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Thursday 4 May 2017

INEC official, Yisa Olarenwaju convicted over money laundering

A Federal High Court sitting in Lagos, on Wednesday sentenced an official of the Independent National Electoral Commission (INEC), Yisa Olarenwaju, charged with obtaining proceeds of unlawful act.
They were brought to court on a six-count charge of money laundering to the tune of N500 million, which they pleaded not guilty but the second defendant later changed his plea to guilty.Olarenwaju, thereafter, entered into a plea bargain agreement with the EFCC on May 2.  At the resumed hearing, Justice Mohammed Idris convicted and sentenced the INEC official. 

In the sentencing, Justice Mohammed Idris sentenced the INEC official based on a plea bargain agreement he reached with the Economic and Financial Crimes Commission (EFCC). The court adopted the plea bargain agreement as the judgment of the court.  The plea bargain agreement stated that;
”Upon the conviction of the second defendant, he should forfeit to the Federal Government of Nigeria all the parcel of land and its appurtenances which was acquired with the sum of N23 million, the proceed of the second defendant’s unlawful acts.
“That a fine of N10 million be imposed on the second defendant, upon his conviction based on count four of the amended charge.  ” That in paying the fine of the sum of N10 million, the second defendant shall raise a draft of N5 million in addition to the sum of N5 million already recovered from him. 
“He shall within seven days after the payment of the fine imposed by the court, enter into a bond with the EFCC, never to be involved in economic and financial crimes within and outside the shores of Nigeria”. 

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