Court jails yahoo boys’ middleman four years for money laundering

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By Innocent Anaba

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Justice Akintayo Aluko of the Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced Sunmonu Olasunkanmi Thaoban to four years’ imprisonment for money laundering offences.

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Sunmonu was prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a two-count charge bordering on money laundering.

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The EFCC alleged that the convict, while acting as a middleman in 2023, disguised the origin of ₦16 million believed to be proceeds of unlawful activities by converting the funds into a black 2018 G-Wagon Jeep.

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The prosecution said the offence contravened provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

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Sunmonu pleaded guilty to both counts.

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Following his plea, EFCC counsel, H.U. Kofarnaisa, reviewed the facts of the case and urged the court to convict and sentence him accordingly.

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Justice Aluko found him guilty and sentenced him to four years’ imprisonment, with an option of a ₦1.8 million fine.

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The court also ordered the forfeiture of the black G-Wagon Jeep and a mobile device belonging to the convict to the Federal Government.

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Meanwhile, the court also convicted and sentenced four Bureau de Change (BDC) operators to 12 months’ imprisonment each for engaging in illegal foreign exchange transactions.

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The convicts — Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud and Muhammed Musa — were prosecuted by the EFCC on separate one-count charges bordering on illegal foreign exchange operations.

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They all pleaded guilty to the charges.

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After reviewing the facts of the cases, Kofarnaisa urged the court to convict and sentence the defendants accordingly.

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Justice Aluko subsequently convicted the four BDC operators and sentenced each of them to 12 months’ imprisonment, with an option of a ₦100,000 fine.

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The EFCC said the convictions reaffirm its commitment to enforcing financial regulations and prosecuting individuals involved in economic crimes.

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