EFCC Arraigns Ondo PDP Chairman For N500m Fraud

EFCC Arraigns Ondo PDP Chairman For N500m Fraud

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, on Friday, June 29, 2018, arraigned the duo of Clement Faboyede, Chairman, Ondo State Peoples Democratic Party (PDP) and Modupe Adetokunbo, a former Director-General, Goodluck Jonathan/ Namadi Sambo 2015 Presidential Election Campaign in Ondo, before Justice Saliu Saidu of the Federal High Court sitting in Lagos on a three-count charge bordering on money laundering to the tune of N500 million (Five Hundred Million Naira).

One of the counts reads: “ That you, Clement Faboyede, Modupe Adetokunbo and others at large, on or about the 27th day of March, 2015 in Nigeria within the jurisdiction of this Honourable Court, conspired amongst yourselves to accept cash payment of the sum of N500,000,000(Five Hundred Million Naira only), which exceeded N5,000,000(Five Million Naira) without going through a financial institution contrary to section 18 and punishable under section 16(2) of the Money Laundering (prohibition) Act, 2011 (as amended by Act No.1 of 2012)”‎

Another count reads: “That you, Clement Faboyede, while acting as the State Chairman of the Peoples Democratic Party, on or about the 27th day of March, 2015 in Nigeria within the jurisdiction of this Honourable court, made cash payment of the sum of N500,000, 000 ( Five Hundred Million Naira) to the Ondo State election committee of the Peoples Democratic Party, which exceeded N5,000,000 without going through a financial institution contrary to section 1 of the Money Laundering ( Prohibition) Act, 2011( as amended by Act No. 1 of 2012) and punishable under section 16(2) of the same Act”.

The defendants pleaded not guilty when the charge was read to them.

In view of their pleas, the prosecution counsel, E.E. Iheanacho, asked the court for a trial date and prayed the court to remand the defendants in prison custody.

However, counsel to the defendants made an oral application for bail on behalf of the defendants.

After listening to the counsels, Justice Saidu directed the defence counsel to make a formal application for the bail of the defendants.

The Judge also ordered the defendants to be remanded in prison custody.

The matter was adjourned to September 17, 2018 for trial.