Court convicts Michael Igbinedion of fraud charge

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(Nigeria) Mr. Michael Igbinedion, son of Chief Gabriel Igbinedion, the Esama of Benin Kingdom, was on Wednesday, found convicted by a Federal High Court sitting in Benin, Edo State on the N25billion money laundering charges.
He alongside five others were prosecuted by the Economic and Financial Crimes Commission, EFCC.
Michael Igbinedion and others were arraigned on an 81-count charge of money laundering and the offence was committed when his brother, Lucky, was the governor of Edo State between 1999 and 2007.
Other convicts are Patrick Eboigbodin a former Accountant-General and the four companies, Gava Corporation Limited, Romrig Nigeria Limited, PMI Securities Company Limited and PML (Nigeria) Limited.
Justice Lima, however, did not pronounced sentence the convicts, saying that he would sentence them today.
Justice Lima in the judgment convicted Michael on count 79, 80 and 81 which bothered on collecting cash payment above N500,000.
Patrick and PML (Nigeria) Limited was convicted on count 50, 51, 52, 53, 54, 55, 56, 57, 58 and 58 which bothered on collaboration to conceal origin of funds amounting to millions of naira paid into their private accounts.
Justice Lima said the prosecution proved alleged collaboration beyond reasonable doubts and he however, discharged all the accused on other count charges because the prosecution failed to prove the allegations.

The court said that he prosecution only proved suspicion and failed to prove illicit origin of funds deposited in some banks, adding that he could not sentenced the accused after reading the judgment and adjourned till Thursday.

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