A Federal High Court in Ikoyi, Lagos, presided over by Justice Yellim Bogoro, has handed down an eight-year and three-month prison sentence to Fidelix Samuel Ebuka following his conviction for money laundering. The ruling concludes a high-profile case involving the retention of over N90 million in illicit funds.
The conviction follows Ebuka’s appearance before the court on June 10, 2026, where he initially denied the 14-count charge filed by the Economic and Financial Crimes Commission (EFCC). The charges detailed that on April 15, 2026, the defendant retained N90,989,517 in his Union Bank account, funds which he knew or reasonably ought to have known were derived from unlawful activities. This act violates the Money Laundering (Prevention and Prohibition) Act, 2022.
In a dramatic shift in his defense, Ebuka entered a guilty plea during the proceedings on July 8, 2026. Following the prosecution’s request for a sentence in line with the admission of guilt, Justice Bogoro delivered the verdict today, July 17, 2026.
Beyond the custodial sentence, the court provided an option of a N8.5 million fine. Furthermore, Justice Bogoro mandated two weeks of community service for the convict concerning count 14 of the charge sheet.
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As part of the judgment, the court ordered the final forfeiture of various assets to the Federal Government. The seized items include:
- Vehicles: A Mercedes-Benz G65 and a 2014 Mercedes-Benz ML.
- Electronics: An iPhone 15 Pro Max, iPhone XR, iPhone 12 Pro Max, iPhone 13 Pro Max, and two HP laptops.
- Jewelry: A gold chain.
This judgment serves as a stern reminder of the ongoing crackdown on financial crimes within the Nigerian banking sector.