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By Sola Rotimi
The Economic and Financial Crimes Commission (EFCC) has arraigned a former Group Executive Director of Harmony Investments and Property Development Company Limited, Adebayo Sanni, before the Federal High Court in Ilorin, Kwara State, over an alleged ₦32.1 million money laundering scheme.
Sanni was arraigned on Monday before Justice Abimbola Awogboro on a seven-count charge bordering on money laundering, contrary to Section 15(2)(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012, and punishable under Section 15(3) of the same Act.
According to the EFCC, Sanni, while serving as Group Executive Director of Harmony Investments in 2018, allegedly processed an allocation letter in favour of one Nasiru Mahmoud without following due process.
The anti-graft agency further alleged that he instructed one Akinwunmi Akinola to dispose of the property located in Galadimawa, Abuja, and directed that the proceeds from the sale be returned to him through friends and family members, with part of the money allegedly paid to him in cash.
The Commission said its investigation revealed that the property was not lawfully allocated to the purported beneficiary and that the proceeds from the sale were never remitted to Harmony Investments.Instead, the funds were allegedly received through associates and family members and subsequently used by the defendant.
One of the charges alleged that Sanni, in March 2019, laundered ₦19,901,500 through a Guaranty Trust Bank account belonging to Oliyide Ayodele in an attempt to conceal the illicit origin of the funds.
The defendant pleaded not guilty to all seven counts when they were read in court.Following the plea, EFCC counsel, Sesan Ola, urged the court to fix a date for trial and remand the defendant pending the determination of the case.
Defence counsel, I.O. Atofarati, however, applied for bail on behalf of his client.After hearing submissions from both parties, Justice Awogboro adjourned the matter until 22 July 2026 for ruling on the bail application and ordered that the defendant be remanded in EFCC custody.
The EFCC also recalled that in February 2020, it secured a final forfeiture order on a property belonging to Sanni located at No. 11, Catchment Road, GRA, Ilorin.
The order was granted by Justice Sikiru Oyinloye in a non-conviction-based asset forfeiture proceeding under Suit No. KWS/125C/2019.
