Court remands four over $5.29m fraud in Lagos

Four individuals have been brought before the Federal High Court in Ikoyi, Lagos, by the Economic and Financial Crimes Commission (EFCC) on charges related to money laundering involving $5.29 million. The defendants, identified as Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo, and Gbenro Victor Ademola, were arraigned separately before Justice F. N. Ogazi on two counts each of money laundering, as stipulated by the Money Laundering (Prevention and Prohibition) Act, 2022.

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That you, Bamidele Ayodele Emmanuel, between 1 and 31st January, 2025, in Lagos and within the jurisdiction of this Honourable Court, directly retained the sum of $826,691 in your account, No. 0126008755 domiciled in Wema Bank, which you reasonably ought to have known forms part of the proceeds of an unlawful act, and you thereby committed an offence contrary to and punishable under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.

All four defendants entered guilty pleas when the charges were read. One specific charge against Emmanuel detailed his retention of $826,691 in his Wema Bank account between January 1 and 31, 2025, despite allegedly knowing these funds were proceeds of an unlawful act. The prosecution, led by EFCC counsel Bilkisu Buhari, presented the facts of the cases, revealing that investigations indicated the defendants admitted to providing their personal information to an individual named Afeez Animashaun. This individual allegedly approached them at Mushin Market, Lagos, where they conducted their businesses.

The EFCC's investigation established that the defendants' identities 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. Corporate bank accounts were subsequently opened for these companies, through which millions of dollars were received in January 2025. The prosecution alleged that these actions provided anonymity for the actual operators of the companies and facilitated the movement of suspicious funds within the Nigerian financial system.

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the defendants admitted providing their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market, Lagos, where they carried out their businesses.

Following the review of the facts, Buhari urged the court to convict the defendants and impose appropriate sentences. Justice Ogazi ordered that the defendants be remanded in a correctional facility and scheduled the matter for judgment on Tuesday, August 4, 2026.

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the defendants’ identities were used to incorporate companies including College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.