The Lagos Division of the Court of Appeal convicted and sentenced Senator Peter Nwaoboshi, senator representing Delta North Senatorial District in the National Assembly, to 7 years imprisonment today, July 1, 2022, and ordered that his two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, be wound up in accordance with Section 22 of the Money Laundering Prohibition Act 2021.
The Appellate Court’s decision followed the successful appeal of the judgment of Justice Chukwujekwu Aneke of the Federal High Court, which discharged and acquitted the defendants of a two-count charge of fraud and money laundering on June 18, 2021.
The three defendants were charged by the EFCC in connection with the purchase of a property called Guinea House, Marine Road, in Apapa, Lagos, for N805 million.
A portion of the money paid to the vendor, specifically N322 million transferred by Suiming Electrical Ltd on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, was alleged to be part of the proceeds of fraud.
However, in his decision, Justice Aneke stated that the prosecution failed to call critical witnesses and present concrete evidence to prove the elements of the offenses for which the defendants were charged.
According to Justice Aneke, PW2’s testimony “proved that the third defendant obtained a loan of N1.2 billion from Zenith Bank for the purchase of additional equipment and the provision of working capital.”
“It also demonstrated that the loan of N1.2 billion, plus interest of N24 million, was properly granted to the third.” “Neither the complainant nor the prosecutor established anything else in this case,” the judge stated.
He claimed that the prosecution’s failure to call officials of Sterling Bank “to testify and probably tender exhibits F and F10” dealt a fatal blow to its case.
As a result, he released and acquitted the defendants.
The Court of Appeal, however, in ruling on the EFCC’s appeal today, held that the trial judge erred in dismissing the charges against the respondents. It stated that the prosecution had proven the elements of the offense and thus found the defendants guilty as charged.
