The offence is 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.
Clement Faboyede, Chairman of the Peoples Democratic Party (PDP) in Ondo State, and Modupe Adetokunbo, Director-General of the PDP Campaign Organization in the state during the 2015 general election, were on Friday arraigned before a Federal High Court in Ikoyi, Lagos, on a three-count charge of money laundering to the tune of N500million.
According to the three-count criminal charge number FHC/ L/201C/2018 filed before the court by the Economic and Financial Crimes Commission (EFCC), Deputy Chief Detective Superintendent, E. E. Iheanacho, Faboyede, Adetokunbo and others at large, on or about the 27th day of March, 2015, allegedly conspired amongst themselves to accept cash payment in the sum of N500million from one Owolanke Micheal, a sum in excess of N5million yet it didn't pass through a financial institution as rewquired by law.
The offence is 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 3 of the charge, it was alleged thus: "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 milion 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 urged the court to remand them in prison custody and fix a date for trial to commence.
Although the defence counsel, Mr E. Eyitayo Jegede (SAN), urged the court to admit them to bail, the presiding judge, Justice Saliu Saidu, asked him to file a formal application for bail. He said although Mr Jegede told the court that formal application for bail had been filed, it was not yet in the court's file.
Thereafter, justice Saidu ordered that the defendants be remanded in prison custody and adjourned the matter till September 17, 2018, for trial.