….with option of N3million fine
Former Edo state governor, Lucky Igbinedion’s younger brother, Michael Igbinedion, who was found guilty of money laundering on Wednesday, was on Thursday, sentenced to 6 months in prison by the Federal High Court in Benin city.
Michael, alongside one Mr Charles Eboigbodin, an aide to former Governor Lucky Igbinedion were dragged before a federal high court in Benin city on an 81 count charge bordering on money laundering to the tune of N25billion during the rein of Lucky Igbinedion as state governor.
While Eboigbodin and PML Nigeria Limited were convicted on counts 50 to 59 for colluding to conceal the illicit origin of funds as stipulated under Section 14 (1)(b) of the Money Laundering (prohibition) Act, Michael Igbinedion was convicted on counts 79, 80 and 81 for receiving cash in excess of the stipulated threshold .
Michael Igbinedion’s sentencing however comes with an option of N1million fine for each of charges 79, 80 and 81, for which he was convicted.
Justice A.M Liman sentenced Eboigbodin to two years imprisonment with no option of fine.
The judge also wound up PML Nigeria Limited and all its assets forfeited to the Federal Government. He also ordered the company to pay N1 million on each of the ten counts for which it was convicted. In addition, Justice Liman discharged and acquitted three of the companies involved in the case: Gava Corporation Limited, Romrig Nigeria Limited and PML Securities Company Limited.