The Economic and Financial Crimes Commission (EFCC) has arraigned four suspects before the Federal High Court in Ikoyi, Lagos, for allegedly money laundering more than $5.29 million.
The defendants — Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo and Gbenro Victor Ademola , were separately arraigned on Wednesday, July 29, 2026, before Justice F.N. Ogazi by the Lagos Zonal Directorate 1 of the EFCC.
They face two-count charges each bordering on money laundering, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the alleged transactions involved a total sum of $5,296,691 suspected to be proceeds of unlawful activities.
One of the charges against Emmanuel alleged that he retained $826,691 in a Wema Bank account between January 1 and 31, 2025, funds which he reasonably ought to have known were proceeds of an unlawful act.
When the charges were read in court, all four defendants pleaded guilty.
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Reviewing the facts of the case, EFCC prosecuting counsel Bilkisu Buhari told the court that investigations revealed the defendants surrendered their personal information to one Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos, where they carried out their businesses.
She further stated that the defendants’ identities were used to register 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 subsequently opened in the names of the companies, and millions of dollars flowed through the accounts within January 2025.
The EFCC alleged that the defendants provided a layer of anonymity for the actual operators of the companies, thereby facilitating the movement of suspicious funds through Nigeria’s financial system.
Following the defendants’ guilty pleas, Buhari urged the court to convict them and impose appropriate penalties in line with the law.
Justice Ogazi thereafter ordered that the defendants be remanded in a correctional facility and adjourned the matter until August 4, 2026, for judgment.
