Court Sentences Senator Nwaoboshi To 7years Imprisonment Over Money Laundering

Newsbeat Editor July 1, 2022

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The Lagos Division of the Court of Appeal has sentenced 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.

NewsBeatng recalled that Justice Chukwujekwu Aneke of the Federal High Court had discharged and acquitted the defendants of a two count charge of fraud and money laundering.

The EFCC had arraigned the three defendants over the acquisition of a property named Guinea House, Marine Road, in Apapa, Lagos, for N805 million.

But in his ruling, 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 said.