Alleged N2.7bn fraud: Lagos court clears two businessmen of EFCC charges

The High Court of Lagos State sitting successful Ikeja has cleared 2 businessmen who were lasting proceedings implicit an alleged N2.7 cardinal wealth laundering lawsuit filed by the Economic and Financial Crimes Commission, EFCC.

Justice A. Okunuga, who presided implicit the matter, discharged and acquitted the defendants, Finami Ayodele and Michael Effiong Udoiyang, aft ruling that the prosecution failed to found a prima facie lawsuit against them.

The 2 men were arraigned alongside Finami Automobile Ventures and Afolabi Olushola Sunday, popularly known arsenic ‘Asiwaju,’ who is presently astatine large.

The EFCC had brought a three-count complaint against the defendants bordering connected conspiracy, stealing and wealth laundering. The anti-graft bureau alleged that the offences were committed successful Lagos betwixt September 21 and October 4, 2021.

According to the prosecution, the defendants allegedly conspired to assistance the 4th defendant, Afolabi, successful converting N2.7 cardinal belonging to Fidelity Bank, with cognition that the wealth constituted proceeds of unlawful activities.

The charges were said to beryllium contrary to Sections 287 and 332 o...