Justice Friday Ogazi of the Federal High Court, Lagos, on Wednesday, ordered the remand of a businessman, Benjamin Emmanuel, at the Ikoyi Custodial Centre of the Nigerian Correctional Service (NCoS) over alleged fraud and money laundering involving ₦87 million.
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Emmanuel was arraigned before the court by operatives of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, in a case marked FHC/L/770c/25.
At Wednesday’s sitting, the prosecutor, Chief Superintendent of Police Yakubu Momoh, told the court that the defendant committed the offences in June 2025.
According to him, Emmanuel acquired, retained, and took possession of funds belonging to one Onibonokuta Evans, knowing that the money formed part of the proceeds of an unlawful act. He alleged that the defendant subsequently converted the ₦87 million for personal use.
Momoh said the alleged acts contravened Sections 18(2)(b) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same law.
One of the counts reads:
“That you, Benjamin Umanah Emmanuel, on or about June 2025 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, did directly convert to your own use and benefit the sum of Eighty-Seven Million Naira (₦87,000,000.00), knowing or reasonably ought to have known that the said sum forms part of the proceeds of an unlawful act, and thereby committed an offence contrary to section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, which is punishable under section 18(3) of the same Act.”
The defendant pleaded not guilty to the charge.
Following the plea, Justice Ogazi ordered that he be remanded at the Ikoyi Custodial Centre and adjourned the matter until October 10, 2025, for commencement of trial.
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