The Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, has secured the conviction of Onatayo Pelumi, who has been sentenced to a total of eight years in jail for money laundering involving approximately N132 million.
The convict was sentenced by Justice Osiagor of the Federal High Court sitting in Lagos State after being found guilty on five counts bordering on the retention of proceeds of unlawful activities in accounts domiciled with Guaranty Trust Bank and Zenith Bank.
According to the EFCC, the offences were committed between January 2023 and June 2026, when Pelumi allegedly retained various sums of money in the bank accounts, knowing that the funds were proceeds of unlawful activities.
The court sentenced him to three years’ imprisonment on the first count, with an option of N300,000 fine. He also received five years’ imprisonment on each of the remaining four counts, with an option of N300,000 fine on each count.
However, the sentences are to run concurrently, meaning the convict will serve the prison terms simultaneously.
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In addition to the jail term, the court ordered the forfeiture of two half-plots of land and N8 million to the Federal Government of Nigeria.
The forfeited properties are located at No. 23 Michael Ayorinde Street, Abule-Egba, and No. 1 Yisa Street, Meiran, both in Lagos State. The N8 million is held in the convict’s Zenith Bank account.
The court also directed Pelumi to undertake seven days of community service in connection with the sentences.
The EFCC disclosed the conviction in a statement issued on October 10, 2026, and signed by its Head of Media and Publicity, Dele Oyewale.
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(Editor: Terverr Tyav)
