The Lagos Division of the Court of Appeal has sentenced a senator representing Delta North Senatorial District, Peter Nwaoboshi, to seven years imprisonment for engaging in million money laundering.
Nwaoboshi was sentenced by the Appellate court along with his two companies: Golden Touch Construction Project Ltd and Suiming Electrical Ltd, ending months of litigation.
In addition, the Court of Appeal ordered that the companies, who were the 2nd and 3rd respondents in the appeal, be wound up in line with Section 22 of the Money Laundering (Prohibition) Act, 2011 (as amended) and their properties forfeited to the Federal Government of Nigeria.
In the judgement delivered by the panel, comprising Justices Abdullahi Bayero, Obande Ogbuniya, and Peter Affen, on Friday held that the trial court which was presided over by Justice Chukwujekwu Aneke of the Federal High Court, erred in its ruling that discharged the accused.
The panel stressed that the prosecution proved its case beyond reasonable doubt against the respondents and thus reverse the earlier judgement discharging and acquitting the respondents, Nwaoboshi, and two firms.
The Economic and Financial Crimes Commission (EFCC) had challenged the judgment of Justice Aneke which was delivered on June 18, 2021 on a two-count charge of fraud and money laundering brought before it.
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 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 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 the 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 said.
He claimed a fatal blow was dealt with the case of the prosecution by its failure to call officials of Sterling Bank “to testify and probably tender exhibits F and F10”. And consequently, he discharged and acquitted the defendants.
