Ex-Harmony Investments’ ED, Sanni Arraigned For Alleged Money Laundering
Stephen Olufemi Oni, Ilorin
The Economic and Financial Crimes Commission (EFCC) has arraigned a former Group Executive Director of Harmony Investments and Property Development Company Limited, Adebayo Sanni, before Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, Kwara State, on a seven-count charge of money laundering to the tune of N32.1 million.
The alleged offences are contrary to Section 15(2)(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012, and punishable under Section 15(3) of the same Act.
Sometime in 2018, the defendant, while serving as the Group Executive Director of Harmony Investments and Property Development Company Limited, allegedly processed an allocation letter in favour of one Mr. Nasiru Mahmoud. He reportedly instructed Mr. Akinwunmi Akinola to dispose of the property located in Galadimawa, Abuja, and directed that the proceeds from the sale be returned to him through friends and family members. Part of the proceeds was allegedly handed over to him in cash.
Investigation revealed that the defendant did not follow due process to allocate the property to the purported Mr. Nasiru Mahmoud, just as the proceeds of sale were also not handed over to the company. He collected same through friends and family and utilized it.
One of the counts reads:
“That you, Adebayo Sanni, sometime in March, 2019, at Ilorin within the jurisdiction of this Honourable Court, laundered the sum of N19,901,500.00 (Nineteen million, Nine Hundred and One Thousand, Five Hundred Naira) derived directly from an illegal act through Oliyide Ayodele bank account number 0025523684 domiciled with Guaranty Trust Bank PLC. with the aim of disguising the illicit origin of the money and thereby committed an offence contrary to Section 15 (2)(a) of the Money Laundering Prohibition (Amendment) Act, 2012 and punishable under Section 15 (3) of the same Act.”
The defendant pleaded not guilty to the charge when it was read to him.
Consequently, counsel to the EFCC, Sesan Ola, urged the court to fix a date for commencement of trial and remand the defendant in custody pending trial. However, the defendant’s counsel, I.O Atofarati pleaded with the court to admit his client to bail.
Justice Awogboro, after listening to the argument from both sides, adjourned to July 22, 2026, for ruling on the bail application and ordered the remand of the defendant in the EFCC custody.
It would be recalled that, in February 2020, the Commission secured a final order of forfeiture in respect of a property located at No. 11, Catchment Road, GRA, Ilorin, belonging to the defendant, pursuant to the judgment of Justice Sikiru Oyinloye. The order was granted in a non-conviction-based asset forfeiture proceeding instituted under Suit No. KWS/125C/2019.
