Sen. Peter Nwaoboshi

Money laundering: How Senator Peter Nwaoboshi bags 7-year imprisonment

*Nigeria’s Economic and Financial Crimes Commission says the Court of Appeal held Friday the prosecution had proved the ingredients of the offence, and consequently, found the defendants guilty as charged

Emmanuel Akosile | ConsumerConnect

The Court of Appeal Lagos Division has convicted and sentenced Peter Nwaoboshi, a serving Senator of the Federal Republic, representing Delta North Senatorial District at the National Assembly (NASS), Abuja, FCT, to seven years’ imprisonment for money laundering.

ConsumerConnect reports the Appellate Court Friday, July 1, 2022, also ordered that his two companies, Golden Touch Construction Project Limited and Suiming Electrical Limited, be wound up, in line with the provisions of the country’s Section 22 of the Money Laundering Prohibition Act 2021.

The ruling was sequel to an appeal to challenge the judgement of Justice Chukwujekwu Aneke of the Federal High Court, which June 18, 2018, discharged and acquitted Nwaoboshi of a two-count charge of fraud and money laundering.

The Economic and Financial Crimes Commission (EFCC) in a statement issued Friday via its official Twitter handle, stated: “The EFCC had arraigned the three defendants over the acquisition of a property named Guinea House, Marine Road, 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 the proceeds of fraud.”

The anti-corruption agency also said: “But in his judgement, 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.

“Justice Aneke said the evidence of PW2 ‘proved that the third defendant obtained a loan of N1.2 billion from Zenith Bank for purchase of additional equipment and as provision of working capital.”

The EFCC noted: “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.”

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