The Federal High Court sitting in Lagos has sentenced Onatayo Pelumi to a maximum of five years’ imprisonment for retaining funds totalling about ₦132 million linked to proceeds of unlawful activities in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.
Justice Osiagor convicted Pelumi on five counts bordering on the retention of proceeds of unlawful activities between January 2023 and June 2026, according to the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The EFCC said the charges involved various sums of money retained in the convict’s accounts despite his knowledge that the funds formed part of proceeds of unlawful activities.
On count one, the court sentenced Pelumi to three years’ imprisonment, with an option of a ₦300,000 fine.
For counts two, three, four and five, the court imposed five years’ imprisonment on each count, with an option of a ₦300,000 fine on each count.
However, the judge ordered that all the prison terms run concurrently, meaning the sentences would be served at the same time rather than consecutively.
Consequently, Pelumi faces a maximum of five years’ imprisonment if he does not exercise the options of paying the fines imposed by the court.
Beyond the prison sentences, the court ordered the forfeiture of two properties belonging to Pelumi and ₦8 million to the Federal Government.
The ₦8 million is domiciled in the convict’s Zenith Bank account.
The properties ordered forfeited are a half plot of land at No. 23 Michael Ayorinde Street, Abule-Egba, Lagos, and another half plot of land at No. 1 Yisa Street, Meiran, Lagos.
The court also ordered Pelumi to undertake seven days of community service in connection with the sentences.
The case centred on the retention of funds allegedly derived from unlawful activities in accounts maintained with GTBank and Zenith Bank. The forfeiture orders mean the specified funds and properties are to be surrendered to the Federal Government in accordance with the court’s judgment.