Court jails five over money laundering, illegal forex trading
Federal High Court Convicts Man for Money Laundering; Sentences Four Bureau de Change Operators
LAGOS — The Federal High Court in Lagos has sentenced Sunmonu Olasunkanmi Thaoban to four years in prison after he was found guilty of money laundering.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, charged Sunmonu with two counts related to money laundering. He pleaded guilty to both charges.
Following his guilty plea, prosecution counsel H. U. Kofarnaisa presented the case’s details and urged the court to impose a suitable sentence. Justice Akintayo Aluko found Sunmonu guilty and imposed a four-year prison term, with an alternative option of a fine of 1.8 million naira.
Additionally, the court ordered the forfeiture of a black G-Wagon Jeep and a mobile device belonging to Sunmonu to the Federal Government of Nigeria.
In a separate ruling, the court sentenced four Bureau de Change operators to 12 months in prison each for their involvement in illegal foreign exchange transactions. The convicted individuals are Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud, and Muhammed Musa, who faced individual charges of engaging in unlicensed currency operations.
Each defendant also pleaded guilty, and following the submission of facts by Kofarnaisa, Justice Aluko convicted them, resulting in a 12-month prison sentence for each, with the option of a 100,000-naira fine.
