Court jails five over money laundering, illegal forex trading

The Federal High Court sitting in Lagos has convicted and sentenced one Sunmonu Olasunkanmi Thaoban to four years’ imprisonment for money laundering.

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, arraigned Sunmonu on a two-count charge bordering on money laundering.

Meanwhile, the defendant pleaded guilty to both count charges.

After his guilty plea, the prosecution counsel, H. U. Kofarnaisa, reviewed the facts of the case and urged the court to convict and sentence him accordingly.

The pressing judge, Justice Akintayo Aluko found Sunmonu guilty and sentenced him to four years’ imprisonment, with an option of a N1.8 million fine.

The court also ordered the forfeiture of the convict’s black G-Wagon Jeep and mobile device to the Federal Government of Nigeria.

In a related development, the court also convicted and sentenced four Bureau de Change, BDC, operators to 12 months’ imprisonment each for engaging in illegal foreign exchange transactions.

The convicts, Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud, and Muhammed Musa, were prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, on separate one-count charges bordering on illegal foreign exchange operations.

The defendants pleaded guilty to their respective charges.

Following their guilty pleas, the prosecution counsel, H. U. Kofarnaisa, reviewed the facts of the cases and urged the court to convict and sentence them accordingly.

Justice Aluko convicted the four defendants and sentenced each of them to 12 months’ imprisonment, with an option of a N100,000 fine.