The Supreme Court has overturned the conviction and sentencing of Senator Peter Nwaoboshi, representing Delta North, in a fraud and money laundering case. The apex court also ordered his immediate release from Ikoyi prisons in Lagos. The two companies tried alongside him, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, were also freed from the charges brought against them by the Economic and Financial Crimes Commission (EFCC).
In a split decision, with four justices in agreement and one dissenting, the Supreme Court set aside the judgment of the Court of Appeal, Lagos, which had reversed their discharge and acquittal by a Federal High Court. The EFCC had accused Nwaoboshi and his companies of illegally acquiring a property in Lagos, using funds believed to be proceeds of their illicit activities.
Justice Emmanuel Agim, delivering the lead judgment, held that the prosecution failed to establish that the defendants committed any criminal offense known to law. He noted that the loan obtained by Suiming Electrical Ltd, which was said to have been used for the purchase of the property, was not fraudulently obtained, and there was no default on repayment.
Justice Agim further criticized the EFCC for subjecting Nwaoboshi and his firms to criminal prosecution for a civil transaction and emphasized that the breach of a loan agreement is a civil matter, not a criminal offense. The Supreme Court ruled that the prosecution failed to prove the charges of fraud and money laundering, leading to the quashing of the conviction and the release order for Senator Nwaoboshi.
It is important to note that this summary is based on the provided information and may not capture the full details of the case.
