Four People Held for $5.29m Fraud in Lagos

The Economic and Financial Crimes Commission has charged four people before the Federal High Court in Ikoyi, Lagos, over a money laundering case involving $5.29 million.

In a post shared on EFCC’s X page on Thursday, the accused are Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo, and Gbenro Victor Ademola. They appeared separately before Justice F. N. Ogazi on two counts related to money laundering, which goes against the Money Laundering (Prevention and Prohibition) Act, 2022.

All four pleaded guilty to the charges brought against them.

One of the charges against Emmanuel says he kept $826,691 in his Wema Bank account between January 1 and 31, 2025. He allegedly knew this money was from illegal activities.

The charge states: "That you, Bamidele Ayodele Emmanuel, between 1 and 31st January, 2025, in Lagos and within the jurisdiction of this Honourable Court, directly retained the sum of $826,691 in your account, No. 0126008755 domiciled in Wema Bank, which you reasonably ought to have known forms part of the proceeds of an unlawful act, and you thereby committed an offence contrary to and punishable under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022."

After the guilty pleas, EFCC lawyer Bilkisu Buhari presented the facts of the case to the court.

Buhari explained that investigations showed the defendants admitted to giving their personal details to a man named Afeez Animashaun. He allegedly met them at Mushin Market in Lagos while they were doing their business.

She mentioned that the investigation found out that the defendants' identities were used to start companies like College Compass Eduguide Nigeria Limited, Hortifresh Solutions Nigeria Limited, Eduboost Innovation Nigeria Limited, and Fixit Hardware and Tools Nigeria Limited.

The prosecution claims that corporate bank accounts were opened for these companies and that they received millions of dollars in January 2025.

The EFCC argued that the actions of the defendants helped hide the real operators of the companies and allowed suspicious funds to move through the Nigerian financial system.

Buhari asked the court to convict the defendants and give them suitable sentences.

Justice Ogazi ordered that the defendants be held in a correctional facility. The case is set to continue on Tuesday, August 4, 2026, for judgment.