EFCC Arraigns 4 Over Alleged $5.29m Money Laundering In Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned four individuals before the Federal High Court in Ikoyi, Lagos, over an alleged $5.29 million money laundering scheme.

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

All four pleaded guilty when the charges were read to them.

According to the EFCC, Emmanuel allegedly retained $826,691 in his Wema Bank account between January 1 and January 31, 2025, despite allegedly knowing the funds were proceeds of unlawful activities.

The charge stated that Emmanuel “directly retained the sum of $826,691” in his account, an act said to contravene Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.

Following the guilty pleas, EFCC prosecuting counsel, Bilkisu Buhari, presented the facts of the case before the court.

She told the court that investigations revealed the defendants provided their personal details to one Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos, where they conducted their businesses.

According to the prosecution, the information supplied by the defendants was used to register companies, including College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.

The EFCC said corporate bank accounts were subsequently opened for the companies and used to receive millions of dollars within January 2025.

The Commission alleged that the defendants enabled the actual operators of the companies to conceal their identities and move suspicious funds through Nigeria’s financial system.

The prosecution urged the court to convict the defendants and impose appropriate sanctions.

Justice Ogazi ordered that the four defendants be remanded in a correctional facility and adjourned the case until August 4, 2026, for judgment.