The Federal High Court in Lagos has convicted and sentenced four persons over their involvement in a money laundering scheme involving $5.29 million.
Justice F.N. Ogazi, sitting at the Federal High Court in Ikoyi, Lagos, handed down the sentences on Wednesday, August 5, 2026, following the defendants’ guilty pleas to charges brought against them by the Economic and Financial Crimes Commission.
The convicts are Bamidele Ayodele Emmanuel, Abdullah Oriyomi Yusuf, Garuba Fathiat Funmilayo and Gbenro Victor Ademola.
The Lagos Zonal Directorate 1 of the EFCC separately arraigned the four defendants on two-count charges bordering on money laundering, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the anti-graft agency, investigations revealed that the defendants sold their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market, Lagos, where they operated their businesses.
The EFCC said the identities of the four defendants were subsequently used to incorporate College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.
The companies were also used to open corporate bank accounts, which the commission said received millions of dollars in January 2025.
One of the charges against Emmanuel alleged that he directly retained $826,691 in his Wema Bank account between January 1 and January 31, 2025, despite allegedly knowing, or being expected to know, that the funds formed part of the proceeds of an unlawful act.
The EFCC said the alleged offence contravened Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
After the charges were read to them, all four defendants pleaded guilty.
Prosecution counsel, Bilkisu Buhari, thereafter reviewed the facts of the cases before the court and urged Justice Ogazi to convict the defendants and impose appropriate sentences.
In her judgment, the judge found the four defendants guilty on the second count of the charges and sentenced them accordingly.
Emmanuel was sentenced to four months in prison, followed by three months of community service. He was also ordered to forfeit ₦1 million to the Federal Government.
Funmilayo was handed a four-month prison sentence and 15 months of community service. She was further ordered to forfeit ₦1 million to the Federal Government within 72 hours.
Yusuf received a four-month prison sentence and three months of community service, alongside an order to forfeit ₦800,000 to the Federal Government.
Ademola was similarly sentenced to four months in prison and three months of community service. He was ordered to forfeit ₦700,000 to the Federal Government within 72 hours.
The court further directed the four convicts to work with the EFCC on public awareness and advocacy campaigns highlighting the dangers of indiscriminately selling or handing over personal data to other people.
The EFCC made the development public in a statement signed by its Head of Media and Publicity, Dele Oyewale, on Friday, August 7, 2026.
