Money Laundering:  Appeal Court  jails Sen. Nwaoboshi for seven years   

The Lagos Division of the Court of Appeal on July 1, 2022 convicted and sentenced Senator Peter Nwaoboshi, senator representing Delta North Senatorial District at the National Assembly, to seven  years imprisonment.

The Appeal Court also ordered that his two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, be wound up in line with the provisions of Section 22 of the Money Laundering Prohibition Act 2021.

This ruling followed the success of the appeal by the Economic and Financial Crimes Commission (EFCC), challenging the judgment of Justice Chukwujekwu Aneke of the Federal High Court which on June 18, 2018  discharged and acquitted the defendants of a two count charge of fraud and money laundering.

EFCC had arraigned the three defendants over the acquisition of a property named Guinea House, Marine Road, in Apapa, Lagos, for N805 million. Part of the money paid to the vendor, precisely a sum of N322 million transferred by Suiming Electrical Ltd on behalf of Nwaoboshi and Golden Touch Construction Project Ltd , was alleged to be part of proceeds of fraud.

In the two-count charge marked FHC/L/117C/18, the EFCC alleged that the defendants laundered N322 million between May and June 2014.

However, in a judgment delivered in June 2021, Aneke held that the agency failed to prove the elements of the offences for which it charged the senator.

Justice Aneke held that the prosecution failed to call vital witnesses and tender concrete evidence to prove the elements of the offences for which it charged the defendants.

A statement by EFCC spokesman, Wilson Uwujaren, disclosed that Justice Aneke was of the opinion that the evidence of PW2 “proved the third defendant obtained a loan of N1.2 billion from Zenith Bank for purchase of additional equipment and as provision of working capital.

“It also proved that the loan of N1.2 billion together with interest of N24 million was properly granted to the third. Nothing else was proved by the complainant or prosecutor in this case,” the judge said.

He claimed a fatal blow was dealt the case of the prosecution by its failure to call officials of Sterling Bank “to testify and probably tender exhibits F and F10”.

Consequently, he discharged and acquitted the defendants.

However, ruling on the EFCC’s appeal on Friday, the Court of Appeal held that the trial judge erred in dismissing the charges against the respondents.

 It said the prosecution had proved the ingredients of the offence and consequently found the defendants guilty as charged.