Money laundering: Michael Igbinedion found guilty

Michael Igbinedion: found guilty of money laundering

 

 

Micheal Igbinedion, younger brother of Lucky Igbinedion, former governor of southern Nigerian state of Edo was on Wednesday found guilty of money laundering charge by a Federal High Court, Benin Division, presided over by Justice A. M. Lima.
The N25bn money laundering case was instituted against Igbinedion and five others by the Economic and Financial Crimes Commission, EFCC.
Others convicted in the 81-count charge are Patrick Eboigbodin, a former Accountant-General and four companies. They are Gava Corporation Limited, Romrig Nigeria Limited, PMI Securities Company Limited and PML (Nigeria) Limited.
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The offence was during the administration of Lucky Igbinedion, when he was the Governor of Edo State between 1999 and 2007.
Reading the judgement that lasted for over three hours, Justice Lima convicted the junior Igbinedion on counts 79, 80 and 81 which bothered on collecting cash payment above N500,000.00, while ‎Patrick and PML (Nigeria) Limited were convicted on count 50, 51, 52, 53, 54, 55, 56, 57, 58 and 58 which bothered on collaboration to conceal origin of funds amounting to millions of naira paid into their private accounts.
Justice Lima who said the prosecution proved alleged collaboration beyond reasonable doubts, however discharged all the accused on other count charges because the prosecution failed to prove the allegations, noting that the prosecution only proved suspicion and failed to prove illicit origin of funds deposited in some banks.