The Senator representing Delta North Senatorial District, Peter Nwaoboshi has been sentenced to seven years imprisonment by the Court of Appeal sitting in Lagos for money laundering.
The court in its ruling on Friday also order that his two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, be wound up in line with the provisions of Section 22 of the Money Laundering Prohibition Act 2021.
The Economic and Financial Crimes Commission, EFCC, had challenged the judgment of Justice Chukwujekwu Aneke of a Federal High Court, Lagos, which on June 18, 2021, discharged and acquitted the defendants of a two count charge of fraud and money laundering.
EFCC had arraigned the three defendants over the acquisition of a property named Guinea House, Marine Road, in Apapa, Lagos, for N805 million.
It argued that part of the money paid to the vendor, precisely a sum of N322 million transferred by Suiming Electrical Ltd on behalf of Nwaoboshi and Golden Touch Construction Project Ltd , was alleged to be part of proceeds of fraud.