RismadarVoice Reporters
October 10, 2026
The Federal High Court in Lagos has convicted and sentenced Onatayo Pelumi for money laundering offences involving approximately ₦132 million.
Justice Osiagor delivered the judgment following a prosecution by the Economic and Financial Crimes Commission (EFCC) on five counts relating to the retention of proceeds of unlawful activities.
According to the charges, Pelumi retained various sums of money in accounts maintained with Guaranty Trust Bank (GTBank) and Zenith Bank between January 2023 and June 2026, knowing that the funds were proceeds of unlawful activities.
The court found him guilty and sentenced him to three years’ imprisonment on the first count, with an option of a ₦300,000 fine.
For counts two to five, the court imposed five years’ imprisonment on each count, with an option of a ₦300,000 fine per count.
Justice Osiagor ordered that the prison terms run concurrently, meaning the effective custodial sentence is five years, rather than the combined total of the individual sentences.
The court also ordered the forfeiture of two half-plots of land in Lagos and ₦8 million held in Pelumi’s Zenith Bank account to the Federal Government.
The affected properties are located at No. 23 Michael Ayorinde Street, Abule-Egba, and No. 1 Yisa Street, Meiran, Lagos.
In addition to the imprisonment and forfeiture orders, the court directed Pelumi to undertake seven days of community service.
The conviction followed investigations and prosecution by the EFCC over the retention of funds established by the court to be proceeds of unlawful activities.
