The Federal High Court in Lagos has sentenced Onatayo Pelumi to eight years’ imprisonment for money laundering involving about ₦132 million and ordered the forfeiture of two properties and ₦8 million to the Federal Government.
Pelumi was convicted by Justice Osiagor on five counts bordering on the retention of proceeds of unlawful activities in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.
The charges alleged that he retained various sums of money in the accounts between January 2023 and June 2026, knowing that the funds were proceeds of unlawful activities.
The court sentenced him to three years’ imprisonment, with an option of a ₦300,000 fine, on count one. On counts two, three, four and five, he was sentenced to five years’ imprisonment on each count, with an option of a ₦300,000 fine on each count. The prison terms are to run concurrently, making the total sentence eight years.
The court also ordered the forfeiture of two half-plots of land and ₦8 million in the convict’s Zenith Bank account to the Federal Government.
The forfeited properties 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, the court ordered Pelumi to perform seven days of community service in connection with the sentences.
