“₦16m Illicit Funds Converted To G-Wagon” — Court Sentences Sunmonu Thaoban Olasunkanmi To Four Years

The Federal High Court sitting in Ikoyi, Lagos, has sentenced Sunmonu Thaoban Olasunkanmi to four years’ imprisonment for laundering ₦16 million through the purchase of a luxury vehicle.

Justice Akintayo Aluko delivered the judgment on Thursday, July 30, 2026, after Olasunkanmi pleaded guilty to a two-count charge filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission.

The EFCC accused the convict of acting as a middleman and disguising the origin of ₦16 million derived from an unlawful activity by converting the money into a black 2018 G-Wagon Jeep.

According to the charge, the vehicle, with chassis number 1C4HJWEGJL893461, constituted part of the proceeds of Olasunkanmi’s unlawful activities.

The offence was brought under Section 18(2)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the legislation.

Olasunkanmi pleaded guilty to both counts when they were read to him.

Following his plea, the prosecution counsel, H. U. Kofarnaisa, reviewed the facts of the case and presented evidence linking the ₦16 million and the vehicle to the unlawful activity.

Kofarnaisa subsequently urged the court to convict and sentence the defendant in accordance with the law.

Justice Aluko found Olasunkanmi guilty and sentenced him to four years’ imprisonment, with an option of paying a ₦1.8 million fine.

The judge also ordered the final forfeiture of the black G-Wagon and the convict’s mobile telephone to the Federal Government.