EFCC Secures Conviction of Money Launderer, Four Illegal Forex Operators in Lagos
Justice Akintayo Aluko of the Federal High Court, Ikoyi, Lagos, has convicted and sentenced one Sunmonu Olasunkanmi Thaoban to four years’ imprisonment for money laundering, following his prosecution by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
Sunmonu was arraigned on a two-count charge bordering on money laundering. According to the EFCC, he acted as a middleman in concealing the origin of ₦16 million, allegedly converting the illicit proceeds into the purchase of a black 2018 Mercedes-Benz G-Wagon.
The defendant pleaded guilty to both charges. Following his plea, EFCC counsel, H. U. Kofarnaisa, reviewed the facts of the case and urged the court to convict and sentence him.
Justice Aluko subsequently found him 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 black G-Wagon Jeep and a mobile device recovered from the convict to the Federal Government.
In a separate but related case, the same court 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 EFCC’s Lagos Zonal Directorate 1 on separate one-count charges of conducting foreign exchange transactions outside the official market.
The defendants pleaded guilty to their respective charges after they were read to them.
Following their guilty pleas, prosecution counsel H. U. Kofarnaisa reviewed the facts before the court and prayed for their conviction.
Justice Aluko convicted all four defendants and sentenced each of them to 12 months’ imprisonment, with an option of a ₦100,000 fine.
The convictions form part of the EFCC’s ongoing efforts to combat money laundering and illegal foreign exchange activities across the country.
