Igbinedion Gets 6-year Jail Term Over Money Laundering

Justice Muhammed Lima of Benin division
of Federal High Court on Thursday
sentenced Michael Igbinedion, son of Gabriel
Igbinedion, a Benin based billionaire to six
years imprisonment over alleged laundering
of N25 billion fund belonging to Edo state
government.
Justice Lima also sentenced Patrick
Eboigbodin, an aide to the former governor
Lucky Igbinedion to 20 years
imprisonment, in addition to a fine of
N250,000 on a 10-count charge.
Michael Igbinedion, a younger brother to
former governor Lucky Igbinedion, was
sentenced to two years imprisonment on
each of the three count charges. He was
however given an option N3 million fine.
All the jail terms of the convicts are to run
concurrently.
PML Securities Limited, one of the
companies allegedly used by the convicts to
launder the funds, was ordered to fold up
and forfeit all its assets to the federal
government.
The 81-count charges case was instituted
against the convicts, Michael Igbinedion,
Patrick Eboigbodin, Gava Corporation,
Romring Nigeria Limited, PML Securities and
PML Nigeria Limited by the Economic and
Financial Crime Commission (EFCC), an
offence said to have been committed
between 1999 and 2007 when Lucky
Igbinedion was governor of the state.
Michael Igbinedion was convicted on counts
79, 80 and 81 which bothered on collecting
cash payment above N500,000, while
Patrick Eboigbodin and PML (Nigeria) Limited
were found guilty on counts 50, 51, 52, 53,
54, 55, 56, 57, 58 and 58 which bothered
on collaboration to conceal origin of funds
amounting to millions of naira paid into their
private accounts.
Justice Lima however discharged all the
accused on other count charges on ground
of failure to prove allegations beyond
reasonable doubt by the prosecution. He
said the prosecution only proved suspicion
and failed to prove illicit origin of funds
deposited in some banks.