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Justice Akintayo Aluko of the Federal High Court in Ikoyi, Lagos, has convicted and sentenced Sunmonu Olasunkanmi Thaoban to four years in prison for money laundering, alongside four Bureau De Change (BDC) operators for illegal foreign exchange activities.
The sentences followed prosecutions brought by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1.
Sunmonu was arraigned on a two-count charge bordering on money laundering. According to court details, Sunmonu acted as a middleman in 2023 to disguise the illicit origin of ₦16,000,000, converting the funds into a black 2018 G-Wagon Jeep.
The act contravened Section 18(2)(a) and was punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Upon pleading guilty to both counts, the prosecution counsel, H. U. Kofarnaisa, reviewed the facts of the case and urged the court to convict him.
Justice Aluko sentenced Sunmonu to four years’ imprisonment, offering an option of a ₦1.8 million fine. Additionally, the court ordered the full forfeiture of the black G-Wagon Jeep and his mobile device to the Federal Government of Nigeria.
Crackdown on Unlicensed BDC Operators
In a related judgment, Justice Aluko convicted four illegal BDC operators, Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud, and Muhammed Musa for conducting unauthorised foreign exchange transactions.
The defendants were charged under Section 11(1)(a) of the National Economic Intelligence Committee Establishment (Etc.) Act, 1994, after trading foreign currency outside official channels.
All four BDC operators pleaded guilty to their respective charges prior to sentencing.
