N500m money laundering charge: Court adjourns trial of 2 PDP chieftains

A Federal High Court in Lagos on Monday adjourned until Oct. 26 the trial of Clement Faboyede and Modupe Adetokunbo, chieftains of the Peoples Democratic Party (PDP), charged with money laundering.

Faboyede, the Ondo State Chairman of PDP, and Adetokunbo, the Director-General of the party’s 2015 campaign organisation in the state, are being prosecuted by the Economic and Financial Crimes Commission (EFCC), over alleged N500 million money laundering.

They pleaded not guilty to the charges and were granted bails in the sum of N50 million each.

The trial of the accused could not, however, continued on Monday following the absence of the trial judge, Justice SaliuSaidu, who is said to be away for the annual judges’ conference in Abuja to kick off the new legal year.

Consequently, the case was adjourned until Oct. 26 for trial.

The accused, according to the prosecution, committed the offences on March 27, 2015.

They were said to have conspired to accept cash payment of N500 million which exceeded the amount allowed by law without going through any financial institution.

The offences contravened the provisions of Sections 16, 16 (2) and 18 of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No.1 of 2012).