Ex-convict sentenced to three years in prison over money laundering

An Ikeja Special Offences Court on Tuesday sentenced Adekola Oluokun, an ex-convict, to three years in prison for laundering N12 million. 

Justice Rahman Oshodi convicted and sentenced him on a single count of money laundering filed by the Economic and Financial Crimes Commission (EFCC).

The News Agency of Nigeria (NAN) reports that Oluokun was arraigned on March 16 and pleaded guilty. In delivering judgment, Justice Oshodi noted that the offence constituted money laundering and highlighted that Oluokun was not a first-time offender.

The judge, however, acknowledged the convict’s early guilty plea and willingness to make restitution.

Consequently, the court sentenced Oluokun to three years’ imprisonment and ordered him to restitute N3.5 million to First City Monument Bank (FCMB) within three months.

The judge convicted Oluokun after EFCC counsel, Mr Ebuka Okongwu, reviewed the facts of the case.

While reviewing the facts, Okongwu tendered a Certified True Copy (CTC) of a July 23, 2020 judgment in suit No. FHC/IB/32C/2018.

The document showed that the convict was earlier tried and sentenced in Ibadan.

The CTC was admitted into evidence and marked as Exhibit One.

The prosecution also sought restitution of N3.5 million to the nominal complainant.

The EFCC said Oluokun, with others still at large, in 2025 in Lagos, concealed and converted N12 million paid into his account through Point of Sale (POS) agents.

It said the sum formed part of N3.9 billion reportedly stolen from FCMB accounts through unauthorised access and fraudulent activities on its mobile banking platform.

The anti-graft agency added that the money was withdrawn and converted to cash through POS agents.

Defence counsel, Mr Fabian Nwaforji, made an allocutus and pleaded for leniency.

He said the convict was remorseful and had already served 4 years and 6 months in custody.

He urged the court to temper justice with mercy.

NAN reports that Oluokun was earlier convicted on July 23, 2020, by Justice Joyce Abdulmalik of the Federal High Court, Ibadan, Oyo State.

Abdulmalik had sentenced him to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300.

The conviction followed prosecution by the EFCC Ibadan Zonal Directorate.

The EFCC Ibadan office had prosecuted him on a six-count amended charge, including obtaining money by false pretence.

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