In a significant legal victory for the Economic and Financial Crimes Commission (EFCC), one Bose Lateef has been convicted and sentenced for offenses related to money racketeering. The ruling, handed down by Justice Deinde Dipeolu of the Federal High Court in Ikoyi, Lagos, marks a milestone in the fight against financial crimes.
Lateef stood trial on a one-count charge brought against her by the EFCC under Section 21(4) of the CBN Act, pertaining to Naira racketeering. The charge detailed her involvement in the hawking of N269,000 in N500 denominations, an act deemed unlawful under Nigerian law.
Having pleaded guilty to the charge, Lateef faced a comprehensive review of the case by EFCC counsel A.S. Wara, who presented evidence elucidating the circumstances of her arrest. Operative Olagunjo Abdulmalik testified to the defendant's apprehension while she was engaged in the illicit trade at Eko Club, Surulere, Lagos. Upon arrest, a substantial sum of N507,500 was seized from her possession.
Abdulmalik affirmed Lateef's confession during interrogation, admitting to her involvement in money racketeering and the unauthorized sale of Naira notes. Subsequently, the court admitted her statements and the recovered cash as exhibits, solidifying the case against her.
In defense, Lateef's counsel, Kolapo Gbadamosi, appealed to the court for leniency, citing her claim that the seized money constituted a loan from a cooperative society. Gbadamosi urged the court to consider Lateef's contrition and status as a first-time offender in its sentencing.
Responding to the defense's plea, Justice Dipeolu delivered the verdict, sentencing Lateef to one month imprisonment, effective from the date of her arrest by the EFCC. Additionally, the court ordered the return of the confiscated N507,500 to the convicted individual.
The ruling underscores the EFCC's commitment to upholding the rule of law and combating financial crimes in Nigeria. As the case concludes, it serves as a stern warning to those engaged in illicit financial activities, reaffirming the consequences of flouting established legal frameworks.
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