Immediate past governor of Ekiti State, Ayodele Fayose was this morning arraigned by the Economic and Financial Crimes Commission (EFCC) before Hon. Justice M. Olatoregun of the Federal High Court sitting in Lagos on an eleven-count charge bordering on money laundering. He pleaded not guilty to all the counts and through his lawyer, Kanu Agabi (SAN) applied for bail. The prosecutor, Mr. Rotimi Oyedepo informed the court that he needed time to respond to the application for bail and the charge has been adjourned to Wednesday, the 24th of Oct 2018.
Section 15 (2)(d): Any person, or body corporate, in or outside Nigeria, who directly or indirectly acquires, uses, retains or takes possession or control of; any fund or property, knowingly or reasonably ought to have known that such fund or property is, or forms part of the proceeds of an unlawful act commits an offence of money laundering under this Act.
Section 15 (3): A person who contravenes the provisions of subsection (2) of this section is liable on conviction to a term of not less than 7 years but not more than 14 years imprisonment.
Section 15 (4): A body corporate who contravenes the provisions of subsection (2) of this section is liable on conviction to
(a) a fine of not less than 100% of the funds and properties acquired as a result of the offence committed; and
(b) withdrawal of licence.
Section 1: No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding –
- N5, 000,000.00 or its equivalent in the case of an individual; or
- N10, 000,000.00 or its equivalent in the case of a body corporate.
Section 16 (1) (d): Without prejudice to the penalties provided under section 15 of this Act, any person who – makes or accepts cash payments exceeding the amount authorized under this Act commits an offence.
Section 16 (2) (b): A person who commits an offence under subsection (1) paragraphs (b) – (f), is liable to imprisonment for a term of not less than 3 years or a fine of N10,000,000 or to both, in the case of individual and, N25,000,000, in the case of a body corporate.
Section 18 (c): A person who – incites, procures or induces any other person by any means whatsoever to commit an offence, under this Act, commits an offence and is liable on conviction to the same punishment as is prescribed for that offence under this Act.