A Federal High Court in Lagos on Monday adjourned until October 26 the trial of Clement Faboyede and Modupe Adetokunbo, chieftains of the Peoples Democratic Party (PDP) charged with money laundering.
Faboyede, the Ondo State Chairman of PDP, and Adetokunbo, the Director-General of the party’s 2015 campaign organisation in the state, are being prosecuted by the Economic and Financial Crimes Commission (EFCC), over allegations of laundering N500 million.
The EFCC, through its counsel, Ekene Iheanacho had arraigned them on June 29 on a three-count charge bordering on money laundering.
They pleaded not guilty to the charges and were granted bails in the sum of N50 million each.
The trial of the accused could not, however, continue on Monday following the absence of the trial judge, Justice Saliu Saidu, who is said to be away for the annual judges’ conference in Abuja to begin the new legal year.
Consequently, the case was adjourned until October 26 for trial.
According to the prosecution, the accused committed the offence on March 27, 2015.
They were said to have conspired to accept cash payment of N500 million, which exceeded the amount allowed by law, without going through any financial institution.
The offences contravened the provisions of Sections 16, 16 (2) and 18 of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No.1 of 2012).