The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) secured the conviction and sentencing of Bose Lateef before Justice Deinde Dipeolu of the Federal High Court in Ikoyi, Lagos, on Friday, March 15, 2024, for her involvement in money racketeering.
Lateef was arraigned by the EFCC on a charge related to Naira Racketeering under Section 21(4) of the Central Bank of Nigeria Act. The charge detailed her activities, accusing her of hawking Naira notes totalling N269,000 in N500 denominations at Eko Club, Surulere, Lagos.
Upon being presented with the charge, Lateef pleaded guilty, prompting the EFCC’s counsel, A.S. Wara, to call upon Olagunjo Abdulmalik, an EFCC operative, to provide the court with the facts of the case. Abdulmalik recounted the circumstances of her arrest on February 15, 2024, highlighting the recovery of N507,500 from her possession.
He revealed that Lateef confessed to engaging in money racketeering and hawking Naira notes during her interrogation. Subsequently, the EFCC sought to tender her statements and the recovered cash as evidence, which Justice Dipeolu admitted.
Having found Lateef guilty as charged, the defence counsel, Kolapo Gbadamosi, pleaded for leniency, attributing her actions to financial constraints and describing her as a first-time offender genuinely remorseful for her conduct. Gbadamosi requested the return of the confiscated cash to Lateef.
In his ruling, Justice Dipeolu sentenced Lateef to one-month imprisonment, effective from the day of her arrest by the EFCC. Additionally, the court ordered the return of the seized N507,500 to Lateef, considering her plea for leniency and her status as a first-time offender.
This verdict underscores the commitment of the EFCC and the judiciary to combatting financial crimes and upholding the integrity of Nigeria’s currency system. It also serves as a warning to individuals engaged in similar unlawful activities, emphasising the consequences of their actions.
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