EFCC Arraigns Four Over Alleged $5.2 Million Money Laundering Scheme

(The Suspects. Photo Credit: EFCC Nigeria)

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned four persons before Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, over allegations of money laundering amounting to $5,296,691 (Five Million, Two Hundred and Ninety-Six Thousand, Six Hundred and Ninety-One United States Dollars).

The arraignment took place on Wednesday, July 29, 2026.

The defendants Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo, and Gbenro Victor Ademola were each separately arraigned on a two-count charge bordering on money laundering, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the counts, brought against Bamidele Ayodele Emmanuel, alleged that between January 1 and 31, 2025, in Lagos and within the court’s jurisdiction, he directly retained the sum of $826,691 in his Wema Bank account, No. 0126008755, a sum he reasonably ought to have known formed part of proceeds from an unlawful act an offence punishable under Section 18 of the Act.

All four defendants pleaded guilty when the charges were read to them. Following the pleas, prosecution counsel, Bilkisu Buhari, presented the facts of the case to the court.

She told the court that investigations showed the defendants had admitted to handing over their personal details to one Afeez Animashaun, who had approached them at Mushin Market, Lagos, where they run their businesses.

She further disclosed that their identities were used to register several companies College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited.

And Fixit Hardware and Tools Nigeria Limited as well as to open corporate bank accounts through which millions of dollars passed within January 2025.

The prosecution maintained that the defendants’ actions shielded the identities of the real operators behind the companies and enabled the movement of suspicious funds through Nigeria’s financial system.

Buhari urged the court to convict and appropriately sentence the defendants based on their pleas.

Justice Ogazi ordered that the defendants be remanded in a correctional facility and adjourned the matter to Tuesday, August 4, 2026, for judgment.