STUDY IN CHINA

Tuesday, May 5, 2015

Money laundering : Fani-Kayode learns fate June 18

FANI
A Federal High Court in Lagos has fixed judgment for June 18, 2015 in the trial of a former Minister of Aviation, Chief Femi Fani-Kayode, charged with money laundering.

Justice Rita Ofili-Ajumogobia fixed the judgment date on Monday following adoption of final written addresses and summary arguments by lawyers to the Economic and Financial Crimes Commission and that of the accused person.


Fani-Kayode, whose trial began in 2008 before Justice Ramat Mohammed, was accused by the EFCC to have laundered about N100m while he was the Minister of Culture and Tourism and subsequently Aviation Minister.

The allegedly laundered sum was however reduced to N2.1m on November 17, 2014 after Ofili-Ajumogobia dismissed 38 out of the 40 counts levelled against Fani-Kayode by the EFCC for want of proof.

The EFCC prosecutor, Mr. Festus Keyamo, while urging the court on Monday to uphold the remaining two counts and to accordingly convict Fani-Kayode, said the former minister had failed to exonerate himself of the allegations.

Keyamo pointed out that the object of the charge was that Fani-Kayode transacted in cash sums above N500,000, which was the threshold stipulated by the Money Laundering (Prohibition) Act.

Keyamo argued that Fani-Kayode himself had admitted making such transactions in his confessional statement of December 22, 2008 made to the EFCC.

He said, “In this statement, he admitted that he transacted in cash above N500,000. My Lord, this statement went in without objection by the accused person and the statement was voluntary.

“With the combination of this confessional statement and the statement of the IPO that investigated the allegation, we rely on all of this to submit that we have discharged our burden that monies were received by the accused person in cash and were not done through any financial institution.”

Keyamo argued that the prosecution had discharged its duty once it established that Fani-Kayode transacted in large sums above the Money Laundering threshold, adding that it was left for Fani-Kayode to explain the source of the money.

“Once you cannot explain the source of the large sum of money found on you, you are guilty of money laundering. If the prosecution must show where the money is coming from, then the whole essence of the money laundering law is defeated.

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