N25bn Fraud: Judge Sends Igbinedion To Jail

 

                  A younger brother of ex-Governor of Edo state, Lucky Igbinedion, Michael, has been sentenced to a six-year jail term for N25bn money laundering offences by a Federal High Court in Benin, Edo State on Thursday.
                   An aide of the ex-governor, Patrick Eboigbodin, was also jailed for 20 years for the same of offences.

The Punch however reports that governor’s brother has an option of paying N3m or N1m for each of the three counts on which he was found guilty to avoid going to jail. Eboigbodin’s sentencing on Thursday is without an option of fine.
The four companies are Gava Corporation Limited, Romrig Nigeria Limited, PML Securities Company Limited and PML Nigeria Limited.
Justice A.M. Liman found Michael guilty on counts 79, 80 and 81 of the alleged charges while Eboigbodin was found guilty on counts 50, 51, 52, 53, 54, 55, 56, 57, 58 and 59.
The judge also ordered the forfeiture of the assets of PML Limited to the Federal Government. The company will also pay N250,000 fine.
Liman noted that the prosecution had proved the alleged collaboration by the accused beyond reasonable doubts but he discharged them all on the other count charges on the grounds that the prosecution failed to prove the allegations.
The judge further explained that the prosecution only proved suspicion but failed to prove illicit origin of funds deposited in the named banks.
The convicts were arraigned on 81-count charge bordering on money laundering. The offences were committed between 1999 and 2007 when Lucky Igbinedion was the governor of Edo state.