Money Laundering: Senator Nwaoboshi Goes To Jail

Ola ‘Kiya, Reporting

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

The 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.

The appellate Court’s 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, 2021, 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 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.

But in his judgment, 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.

“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 averred.

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.

Meanwhile, Senator Representing Delta North in the Senate, Senator Peter Nwaoboshi, has vowed to immediately challenge the Court of Appeal’s judgment at the Supreme Court.

According to a statement by his Media Unit on Friday, made available to journalists, Senator Nwaoboshi said they were confident that the Supreme Court would subject the judgment to critical review accordingly.

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