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Money Laundering: Court Jails Peter Nwaoboshi For 7 Years

The appellate court convicted him alongside his two companies: Golden Touch Construction Project Ltd and Suiming Electrical Ltd.

Following the convictions, the appeal court held that his companies be wound up and its properties forfeited to the Federal Government.

The EFCC statement on the judgement partly reads:

“The panel, comprising Justices Abdullahi Bayero, Obande Ogbuniya and Peter Affen in their judgment held that the trial court erred because the prosecution proved its case beyond reasonable doubt against the respondents and thus reverse the earlier judgement discharging and acquitting the respondents.

“The Economic and Financial Crimes Commission had challenged the judgment of Justice Chukwujekwu Aneke of the Federal High Court which on June 18, 2021 discharged and acquitted the defendants of a two count charge of fraud and money laundering.

“But in his judgment, 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.”

“He claimed a fatal blow was dealt the case of the prosecution by its failure to call officials of Sterling Bank “to testify and probably tender exhibits F and F10”.

“Consequently, he discharged and acquitted the defendants.

“However ruling on the EFCC’s appeal today, the Court of Appeal held that the trial judge erred in dismissing the charges against the respondents. It said the prosecution had proved the ingredients of the offence and consequently found the defendants guilty as charged.”

First Bank

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