PDP chieftain arraigned, remanded in prison for laundering N500m

A former Ondo State chairman of the Peoples Democratic Party (PDP), Clement Faboyede, was on Friday arraigned and remanded in prison over alleged fraud.

The Economic and Financial Crimes Commission (EFCC) has dragged Faboyede, alongside Modupe Adetokunbo before the Federal High Court in Lagos, on three charges bordering on conspiracy and laundering of about N500 million.

According to the anti-graft agency, Faboyede and Adetokunbo, allegedly got a cash sum of N500 million from one Owolanke Michael in the build -up to the 2015 general election.

It added that Faboyede made N500 million cash payment to the Ondo State Election Committee of the PDP.

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The prosecuting counsel for the EFCC, Ekene Iheanacho, explained that the defendants committed the offence on March 27, 2015, adding that their action was contrary to Section 18 of the Money Laundering ( Prohibition) Act , 2011 and are liable to punishment under Section 16 ( 2 ) of the same Act .

Although the defendants pleaded not guilty upon their arraignment before Justice Saliu Saidu, the judge however remanded them in prison custody, as he adjourned the
matter till September 17.

 

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