EFCC Wins ₦132m Money Laundering Case as Court Orders Forfeiture of Lagos Properties

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.