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.
http://www.pmnewsnigeria.com/2015/04/30/money-
laundering-igbinedion-gets-6-year-jail-term/

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