The Economic and Financial Crimes Commission has arraigned four individuals before the Federal High Court in Lagos over an alleged $5.3 million money laundering scheme involving the use of corporate accounts to move suspicious funds.
The defendants — Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo and Gbenro Victor Ademola — were arraigned on Wednesday before Justice F.N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos.
They are facing separate two-count charges bordering on money laundering under the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the defendants allegedly retained and processed funds suspected to be proceeds of unlawful activities through corporate accounts opened in their names.
One of the charges alleged that Emmanuel retained $826,691 in a Wema Bank account between January 1 and 31, 2025, knowing or reasonably expected to know that the money was linked to unlawful activities.
The four defendants pleaded guilty when the charges were read to them.
Presenting the facts of the case, prosecution counsel Bilkisu Buhari told the court that investigations showed the defendants surrendered their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market, Lagos, where they carried out their businesses.
She said the information was used to register several companies, including College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.
According to the prosecution, corporate bank accounts were subsequently opened for the companies and used to receive more than $5.29 million within January 2025.
The EFCC alleged that the defendants’ identities were used to conceal the real operators of the companies and facilitate the movement of suspicious funds through the Nigerian financial system.
Following the guilty pleas, Buhari urged the court to convict the defendants and impose appropriate sanctions.
Justice Ogazi remanded the defendants in a correctional facility and adjourned the matter until August 4, 2026, for judgment.
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