Chairman of People’s Democratic Party (PDP) in Ondo State, Clement Faboyede and Director General of PDP Campaign Organisation in the state during the last general election, Modupe Adetokunbo, have been remanded in Prison custody following their arraignment at the Federal High Court, Lagos.
The Economic and Financial Crimes Commission (EFCC) arraigned them on three-count charge of money laundering to the tune of N500million.
According to the three count criminal charge marked FHC/ L/201C/2018, the suspects and others at large on or about the March 27, 2015, conspired amongst themselves to accept cash payment in the sum of N500million from one Owolanke Michael, which exceeded N5million without going through a Financial institution.
The offence is said to be contrary to section 1 of the Money Laundering (Prohibition) Act, 2011(as amended by Act 1 of 2012) and punishable under section 16(2) of the same Act.
In count three of the charge, it was alleged that Faboyede while acting as the state Chairman of the PDP on March 27, 2015 made cash payment of the sum of N500 million to the Ondo State Election Committee of the PDP, which exceeded N5million without going through financial institution contrary to section 1 of the Money Laundering (Prohibition) Act, 2011(as amended by Act 1 of 2012) and punishable under section 16(2) of the same Act.
The two defendants pleaded not guilty to the charge.
Consequently, the prosecuting counsel, Mr. E. Iheanacho urged the court to remand them in prison custody and fix a date for commencement of trial.