In a significant ruling by the Federal High Court in Lagos, three individuals, namely Kasumu Ademola, Salau Mikailu, and Ganiyu Ishola, have been handed 20-year prison terms for defrauding a stock firm of a staggering sum of N45.6 million. Justice Chukwuejekwu Aneke, after carefully reviewing the evidence, found the defendants guilty of the offenses brought against them.
The Economic and Financial Crimes Commission (EFCC) had initially charged the convicted individuals with four counts, including conspiracy, unlawful fund conversion, and money laundering. When presented before the court, the trio pleaded not guilty. They were subsequently granted bail on varying conditions and were first arraigned in 2019.
