The Federal High Court in Lagos has convicted and sentenced Onatayo Pelumi to a combined eight-year jail term over the retention of funds totalling approximately ₦132 million suspected to be proceeds of unlawful activities.
The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 1, secured the conviction before Justice Osiagor on five counts of money laundering involving accounts held with Guaranty Trust Bank (GTBank) and Zenith Bank.
According to the charges, Pelumi retained various sums in the accounts between January 2023 and June 2026, knowing that the money constituted proceeds of unlawful activities.
The court handed him three years in prison on the first count, with an option of a ₦300,000 fine. For counts two to five, he received five years imprisonment on each count, with an option of a ₦300,000 fine per count.
However, the judge directed that all the prison terms run concurrently, meaning Pelumi will serve a total of five years rather than the cumulative 23 years.
The court also ordered the forfeiture of two half plots of land in Lagos and ₦8 million in the convicts Zenith Bank account to the Federal Government.
The properties are located at No. 23 Michael Ayorinde Street, Abule Egba, and No. 1 Yisa Street, Meiran, Lagos.
In addition to the prison sentences and forfeiture orders, the court directed Pelumi to perform seven days of community service.
