The Economic and Financial Crimes Commission (EFCC) has secured the conviction of Lagos-based businessman Onatayo Pelumi over alleged money laundering involving approximately ₦132 million, with the Federal High Court in Lagos ordering the forfeiture of two properties and ₦8 million to the Federal Government.

Justice Osiagor of the Federal High Court, Lagos, convicted Pelumi on five counts relating to the retention of proceeds of unlawful activities in bank accounts maintained with Guaranty Trust Bank (GTBank) and Zenith Bank.

According to the EFCC, the charges covered various sums allegedly retained in the accounts between January 2023 and June 2026, despite the defendant’s knowledge that the funds were proceeds of unlawful activities.

The commission did not provide further details about the specific unlawful activities from which the money was allegedly derived.

In his judgment, Justice Osiagor sentenced Pelumi to three years’ imprisonment, with an option of a ₦300,000 fine, on the first count.

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For each of the remaining four counts, the court imposed five years’ imprisonment, with an option of a ₦300,000 fine per count.

However, the judge directed that all the prison terms run concurrently, meaning they are served at the same time rather than consecutively.

The court also ordered the forfeiture of two half-plots of land in Lagos and ₦8 million held in Pelumi’s Zenith Bank account to the Federal Government of Nigeria.

The properties covered by the forfeiture order are a half-plot of land at No. 23 Michael Ayorinde Street, Abule-Egba, and another half-plot at No. 1 Yisa Street, Meiran, both in Lagos State.

In addition to the prison sentences and forfeiture orders, Pelumi was directed to undertake seven days of community service.

The conviction followed prosecution by the EFCC’s Lagos Zonal Directorate 1 as part of its efforts to investigate and prosecute financial crimes involving the retention of funds linked to unlawful activities.

The case also highlights the commission’s use of asset-forfeiture proceedings to recover money and property connected to financial crime cases.

The EFCC did not disclose additional details about the source of the funds beyond the allegations contained in the five-count charge.

The Arewa Consultative Forum (ACF) has urged President Bola Ahmed Tinubu to introduce measures to ease the economic hardship facing Nigerians within three months, while demanding clear timelines and measurable targets for improving living conditions.

The forum said the Federal Government should move beyond repeated assurances that economic conditions would improve and provide specific commitments showing when Nigerians could begin to experience meaningful relief.

The ACF’s Publicity Secretary, Professor Tukur Mohammed-Baba, made the call during an interview with ARISE News on Thursday, October 8, 2026, according to media reports.

Mohammed-Baba said the administration needed to be more transparent about the effects of its economic reforms and acknowledge areas where the outcomes had fallen short of expectations.

He argued that government policies should be assessed not only by their stated objectives but also by their effects on households, businesses and the wider population.

The ACF spokesman cited the rising cost of living, declining purchasing power, increasing rents, higher transportation expenses and electricity bills as some of the pressures confronting Nigerians. He also identified poor road infrastructure and persistent insecurity as challenges affecting citizens’ welfare.

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According to him, the government should explain how it intends to address these problems and establish clear benchmarks against which its performance can be measured.

Mohammed-Baba called on the Tinubu administration to outline what it expects to achieve within one, two and three years, arguing that measurable targets would enable Nigerians to assess progress rather than rely solely on official assurances.

He also urged the government to acknowledge the difficulties associated with its economic policies and communicate more openly with citizens about the challenges and expected outcomes.

The ACF spokesman maintained that the government should not expect Nigerians to endure prolonged hardship without a clear indication of when relief measures would take effect.

He said three months should be enough for the administration to introduce measures capable of reducing some of the immediate pressures on households, even if broader economic recovery would require more time.

The forum also called for greater accountability from political leaders, arguing that the sacrifices demanded of citizens should be matched by a commitment from public officials to responsible governance and improved service delivery.

Mohammed-Baba’s comments add to the ongoing debate over the impact of the Tinubu administration’s economic reforms, particularly the pressure that higher living costs have placed on households and small businesses.

The government has defended its reforms as necessary to address longstanding economic challenges. However, the ACF’s position underscores the need for clear communication about the expected benefits of the policies and practical measures to cushion their immediate effects.

On the 2027 general elections, Mohammed-Baba said the ACF would assess political parties and candidates based on their commitment to good governance, accountability, anti-corruption, equity and fairness.

He said the forum’s position would be guided by the quality of leadership and the ability of political actors to promote responsible governance rather than automatic support for any particular political party.

The ACF’s central demand is for the Federal Government to establish clear deadlines, measurable objectives and practical steps for reducing hardship, enabling Nigerians to judge progress by tangible improvements in their daily lives.