A Nigerian federal court has convicted and sentenced four people for their roles in a money laundering scheme involving more than $5.2 million allegedly routed through corporate bank accounts.
Justice Friday Ogazi of the Federal High Court in Lagos handed down the sentences after the four defendants — Bamidele Emmanuel, Abdullah Yusuf, Funmilayo Garuba and Gbenro Ademola — pleaded guilty to money laundering charges brought by the Economic and Financial Crimes Commission (EFCC). According to the EFCC, the defendants provided their personal details to Afeez Animashaun, who allegedly approached them at Mushin Market in Lagos. Their information was subsequently used to register four companies: College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited and Fixit Hardware and Tools Nigeria Limited.
The anti-corruption agency alleged that bank accounts opened in the companies’ names received a combined $5.296 million in January 2025. One of the charges against Emmanuel alleged that he retained $826,691 in a Wema Bank account during the month, despite allegedly knowing or having reason to believe the funds were proceeds of unlawful activity. The case highlights the EFCC’s broader concerns over the use of shell companies and proxy accounts to conceal illicit funds. The agency has repeatedly warned Nigerians against allowing others to use their personal information for company registration or banking purposes. Emmanuel and the other defendants received four-month prison sentences, accompanied by community service and forfeiture orders ranging from N700,000 to N1 million. The court also ordered them to assist the EFCC in public-awareness campaigns warning against the misuse of personal information.