Justice James Omotosho of the Federal High Court has sentenced former acting Accountant-General of the Federation, Chukwunyere Anamekwe Nwabuoku, to a cumulative 72 years in prison for laundering over N868 million.
The conviction, secured by the Economic and Financial Crimes Commission (EFCC), followed a nine-count charge bordering on money laundering involving multiple companies used to conceal illicit funds between September 2019 and October 2020.
Delivering judgment, Justice Omotosho held that the prosecution proved its case beyond reasonable doubt, describing the evidence as “clear and compelling.”
He found that funds meant for the operations of the Ministry of Defence were diverted into private accounts linked to companies allegedly controlled by the defendant.
According to the court, Nwabuoku used corporate entities to disguise the origin of the funds and shield himself from detection.
The judge noted that the accounts did not bear his name, a move interpreted as a deliberate attempt to evade criminal liability.
The court highlighted several suspicious transactions, including over N262 million, N202 million, and N281 million routed through accounts of different companies, all traced back to unlawful activities.
It further held that there was no legitimate business justification for the massive inflow of funds.
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Justice Omotosho also pointed out that the defendant failed to explain how he acquired a property worth N64 million and shares valued at N200 million.
The court added that his refund of N220 million to an EFCC recovery account was a strong indication of guilt, as it was not contested during the trial.
On the charge of conspiracy, the court ruled that Nwabuoku was the mastermind behind the scheme, relying on witness testimonies that linked him to the creation and operation of multiple shell companies used to receive illicit funds.
The judge further convicted him for concealing N355 million paid into another company’s account on his behalf, noting the absence of any legitimate transaction to justify such payments.
In a striking observation, the court revealed that Nwabuoku’s account balance stood at just N3 million before 2019 but surged dramatically within months, coinciding with the period the offences were committed.
Justice Omotosho subsequently convicted him on multiple counts, sentencing him to a total of 72 years imprisonment, marking one of the most significant convictions involving a top government financial official in recent times.
