Lagos court convicts Onatayo Pelumi in N132m money laundering case

A Federal High Court in Lagos has convicted Onatayo Pelumi for money laundering involving approximately N132 million. The Economic and Financial Crimes Commission (EFCC) reported that Pelumi retained funds from unlawful activities in accounts at Guaranty Trust Bank and Zenith Bank between January 2023 and June 2026.

Justice Osiagor sentenced Pelumi to a total of eight years in prison across five counts, though the sentences are to run concurrently. For each count, the convict was given the option of a N300,000 fine. Additionally, the court ordered Pelumi to perform seven days of community service.

The court also mandated the forfeiture of N8 million held in a Zenith Bank account and two half-plots of land located in Abule-Egba and Meiran, Lagos State, to the Federal Government of Nigeria.