count charges bordering on illegal foreign exchange operations.
One of the charges against Abdulmuhimin Mahmud reads:
“That you, ABDULMUMIN MAHMUD, on the 23rd of July, 2026, in Lagos within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction other than through the official foreign exchange market and you thereby committed an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee Establishment (Etc.) Act, 1994 and punishable under Section 11(2) of the same Act.”
The defendants pleaded guilty to their respective charges.
Following their guilty pleas, the prosecution counsel, H. U. Kofarnaisa, reviewed the facts of the cases and urged the court to convict and sentence them accordingly.
Justice Aluko convicted the four defendants and sentenced each of them to 12 months’ imprisonment, with an option of a ₦100,000 fine.
Comments
Post a Comment