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.