Alleged $5.3m Fraud: EFCC Arraigns Four for Money Laundering in Lagos
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Wednesday, July 29, 2026, arraigned four persons before Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, for alleged money laundering involving a total sum of $5,296,69.
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Wednesday, July 29, 2026, arraigned four persons before Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, for alleged money laundering involving a total sum of $5,296,69.
The defendants, Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo and Gbenro Victor Ademola, were arraigned separately on a two-count charge each bordering on money laundering, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Count One against Bamidele Ayodele Emmanuel reads: "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."
They all pleaded guilty to the charges when they were read to them.
Following their guilty pleas, prosecution counsel, Bilkisu Buhari, reviewed the facts of the cases before the court. She informed the court that investigations revealed that the defendants admitted surrendering their personal information to one Afeez Animashaun, who approached them at Mushin Market, Lagos, where they conducted their respective businesses.
Buhari further disclosed that investigations established that the defendants' identities were used to incorporate these companies; College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited, Fixit Hardware and Tools Nigeria Limited, and also open corporate bank accounts through which millions of dollars were received within January 2025.
According to the prosecution, the defendants' actions provided anonymity for the actual operators of the company and facilitated the movement of suspicious funds through the Nigerian financial system.
She thereafter urged the court to convict the defendants as charged and impose appropriate sentences.
Justice Ogazi remanded the defendants in a Correctional facility and adjourned the matter till Tuesday, August 4, 2026, for judgment.
Count One against Bamidele Ayodele Emmanuel reads: "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."
They all pleaded guilty to the charges when they were read to them.
Following their guilty pleas, prosecution counsel, Bilkisu Buhari, reviewed the facts of the cases before the court. She informed the court that investigations revealed that the defendants admitted surrendering their personal information to one Afeez Animashaun, who approached them at Mushin Market, Lagos, where they conducted their respective businesses.
Buhari further disclosed that investigations established that the defendants' identities were used to incorporate these companies; College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited, Fixit Hardware and Tools Nigeria Limited, and also open corporate bank accounts through which millions of dollars were received within January 2025.
According to the prosecution, the defendants' actions provided anonymity for the actual operators of the company and facilitated the movement of suspicious funds through the Nigerian financial system.
She thereafter urged the court to convict the defendants as charged and impose appropriate sentences.
Justice Ogazi remanded the defendants in a Correctional facility and adjourned the matter till Tuesday, August 4, 2026, for judgment.
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