The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned four individuals before the Federal High Court in Ikoyi, Lagos, over their alleged involvement in a money laundering scheme involving more than $5.29 million.
The defendants – Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo and Gbenro Victor Ademola – appeared before Justice F. N. Ogazi on Wednesday on separate two-count charges bordering on money laundering under the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the alleged offence involved a total of $5,296,691 believed to be proceeds of unlawful activities.
One of the charges filed against Bamidele Ayodele Emmanuel alleged that between January 1 and 31, 2025, he retained $826,691 in a Wema Bank account, funds investigators said he reasonably ought to have known were proceeds of unlawful activity.
The anti-graft agency said the offence contravened Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
When the charges were read in court, all four defendants pleaded guilty.
Following their pleas, EFCC prosecuting counsel, Bilkisu Buhari, reviewed the facts of the case before the court, explaining that investigations showed the defendants surrendered their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos, where they carried out their businesses.
She told the court that investigators discovered the defendants’ identities were subsequently 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 also opened in the names of the companies, through which millions of dollars passed within January 2025.
Buhari argued that by allowing their identities to be used, the defendants provided anonymity for the actual operators of the companies and facilitated the movement of suspicious funds through Nigeria’s financial system.
She urged the court to convict the defendants in line with their guilty pleas and impose appropriate sanctions.
After listening to the prosecution, Justice Ogazi ordered that the defendants be remanded in a correctional facility pending judgment.
The court adjourned the matter until Tuesday, August 4, 2026, for judgment.
The EFCC said the prosecution forms part of its ongoing efforts to strengthen the fight against money laundering and other financial crimes across the country.
