Four defendants pleaded guilty at the Federal High Court in Lagos as the anti-graft agency alleges they facilitated suspicious financial transactions through company accounts
The Economic and Financial Crimes Commission on Thursday arraigned four defendants before the Federal High Court in Ikoyi, Lagos, over an alleged EFCC $5.29m money laundering scheme involving suspicious financial transactions routed through corporate bank accounts.
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The defendants, Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo and Gbenro Victor Ademola, appeared separately before Justice F. N. Ogazi on two-count charges bordering on money laundering under the Money Laundering (Prevention and Prohibition) Act, 2022.
All four defendants pleaded guilty when the charges were read in court.
According to details published by the EFCC on its official X account, one of the charges alleged that Emmanuel retained $826,691 in his Wema Bank account between January 1 and January 31, 2025, despite allegedly knowing the funds were proceeds of unlawful activity.
The charge stated that Emmanuel directly retained the funds in account number 0126008755 domiciled with Wema Bank, an act the commission said contravened Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
Following the guilty pleas, EFCC counsel Bilkisu Buhari reviewed the facts of the cases and urged the court to convict the defendants.
Buhari told the court that investigations showed the defendants admitted providing their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos, where they conducted their businesses.
According to the prosecution, the personal details supplied by the defendants were used to incorporate several companies, including College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.
The prosecution further alleged that corporate bank accounts were subsequently opened in the names of the companies and used to receive millions of dollars within January 2025.
Buhari argued that the arrangement enabled the true operators of the companies to conceal their identities while facilitating the movement of suspicious funds through Nigeria’s financial system.
The prosecution urged the court to impose appropriate sentences, maintaining that the defendants’ actions contributed to an alleged sophisticated money laundering operation.
Justice Ogazi ordered that the four defendants be remanded in a correctional facility pending judgment.
The court adjourned the matter until Tuesday, August 4, 2026, for judgment.
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The case forms part of the EFCC’s continuing efforts to strengthen enforcement of Nigeria’s anti-money laundering laws, particularly against schemes that allegedly rely on proxy company registrations and third-party identities to disguise the movement of illicit funds through the banking system.
Victory Emmanuel is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
