By Emmanuel Daniji

A Lagos court has sentenced Onatayo Pelumi to prison over the retention of funds worth about ₦132 million linked to unlawful activities, while ordering the forfeiture of two properties and ₦8 million in his bank account to the Federal Government.

The Federal High Court in Lagos delivered the judgment following a prosecution by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1.

Pelumi was convicted on five counts of money laundering involving accounts he operated with Guaranty Trust Bank and Zenith Bank. The charges covered transactions between January 2023 and June 2026.

The court imposed three years’ imprisonment on the first count, with an option of a ₦300,000 fine. For each of the remaining four counts, he received five years’ imprisonment, with an option of a ₦300,000 fine per count.

Although the individual sentences add up to 23 years, the judge ordered that they run concurrently, meaning the prison term would not exceed five years if the custodial sentences are served.

The court also ordered the forfeiture of two half-plots of land in Lagos. The properties are located at No. 23 Michael Ayorinde Street, Abule-Egba, and No. 1 Yisa Street, Meiran.

In addition, ₦8 million held in Pelumi’s Zenith Bank account was ordered forfeited to the Federal Government. He was also directed to perform seven days of community service.

The judgment highlights the legal consequences of retaining funds linked to unlawful activities, with the forfeiture orders extending the penalties beyond imprisonment to property and money.

For residents and property owners, the case also draws attention to the importance of lawful financial transactions and the risks that assets may face when connected to proceeds of crime.