Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission (EFCC) has secured the arraignment and guilty plea of four individuals before a Federal High Court in Lagos over their involvement in a sophisticated money laundering scheme involving approximately $5.29 million. The defendants were arraigned separately before Justice F.N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, on Thursday, July 30, 2026, on two-count charges bordering on money laundering, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants were identified as Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo, and Gbenro Victor Ademola. According to the charge sheet, Emmanuel was specifically accused of retaining $826,691 in his Wema Bank account (number 0126008755) between January 1 and January 31, 2025, despite knowing or reasonably ought to have known that the funds were proceeds of an unlawful act. The offence is contrary to and punishable under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
All four defendants pleaded guilty when the charges were read to them. Following the guilty pleas, EFCC counsel, Bilkisu Buhari, reviewed the facts of the case before the court. Buhari informed the court that investigations revealed the defendants had admitted to providing their personal information to one Afeez Animashaun, who approached them at Mushin Market in Lagos, where they carried out their businesses. The defendants' identities were subsequently 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.
According to the prosecution, corporate bank accounts were opened in the names of these companies and used to receive millions of dollars, including the $5.29 million in question, within January 2025. The EFCC alleged that the defendants' actions provided anonymity for the actual operators of the companies and enabled the movement of suspicious funds through the Nigerian financial system. Buhari argued that the arrangement was designed to conceal the identities of the true operators while facilitating the laundering of illicit funds. She urged the court to convict the defendants and impose appropriate sentences.
Justice Ogazi ordered that the defendants be remanded in a correctional facility and adjourned the matter until Tuesday, August 4, 2026, for judgment. The case is part of the EFCC's continuing efforts to strengthen enforcement of Nigeria's anti-money laundering laws, particularly against schemes that rely on proxy company registrations and third-party identities to disguise the movement of illicit funds through the banking system. The use of shell companies and straw identities to launder money has become a growing concern for Nigerian authorities, as it undermines the integrity of the financial system and facilitates other forms of organised crime. The guilty plea entered by the defendants is expected to expedite the judicial process, with the court set to deliver its judgment on August 4. The outcome of the case is likely to serve as a deterrent to others who may be tempted to participate in similar schemes.
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