Showing posts with label Michael Igbinedion. Show all posts
Showing posts with label Michael Igbinedion. Show all posts

Thursday, April 30, 2015

#BBB NEWS| Money Laundering: Igbinedion Gets Six Year Jail Term

Justice Muhammed Lima of Benin division of Federal High Court on Thursday sentenced Michael Igbinedion, son of Gabriel Igbinedion, a Benin based billionaire to six years imprisonment over alleged laundering of N25 billion fund belonging to Edo state government.

Justice Lima also sentenced Patrick Eboigbodin, an aide to the former governor Lucky Igbinedion to 20 years imprisonment, in addition to a fine of N250,000 on a 10-count charge.

Michael Igbinedion, a younger brother to former governor Lucky Igbinedion, was sentenced to two years imprisonment on each of the three count charges. He was however given an option N3 million fine.

All the jail terms of the convicts are to run concurrently.

PML Securities Limited, one of the companies allegedly used by the convicts to launder the funds, was ordered to fold up and forfeit all its assets to the federal government.