N500m money laundering: Ondo PDP chairman, Adetokunbo remanded in Prison

The Ondo state Chairman, People’s Democratic Party (PDP), Clement Faboyede, and the Director General of PDP Campaign Organisation in Ondo State during the last general election, Modupe Adetokunbo were on Friday arraigned before a Federal High Court, Ikoyi, Lagos.

The duo was arraigned on a three count charge of money laundering to the tune of N500 million.

According to the criminal charge number FHC/ L/201C/2018 filed before the court by Economic and Financial Crimes Commission (EFCC), Deputy Chief Detective Superintendent, E. E. Iheanacho, it was alleged that Clement Faboyede and Modupe Adetokunbo and others at large on or about the 27th day of March, 2015, conspired amongst themselves to accept cash payment in the sum of N500 million from one Owolanke Michael which exceeded N5 million without going through a financial institution.

The offence is said to be contrary to section 1, of the Money Laundering (Prohibition) Act, 2011(as amended by Act 1 of 2012) and punishable under section 16(2) of the same Act.

In count three of the charge, it was alleged that : Clement Faboyede while acting as the state Chairman of the People’s Democratic Party on the 27th day of March, 2015 made cash payment of the sum of N500 million to the Ondo State Election Committee of the People’s Democratic Party which exceeded N5million without going through financial institution contrary to section 1 of the Money Laundering (Prohibition) Act, 2011(as amended by Act 1 of 2012) and punishable under section 16(2)of the same Act.

The two defendants pleaded not guilty to the charge, consequently, the prosecuting counsel, Mr E. Iheanacho said that in view of the plea of not guilty of the defendants, he urged the court to remand them in prison custody and fix a date for trial to commence.

However, the defence counsel, Mr Eyitayo Jegede, SAN, urged the court to admit them to bail but, Justice Saliu Saidu ask him to file a formal application for bail.

Mr Jegede told the court that formal application for bail has been filed, but not yet in the court’s file.

Justice Saidu ordered that the defendants be remanded in prison custody.

The court however adjourned the matter till 17th September, 2018 for trial.