Saturday, October 10, 2026

EFCC secures conviction of Lagos fraudster for laundering N132 million

The commission said Justice Osiagor ordered Mr Pelumi to undertake seven days of community service based on the sentencing.

• October 10, 2026

The Economic and Financial Crimes Commission (EFCC) says it secured the conviction of a fraudster, Onatayo Pelumi, who laundered N132 million.

In a statement on Saturday, the commission said Justice Osiagor of the Federal High Court, Lagos Division, convicted Mr Pelumi on five counts of retaining proceeds of unlawful activities in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.

According to the commission, the charges noted that Mr Pelumi retained various sums of money in the accounts between January 2023 and June 2026, knowing that the funds were proceeds of unlawful activities.

The commission said the court sentenced him to three years’ imprisonment, with an option of a N300,000 fine, on the first count.

On counts two to five, he was sentenced to five years’ imprisonment on each count, with an option of a N300,000 fine on each count.

However, the commission said the prison terms would run concurrently.

The court also ordered the forfeiture of two properties in Lagos and N8 million in the convict’s Zenith Bank account to the Federal Government.

The forfeited properties are half a plot of land at No. 23 Michael Ayorinde Street, Abule-Egba, and another half plot at No. 1 Yisa Street, Meiran, both in Lagos.

The commission added that Justice Osiagor ordered Mr Pelumi to undertake seven days of community service based on the sentencing.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Nigerian Bar Association

States

Independence: NBA urges Nigerians to expect better future

The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

World

UK’s senior special police constable sacked over woman’s nude pictures

Mr Deller’s actions were uncovered as part of Project Galatasaray.

Ginika Tor

NationWide

Ex-FCC commissioner Ginika Tor bags African female personality award

Ms Tor appreciated the organisers for recognising the importance of leadership.

Military Pensions Board

NationWide

Military board engages veterans over new pension rates

Mr Mohammed said the engagement also provided an opportunity for both parties to discuss pension-related issues and strengthen mutual understanding.

Rotimi Amaechi

NationWide

Stop disputing primaries’ results, focus on winning elections, Amaechi tells ADC members

Mr Amaechi urged members of the campaign council to recognise the responsibility before them.

States

Negative perceptions discouraging  youths from joining military, says Soludo

Mr Soludo described Mr Obiakor as an illustrious son of Anambra State.

NationWide

FG tasked on speedy completion of Niger Basin projects

Mr Houanye attributed the progress to institutional reforms and improved programme management.