A Federal High Court in Lagos has convicted and sentenced Onatayo Pelumi over the retention of funds totalling about N132m linked to proceeds of unlawful activities, ordering the forfeiture of two properties and N8m to the Federal Government.
Justice Osiagor handed down the sentences after Pelumi was convicted on five counts relating to funds retained in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank.
The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 1, said the offences involved various sums retained in the convict’s accounts between January 2023 and June 2026, despite his knowledge that the money constituted proceeds of unlawful activities.
According to the EFCC, Pelumi received a three-year prison sentence on count one, with an option of a N300,000 fine.
On counts two, three, four and five, the court sentenced him to five years’ imprisonment on each count, with an option of a N300,000 fine per count.
The court ordered that the prison terms run concurrently. This means the maximum custodial sentence is five years, rather than the cumulative total of the individual sentences, if Pelumi does not exercise the fine options.
The court also ordered the forfeiture of two half-plots of land belonging to the convict, alongside N8m held in his Zenith Bank account, to the Federal Government.
The properties are located at No. 23 Michael Ayorinde Street, Abule-Egba, and No. 1 Yisa Street, Meiran, both in Lagos State.
In addition to the prison sentences and forfeiture orders, the court directed Pelumi to undertake seven days of community service.
