EFCC Secures Eight-Year Jail Term for Man Over ₦132m Money Laundering in Lagos
Onatayo Pelumi was convicted on five counts involving the retention of proceeds of unlawful activities in bank accounts held with GTBank and Zenith Bank. The court also ordered the forfeiture of two properties and ₦8 million.
The Economic and Financial Crimes Commission (EFCC) has secured the conviction of Onatayo Pelumi for money laundering involving approximately ₦132 million at the Federal High Court in Lagos.
Pelumi was convicted on five counts relating to the retention of proceeds of unlawful activities in accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.
The EFCC’s Lagos Zonal Directorate 1 announced the conviction in a statement shared through the commission’s official X account.
According to the charges, Pelumi retained various sums of money in the two bank accounts between January 2023 and June 2026, allegedly knowing that the funds were proceeds of unlawful activities.
Court Imposes Concurrent Prison Terms
Justice Osiagor sentenced Pelumi to three years’ imprisonment on count one, with an option of a ₦300,000 fine.
For counts two, three, four and five, the court imposed five years’ imprisonment on each count, with an option of a ₦300,000 fine for each offence.
The EFCC said all the prison terms were to run concurrently, meaning they would be served at the same time rather than consecutively.
Two Properties, ₦8m Ordered Forfeited
The court also ordered the forfeiture of two properties and ₦8 million held in the convict’s Zenith Bank account to the Federal Government of Nigeria.
The properties listed in the EFCC statement are a half plot of land at No. 23 Michael Ayorinde Street, Abule-Egba, Lagos, and another half plot at No. 1 Yisa Street, Meiran, Lagos.
In addition to the prison terms, fines and forfeiture orders, Pelumi was directed to undertake seven days of community service.
EFCC Did Not Disclose Underlying Criminal Activity
Although the conviction concerned the retention of funds allegedly derived from unlawful activities, the EFCC did not provide further details about the specific criminal activities from which the money originated.
The case forms part of the commission’s efforts to investigate and prosecute financial crimes, including the handling and retention of suspected illicit proceeds.
