Four jailed in Lagos over $5.2 million money laundering scheme

A Federal High Court in Lagos has sentenced four individuals to prison for their roles in a sophisticated money laundering operation that handled over $5.2 million. The convictions followed guilty pleas from the defendants on charges brought by the Economic and Financial Crimes Commission (EFCC).

The convicts, identified as Bamidele Emmanuel, Abdullah Yusuf, Funmilayo Garuba, and Gbenro Ademola, were charged with money laundering. According to the EFCC, they sold their personal information to an individual named Afeez Animashaun. This information was then used to register four shell companies: College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited, and Fixit Hardware and Tools Nigeria Limited.

Corporate bank accounts opened under these company names received a total of $5,296,691 in January 2025. The EFCC highlighted the case as part of its ongoing efforts to combat the use of shell companies and proxy accounts for illicit fund transfers. The commission has repeatedly warned Nigerians against selling their personal details for company or bank account registrations, as criminals exploit such information for financial crimes.

The sentences varied, with each defendant receiving four months of imprisonment and community service. Bamidele Emmanuel was sentenced to four months in prison and three months of community service, ordered to forfeit N1 million. Funmilayo Garuba received four months in prison and 15 months of community service, with a N1 million forfeiture. Abdullah Yusuf was sentenced to four months in prison and three months of community service, with an N800,000 forfeiture. Gbenro Ademola also received four months in prison and three months of community service, with a N700,000 forfeiture.