EFCC arraigns four over alleged $5.3m money laundering in Lagos

By Imisioluwa Afunmiso

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned four persons before the Federal High Court in Ikoyi, Lagos, on charges of alleged money laundering involving $5,296,691.

The defendants—Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo, and Gbenro Victor Ademola were brought before Justice F. N. Ogazi on separate two-count charges bordering on money laundering, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

According to the EFCC, the defendants allegedly retained various sums of money in bank accounts that they reasonably ought to have known were proceeds of unlawful activity.

One of the charges against Emmanuel alleged that he retained $826,691 in a Wema Bank account between January 1 and 31, 2025.

The four defendants pleaded guilty when the charges were read to them.

Following the guilty pleas, prosecution counsel Bilkisu Buhari reviewed the facts of the cases before the court, stating that investigations revealed the defendants surrendered their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos, where they conducted business.

Buhari told the court that investigations further showed the defendants’ identities were 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.

She added that corporate bank accounts were subsequently opened for the companies and used to receive millions of dollars within January 2025.

According to the prosecution, the arrangement provided anonymity for the actual operators of the companies and facilitated the movement of suspicious funds through the Nigerian financial system.

The prosecution urged the court to convict the defendants based on their guilty pleas and impose appropriate sanctions.

Justice Ogazi thereafter remanded the defendants in a correctional facility and adjourned the matter until August 4, 2026, for judgment.