Senator Peter Nwaoboshi, who represents the Delta North Senatorial District in the National Assembly, was given a 7-year prison term by an appeals court in Lagos State.
On Friday, the appellate court punished Nwaoboshi.
Additionally, the court mandated that his two businesses be dissolved in accordance with Section 22 of the Money Laundering Prohibition Act 2021.
The Federal High Court’s verdict that on June 18, 2021 2018, discharged and acquitted the defendants of a two count allegation of fraud and money laundering was challenged by the Appellate Court after the appeal was successful.
The three defendants were charged by the EFCC for buying Guinea House, Marine Road in Apapa, Lagos, for N805 million.
It was claimed that N322 million, or a portion of the money paid to the vendor, which Suiming Electrical Ltd sent on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, was part of the fraud proceeds.
But in his ruling, Justice Aneke stated that the prosecution had not shown sufficient solid evidence or important witnesses to support the elements of the offenses for which it had accused the defendants.
The third defendant “obtained a loan of N1.2 billion from Zenith Bank for the purchase of additional equipment and as the provision of working capital,” Justice Aneke stated in response to PW2’s testimony.
“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 asserted that the prosecution’s inability to invite officials of Sterling Bank “to testify and probably tender exhibits F and F10” delivered the prosecution’s case a devastating blow.
As a result, he released and exonerated the defendants.
In contrast, the Court of Appeal found that the trial judge erred in dismissing the charges against the respondents in its decision on the EFCC’s appeal today. It stated that the defendants were found guilty as charged because the prosecution had established all elements of the crime.
